The global space economy showed strong growth in the public and private sectors in 2023 according to The Space Foundation in its annual Space Report.
“Our annual global space economy analysis highlights the increasing importance of the space industry across both public and private sectors,” said Heather Pringle, CEO of Space Foundation in a press release that the organization released on July 18th. “Established subsectors and emerging markets cover an expanding range of space applications in our daily lives and push the boundary of what’s possible on and off Earth.”
- The global space economy grew 7.4% to $570 billion in 2023
- Commercial revenues topped $445 billion, 78% of the space economy
- Government space spending maintained double-digit growth for a third year
— Space Foundation, Space Report
This news bodes well for the Space Coast’s economy, given its position of hosting the most active spaceport in the world. With multiple launch services companies active here in addition to NASA and commercial space leader SpaceX, a growing space economy globally will certainly be felt here at home in Florida.
Highlights of the Space Foundation Report
The following is an excerpt of the The Space Foundation’s press release:
Corporate earnings: Commercial revenues grew 5.4% in 2023 to $445B. These revenues made up 78% of the total space economy—the same ratio as in 2022. Some sectors of the commercial space grew rapidly:
- The Positioning, Navigation, and Timing (PNT) sector was the largest earner, accounting for $209B in revenues—$11B more than 2022.
- Smaller sectors in the industry saw more significant year-over-year growth. Ground stations and equipment grew 19%, while commercial satellite manufacturing and launch revenues doubled in the last two years.
Government spending: Government spending on civil and military space programs grew 11% in 2023 to $125B. For the third year in a row, government space budgets saw double digit percentage increases, driven by significant growth in military space budgets, which made up just under half of total government space spending. Some of the notable government spending increases include:
United States: In 2023, the US military space budget was estimated at $46B, 18% higher than in 2022 and approximately 80% of the total global spend on military space programs.
Japan: The Ministry of Defense had the second-largest growth in military spending, increasing their space budget to ¥128B ($81M)–a 32% year-over-year increase.
Poland: The country’s space budget has ballooned from $2.7M in 2017 to $59M in 2023, not including ESA and EUMETSAT contributions.
France: The government invested heavily in its national space program, growing its domestic civil space budget 40% to €1.5B ($1.63B).
Taiwan: Increased its overall space budget by approximately 90%, Conn said.
Who Are The Space Foundation?
Founded in 1983, The Space Foundation is an American nonprofit organization whose mission is to advocate for all sectors of the global space industry through space awareness activities, educational programs, and major industry events. They host the annual Space Symposium in Colorado attended by all of the major industry players, and over time, the Space Symposium has been a wellspring for announcements and news about upcoming projects in and of itself.
The Space Foundation also hosts Yuri’s Night, the annual celebration of human spaceflight that honors Russian cosmonaut Yuri Gagarin, the first human to orbit the Earth. Celebrated at multiple locations annually, Yuri’s Night celebrations have been a regular part of the Space Coast social scene at their events at Kennedy Space Center Visitors Center.
Author: Charles Boyer
NASA kid from Cocoa Beach, FL, born of Project Apollo parents and family. I’m a writer and photographer sharing the story of spaceflight from the Eastern Range here in Florida.
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