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The global space economy market is forecast to grow at a compound annual growth rate (CAGR) of 4.0% from $421.0 billion in 2024 to $511.2 billion in 2029, driven by an increase in the deployment of low Earth orbit (LEO) satellites, productivity improvements in satellite equipment manufacturing, the competitive launch services landscape, and demand for services around data communications, navigation, and Earth observation, according to GlobalData, a leading data and analytics company. 

GlobalData’s latest Strategic Intelligence report, “The Space Economy”, reveals that space applications, which include satellite communications, navigation, and Earth observation, is the largest segment of the space economy and will grow at a CAGR of 2.9% to reach $334.8 billion by 2029.

Falling manufacturing and launch costs, non-Western companies' entrance into the space economy market, increased space militarisation, and new uses for data from space are the other growth drivers of the space economy.

According to William Rojas, Research Director, Strategic Intelligence at GlobalData, issues that may restrict growth include a continuation of the currently challenging global economic environment, Russia’s permanent exit from the space economy, and whether Chinese companies can fulfill the country’s space ambitions.