The Space Economy to Reach $944 Billion by 2033: Novaspace Unveils Key Insights
2024 Space Economy Valuation (in USD)
Novaspace, the leading space consulting and market intelligence firm, has released the 11th Edition of its Space Economy Report, forecasting the global space economy to grow from $596 billion in 2024 to $944 billion by 2033. This steady growth, driven primarily by advancements in downstream solutions, marking a pivotal decade for the industry.
The report emphasizes the essential role of emerging technologies such as artificial intelligence (AI) and cloud computing in downstream applications. These innovations are enhancing data collection and processing capabilities, fostering convergence with the digital economy, and creating new opportunities for commercial adoption.
Downstream Solutions Lead Industry Expansion
“Downstream applications are the main driver behind the projected $348 billion growth over the next decade,” notes Lucas Pleney, Novaspace Senior Consultant and report lead author. “Satellite-enabled services, such as navigation, Earth observation, and communications, are becoming increasingly integral across diverse industries, including agriculture, logistics, and urban planning.”
While downstream activities play a central role, upstream sectors face persistent challenges. Inflation, supply chain disruptions, and material shortages are reshaping traditional ecosystems, prompting industry consolidation and increased competition from vertically integrated players.
A Transformative Decade for the Space Industry
As the space economy approaches a trillion-dollar valuation, it is positioned at the intersection of technological innovation and market disruption. Emerging business models, such as Direct-to-Device services and in-orbit economies, hold promise for the industry’s future. However, their success will depend on early mission performance and commercial viability.
Government investment remains a key factor in driving growth, with global military space budgets exceeding $64 billion. Defense spending continues to outpace civilian expenditures, underscoring the strategic importance of space in national security and international competitiveness.
About the Report
The Space Economy Report – 11th Edition, provides a comprehensive analysis of the evolving space economy, introducing new segmentation of the market, enabled solutions, and non-contracted costs. This edition offers expanded regional insights for North America, Europe, and Asia/Oceania, and highlights trends such as AI integration, upstream challenges, and emerging business models. With long-term forecasts and clear industry distinctions, it serves as an essential resource for government stakeholders, commercial players, and investors navigating this dynamic sector. A free extract is available, offering a snapshot of the report.