Space: The $1.8 Trillion Opportunity for Global Economic Growth (Acquinox Capital)

Summary

• The global space economy is estimated to be worth $1.8 trillion by 2035, up from $630 billion in 2023.p.3
• Five industries will generate more than 60% of the increase in the space economy by 2035.p.4
• Launch costs have fallen 10-fold over the last 20 years, and satellites launched per year grew at a cumulative annual rate of above 50% from 2019 to 2023.p.5
• Backbone applications made up slightly greater than 50% of the global space economy in 2023, or $330 billion.p.9
• By 2035 reach will grow at 11% p.a. versus 7% p.a. for the backbone, making up nearly 60% of the total space economy.p.10
• An average of 210 launches annually is expected between 2023 and 2030, and 160 launches annually between 2031 and 2035.p.13
• The downside scenario caps the space economy at $1.4 trillion by 2035, while the upside reaches $2.3 trillion.p.23

Key insights

1. The space economy is forecast to reach $1.8 trillion by 2035.p.4
2. More than 60% of the increase to 2035 comes from five industries.p.4
3. Launch costs have fallen 10-fold over the last 20 years.p.5
4. Earth observation now enables identification of objects at a resolution of 15 centimetres.p.5
5. The reach of the space economy is expected to grow 1.5x faster than the backbone.p.10
6. The commercial infrastructure and support segment is expected to grow from $2 billion per annum today to $8 billion per annum by 2035.p.13
7. The number of space agencies has grown from 40 in the year 2000 to over 75 today.p.11
8. Satellite broadband users' participation in the internet-enabled economy is expected to grow in revenue from $16 billion in 2023 to $84 billion in 2035.p.19