The global space economy market is forecast to grow at a compound annual growth rate (CAGR) of 4 percent from $421.0 billion in 2024 to $511.2 billion in 2029, according to GlobalData, a data and analytics company.
The growth will be 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.
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 percent to reach $334.8 billion by 2029. [Read more…] about Global space economy market to surpass $511 billion in 2029, forecasts GlobalData