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space economy

Why space factories may be the next industrial frontier, and who’s building them

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The global space economy is growing fast, expected to surpass $511 billion by 2029, according to GlobalData.

While satellite launches and communication services currently dominate that figure, a more radical idea is beginning to gain serious momentum: manufacturing in space.

Once considered a speculative fantasy, orbital manufacturing is being taken seriously by a growing number of aerospace firms, venture capitalists, and national agencies. [Read more…] about Why space factories may be the next industrial frontier, and who’s building them

Global space economy market to surpass $511 billion in 2029, forecasts GlobalData

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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