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The global space economy has great potential in terms of economic prospects, with the sector going past the half-a-trillion-dollars mark in 2022, only a few decades after the term “space economy” came into existence.

Several studies by specialised global institutions indicate that the global space sector will be worth over US$1 trillion in the next few years.

In its Space Report, the Space Foundation, a nonprofit advocate organisation offering a gateway to education, information and collaboration for space exploration and space-inspired industries that define the global space ecosystem, said that the space economy grew 8 percent in 2022, with its value totalling US$546 billion, and is projected to grow by 41 percent in the next five years.

“The Space Report forecasts continued growth in the space economy, and based on our conservative modeling, we anticipate nearing the $800 billion mark within five years,” said Thomas Dorame, Senior Vice President at Space Foundation. “This forecast is bolstered by the increase in 2023 space launch activity, which is well on pace to surpass the annual record set in 2022.”

These findings are further backed by other studies published by major global institutions, such as BWC, Bank of America and McKinsey & Company.

In the 1960s, space exploration was limited to the world’s two superpowers, however, nowadays there are over 90 countries taking strides in this field. This increased interest in space exploration is driven by the rising awareness of the importance of the sector, and the rapid advancements in the field, which made space missions easier and less costly.