The sector is expected to show resiliency in the coming years, despite uncertainty about the global economy and a recent slowdown in space investment.
“Commercial space is the vital growing sector of the overall space economy,” Lesley Conn, director of research and digital programming at the Space Foundation, said in an interview. “Within five years, certainly you’re going to see a real acceleration and an expansion of space and space assets.” That resilience reflects in part the long development lead times of space programs and the prevalence of public-private partnerships, the report said. Those attributes help sustain funding, even when the economy is uneven.
Spending by governments on space programs grew 8 per cent to a combined $119 billion last year, below the 22 per cent gain in 2021. The Space Foundation projects the pace of public sector outlays on space will pick up this year as nations work toward exploring the moon and prioritize large satellite constellations with military applications. NASA is moving ahead on its Artemis program, which has the goal of sending the first woman to the moon’s surface. China also has plans to land humans there.