Space: The $1.8 Trillion Opportunity for Global Economic Growth

The global space economy is forecast to grow from $630 billion in 2023 to $1.8 trillion by 2035, expanding at an average annual rate of 9%. This growth is divided between the 'backbone' (hardware and direct services) and the 'reach' (terrestrial industries enabled by space technology), with the reach expected to grow faster at 11% per annum. Key drivers include falling launch costs, commercial innovation in smaller satellites, and diversifying investments. The report highlights significant impacts on supply chain, transportation, and food and beverage industries, while also noting space's role in climate monitoring, disaster mitigation, and bridging the digital divide in underserved regions.

• The global space economy is projected to reach $1.8 trillion by 2035, increasing from $630 billion in 2023 with an average annual growth rate of 9%, which is nearly double the projected global GDP growth of 5%.
• The space economy is split into 'backbone' applications (direct hardware and services) and 'reach' applications (terrestrial value enabled by space). By 2035, the reach is expected to grow 1.5x faster than the backbone, accounting for nearly 60% of the total space economy.
• Five specific industries are expected to generate over 60% of the space economy's increase by 2035: state-sponsored defence, digital communications, food and beverage, retail, consumer goods and lifestyle, and supply chain and transportation.
• Launch costs have decreased 10-fold over the last 20 years, and the number of satellites launched annually grew at a cumulative annual rate exceeding 50% between 2019 and 2023.
• Satellite communications will remain the largest commercial revenue source for the backbone, though growth will be shifted from satellite TV toward broadband connectivity as consumers move to online streaming.
• Positioning, navigation and timing (PNT) hardware is seeing a surge in demand, with chips expected to be integrated into nearly 3 billion devices annually by 2035, up from 2 billion today.
• Space technology can significantly mitigate climate change and natural disasters, such as using satellites to detect fugitive methane leaks, which could potentially save 6 million tons of emissions annually.
• The report identifies an 'upside' scenario where the space economy reaches $2.3 trillion by 2035 due to improved data access and reduced entry costs, and a 'downside' scenario of $1.4 trillion if terrestrial alternatives compete more effectively or access stalls.
• Emerging space nations are increasingly investing in capabilities to diversify economies or bridge digital gaps, with examples including Saudi Arabia's $2 billion investment over the next decade and Peru's 'Internet para Todos' programme.

APA

World Economic Forum (2024). Space: The $1.8 Trillion Opportunity for Global Economic Growth. https://www3.weforum.org/docs/WEF_Space_2024.pdf

Chicago

World Economic Forum. Space: The $1.8 Trillion Opportunity for Global Economic Growth. 2024. https://www3.weforum.org/docs/WEF_Space_2024.pdf.

Wikipedia

{{cite report |author=World Economic Forum |title=Space: The $1.8 Trillion Opportunity for Global Economic Growth |date=April 2024 |url=https://www3.weforum.org/docs/WEF_Space_2024.pdf |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{worldeconomicforum2024space, author = {{World Economic Forum}}, title = {{Space: The \$1.8 Trillion Opportunity for Global Economic Growth}}, institution = {World Economic Forum}, year = {2024}, month = apr, url = {https://www3.weforum.org/docs/WEF_Space_2024.pdf}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }