Via Satellite illustration.

The space economy could be worth close to $1 trillion in the next 10 years, consulting firm Novaspace predicts in the 11^th edition of its Space Economy Report. Novaspace is projecting the global Space Economy market will be worth $944 billion by 2033. The report estimates in 2024, the space economy market was worth just under $600 billion. Novaspace revealed details of the new report on Jan. 9.

In its 2024 analysis, Novaspace said that out of the $596 billion in revenues derived from the space economy, $308 billion came from what it called enabled solutions. These are services or applications that leverage space-based infrastructure such as satellite signals or data, including PNT value-added services. $224 billion came from the space market, which includes satellite services, operations, ground segment, launch, and manufacturing. Satellite services accounted for $137 billion of this.

Novaspace says government investment will be a key factor in driving growth, with global military space budgets exceeding $64 billion. Defense spending continues to outpace civilian expenditures, underscoring the strategic importance of space in national security and international competitiveness.

“Downstream applications are the main driver behind the projected $348 billion growth over the next decade. Satellite-enabled services, such as navigation, Earth observation, and communications, are becoming increasingly integral across diverse industries, including agriculture, logistics, and urban planning,” Lucas Pleney, Novaspace senior consultant and report lead author, said in a statement.