Global Space Economy Market is on a Growth Trajectory and may Touch USD 750.26 Billion By 2028 By CIOTechOutlook Team

Global Space Economy Market is on a Growth Trajectory and may Touch USD 750.26 Billion By 2028

CIOTechOutlook Team | Wednesday, 20 September 2023, 02:49 IST

The worldwide space economy market, which was valued at USD 454.06 billion in 2022, is predicted to reach USD 750.26 billion by 2028, with an expected Compound Annual Growth Rate (CAGR) of 8.73% from 2023 to 2028. Space is no longer only important for scientific research; it is also a critical sector for national defense, security, climate change, and connectivity.

Defined by the Organization for Economic Cooperation and Development (OECD) as "the full range of activities and the use of resources that create value and benefits to human beings in the course of exploring, researching, understanding, managing and utilizing space," the global space industry is witnessing significant growth. An increasing number of countries and commercial enterprises are participating in space programs, contributing to this dynamic landscape, as per business wire.

This rapid expansion is being driven by venture capital and private equity investments in space-related products and services. By the end of 2022, the industry had drawn USD 272 billion in private equity investments into 1,791 distinct companies, resulting in an influx of innovation and competition and opportunities for both old and new players.

The global space economy is changing, with private enterprises and startups playing an important role. For example, India has experienced an increase in space-tech firms as a result of the government's decision to open the area to private enterprise.