The Growth of the Space Economy
The space economy has made notable advancements in the past five years and is expected to grow rapidly over the next several decades. 2022 saw an all-time high of objects launched into space, according to our world in data, which continues an aggressive uptrend that began in 2019. The United States sent 1,796 objects into space last year and leads the rest of the world by a wide margin. The next closest country is China, which sent 131 objects into orbit in 2022. The US Chamber of Commerce, along with investment banks including Morgan Stanley, is estimating the space economy will grow to over $1 trillion by 2040 and create over 1.5 million jobs. The recent advancements are strengthening the importance of public-private partnerships to develop the space market and manage anticipated challenges, including space traffic and security threats. Private equity and venture capital investment has played a crucial role in expanding the space sector. Though investment slowed last year while facing a worsening economic landscape, investors have poured over $270 billion into the space economy since 2013.
Source: Our World in Data
Will Hanna is a 2023 Collegiate Associate at the Manhattan Institute
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