Novaspace’s Post

Space: Fuelling the final frontier: How the US space economy is powering innovation and growth. The NOAA Office of Space Commerce (OSC) discuss how strategic investments and innovation are driving the rapid growth of the US space economy. ] The space industry has evolved from a niche sector into a global economic driver, reshaping industries and inspiring technological advancements that impact our daily lives. As space becomes more accessible through advances in technology and collaboration, the US is positioned to lead this transformation. https://lnkd.in/esmBSvAD #space #USspace #spaceinnovation

The space economy could grow to $1.8T by 2035, according to a report released today by the World Economic Forum in partnership with McKinsey & Company. Three global trends are making that eye-watering number possible: 1. Increasing connectivity worldwide, leading to higher demand for satellite internet; 2. Growing mobility, propelling the need for GPS-enabled position, navigation and timing (PNT) services; 3. A more informed populace with a rising demand for AI-powered insights. Full article: https://lnkd.in/dEiUYSXp #manufacturo #payloadspace #aerospace #spaceeconomy

Highlights of the 2024 Space Economy! The Space Economy’s Outlook: Consolidation, Innovation, and Market Shifts. Read more: https://lnkd.in/etAsRb3X #novaspace #spaceindustry #spaceeconomy #spacesector

McKinsey estimates the space economy will grow to $1.8 Trillion by 2035. This includes satellites, launchers, and space applications. In 2023, applications made up $330 billion, 50% of the space economy. The ultimate goal of all space companies will be to tap into the larger applications market, where the majority of revenue and profits are. https://lnkd.in/gySHvfQY

Space Economy Will Be Worth Nearly $1T in Less Than 10 Years, @Novaspace Predicts : The space economy could be worth close to $1 trillion in the next 10 years, consulting firm Novaspace predicts in the 11th edition of its Space Economy Report. Novaspace is... The post Space Economy Will Be Worth Nearly $1T in Less Than 10 Years, Novaspace Predicts  appeared first on Via Satellite. #neuco #satellite

👀 “The space economy could be worth close to $1 trillion in the next 10 years, consulting firm Novaspace predicts in the 11th edition of its Space Economy Report.” Novaspace Via Satellite

Space Investments Are Already Paying Off 🚀 The global space economy is set to exceed $1 trillion by 2040! Some of the most profitable ventures paving the way: Satellite Internet: - Bringing connectivity to underserved areas. - Take SpaceX’s Starlink, for example, aiming to bridge the digital divide with high-speed internet worldwide. Earth Observation: - Providing essential data for sectors like agriculture and disaster management. - Companies like Planet Labs are leading the charge with high-resolution Earth imagery. Data Analytics: - Transforming raw space data into insights across industries. Spire, for instance, uses satellite data to track weather and maritime activity. - From an investor's perspective, the beauty of space investments lies in the diversity of income sources. This variety not only spreads risk but also opens multiple streams of revenue. With satellite internet, Earth observation, and data analytics paving the way, the space industry is in a thriving reality. Which sector do you think is currently the most profitable? Drop your guesses in the comments below!

Consulting and market intelligence company Novaspace says the global space economy could be worth AUD1.52 trillion by 2033. In Asia and Oceania, which includes Australia, Novaspace expects the space market, the core of the space economy, to be worth AUD111.4 billion. However, the regional spend on space-enabled solutions, meaning those sectors that leverage space-based infrastructure, such as satellite signals or data, to provide value on Earth, will increase from the current AUD192.1 billion to AUD423 billion. “Downstream applications are the main driver behind the projected AUD562 billion (global) growth over the next decade,” said the report’s lead author, Lucas Pleney. “Satellite-enabled services, such as navigation, Earth observation, and communications, are becoming increasingly integral across diverse industries, including agriculture, logistics, and urban planning.” Read more: https://lnkd.in/gvcKJPrJ #Space_Economy #Asia #Oceania #Australia #solutions #infrastructure #satellite #Earth #navigation #Earthobservation #communications

In 2023, #space backbone applications made up $330 billion, or slightly greater than 50 percent, of the global space economy. The expected annual growth rate for backbone is twice the projected rate of #GDP growth over the next decade #McKinsy.

The space industry is approaching the next frontier, with each week bringing news of a major development somewhere in the world. Be it a test of a new rocket system, the launch of an innovative satellite, or a robotic exploration mission safely landing on the moon, activity in space is accelerating. We estimate that the global space economy will be worth $1.8 trillion by 2035 (accounting for inflation), up from $630 billion in 2023. This figure includes both “backbone” applications—such as those for satellites, launchers, and services like broadcast television or GPS—and what we term “reach” applications”—those for which space technology helps companies across industries generate revenues. Uber, for example, relies on the combination of satellite signals and chips inside smartphones to connect drivers and riders and provide directions in every city. In 2023, backbone applications made up $330 billion, or slightly greater than 50 percent, of the global space economy, while reach applications represented $300 billion. The expected annual growth rate for backbone and reach applications is twice the projected rate of GDP growth over the next decade (exhibit).1 For comparison, the value estimates for space are similar to those for semiconductors (estimated at $600B$)