Space Foundation: Global space economy grew by 9% compared to last year
Capitalism in space: According to its annual report, the Space Foundation has determined that the global space economy grew by 9% in 2021, totaling almost half a trillion dollars total.
Most of the money generated by the space industry came in the commercial sector, which saw a 6.4% boost in revenues, with more than $224 billion coming from products and services delivered by space firms and nearly $138 billion spent on infrastructure and support for commercial space enterprises.
The report also found a 19% increase in government spending on both military and civilian space projects, with India, China, and the U.S. leading the way.
Because of the shift to a competitive and independent space industry in the U.S. the government is also now getting a lot more bang for buck. The increased funding is not simply funding pork on the ground, it is actually producing results in space, and doing so more efficiently.
Capitalism in space: According to its annual report, the Space Foundation has determined that the global space economy grew by 9% in 2021, totaling almost half a trillion dollars total.
Most of the money generated by the space industry came in the commercial sector, which saw a 6.4% boost in revenues, with more than $224 billion coming from products and services delivered by space firms and nearly $138 billion spent on infrastructure and support for commercial space enterprises.
The report also found a 19% increase in government spending on both military and civilian space projects, with India, China, and the U.S. leading the way.
Because of the shift to a competitive and independent space industry in the U.S. the government is also now getting a lot more bang for buck. The increased funding is not simply funding pork on the ground, it is actually producing results in space, and doing so more efficiently.