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  • Satellite Evolution Group

Euroconsult estimates that the global space economy totalled US$370 billion in 2021

Leading space consulting and market intelligence firm Euroconsult has released its annual “Space Economy report” report for 2021. In its latest edition, Euroconsult estimates that the global space economy totalled US$370 billion in 2021. This number consists of:

  • The space market (US$337 billion in 2021) which includes commercial space revenues and government procurement for their space activities contracted to the private sector.

  • Other spending from government organizations (US$33 billion) to conduct their space activities (internal costs and R&D).

The space economy is expected to grow by 74 percent by 2030 to reach US$642 billion (6.3 percent CAGR) renewing its strong growth pattern following a 4 percent decrease in 2020 under the effect of the covid crisis impact on commercial space services.

The global space market is valued at US$337 billion in 2021 up 6 percent v. 2020, i.e., a market value comparable to 2019 prior to covid crisis which impacted satellite service revenues in 2020. The largest revenue drivers remain satellite navigation and communications which account for 50 percent and 41 percent of the total market value respectively, driven by B2C applications. In comparison, EO still accounts for a marginal 5 percent of the total value but with a much higher proportion upstream. Satnav has surpassed satcom, growing from about 37 percent of the total revenues in 2016 to over 50 percent in 2021, largely due to services enabled by GNSS services and their related devices.

The Space Economy Report 2021 covers the entire space value chain, with key facts and figures and concise analysis of upstream satellite manufacturing and launch services, as well as downstream satellite operations and satellite services. For the first time ever, Premium customers now benefit from the full range of KPI and all the data behind the graphs. In addition, the report is available on Euroconsult’s Digital Platform to facilitate rapid access and clear data visualizations, allowing clients to get a detailed and comprehensive understanding of the space economy in 2021 including main trends, strategic analysis, and growth drivers.


The report provides an overview of global space trends across the entire space value chain, with a special section on 2021 in Review. The report also includes dedicated chapters on:

  • Satellite Manufacturing and Launch Services

  • Ground Segment

  • Satellite Communications

  • Earth Observation

  • Satellite Navigation

New this year is the inclusion of three sectorial sizing to provide a full and comprehensive snapshot of the global space economy in 2021. Our report last year included inclusion of government budgets but spendings were not affected across the space value chain. Euroconsult went a step further this year by incorporating these government spendings along the segments of the value chain in order to give an as much precise valuation as possible. This has affected our methodology to some extent.