Report: Space economy valued at $385bn in 2020
January 6, 2021
Euroconsult estimates that the consolidated space economy, including both government space investments, as well as commercial space, totalled $385 billion (€313bn) in 2020, a record amount.
Commercial revenues of $315 billion in 2020 were down 2 per cent from 2019’s $319 billion evaluation, due partially to the Covid-19 pandemic affecting certain commercial markets – in particular satellite communication sub-segments focused on high mobility such as, aero, maritime, offshore oil and gas, though other factors, such as video-related revenues continuing their pre-Covid downward trend contributed to the decrease.
Added to these commercial revenues are the $70 billion invested by government space budgets in 2020 (excluding government expenditures on commercial services, counted as commercial revenues), a 10 per cent increase over 2019 government spending. There was no visible impact in 2020 on government space investments as budgets were voted before the pandemic, though the sustainability of these high government space investments post-Covid remains to be seen.
“With our latest The Space Economy Report 2020we took stock of our entire body of 2020 data and indicators across our multiple research products to provide our clients with a snapshot of the key trends, facts and figures of the current status of the space economy in these challenging times,” said Simon Seminari, Editor-in-Chief of the Space Economy Report and Principal Advisor of Euroconsult.