A study from The Space Foundation says that the global space economy is now worth more than $600 billion (€510bn) with the study saying there is – and has been – a rapid evolution in the space economy.

Space spending from more than 50 nations has been analysed to assess how nations and regions are growing and reshaping plans to participate in the realm of global space. Government space spending in 2024 experienced record-high government spending, with two-thirds of nations increasing their budgets and fostering international partnerships to enhance space programmes. Preliminary data for 2025 shows a similar pace.

The study says the launch cadence has increased again – with average liftoff intervals tightening by another six hours. SpaceX leads the charge despite its challenges with Starship.

Key markets such as launch, satellite manufacturing, Earth observation, ground stations and equipment, and position, navigation and timing showed steady growth in 2024. This analysis examines how these sectors tie into the larger space economy and what the market expectations are.

The report highlights two key points:

· Global launch valuation grew 25 per cent annually.

· The US generated a 55 per cent increase in global spacecraft manufacturing valuation.

“Satellite constellations are entering a new phase, with Starlink continuing to dominate global communications, but new competitors are rising fast — including Amazon’s Project Kuiper,” says the report. “Over the past five years, commercial communications spacecraft have dominated the payloads sent to orbit. This is largely due to SpaceX’s Starlink service. As the venture proves profitable, multiple other massive broadband constellations are in the works, including Amazon’s Project Kuiper and three from China.”

“Private firms are rolling out ultra-precise Earth observation tools to track wildfires, monitor hurricanes, and even explore earthquake prediction — transforming how we respond to natural disasters,” the study adds.

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Tags: Project Kuiper, spacex