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PARIS – Expanding defense budgets and the direct-to-device race are driving growth in the global space economy, Novaspace CEO Pacôme Révillon, said at the outset of the World Space Business Week conference here.
At the same time, the space sector is experiencing significant consolidation, with an average of more than 50 annual mergers and acquisitions completed since 2021. In addition, transactions like EchoStar’s recent spectrum sale to SpaceX are reshaping the market.
Novaspace expects the 2024 space economy, which it values at $596 billion, to grow to $944 billion in 2033. Downstream solutions for satellite data, from GPS to Earth-observation data, are responsible for much of that expansion, according to the 2024 Novaspace market report.
Demand for sovereign space capabilities continues to broaden. While the United States, China, Japan, Russia and France continue to lead the pack, another 89 countries are investing in space systems. Their combined 2024 budgets reached $135 billion. Of the total, defense spending accounted for $73 billion compared with $62 billion for civil space.
Meanwhile, adoption of artificial intelligence could transform an industry with an anticipated 50,000 spacecraft in orbit by 2030.
“We are just grasping the impact of what artificial intelligence technology will mean for the entire sector, from the design to the production to the exploitation of assets and the value creation of all the data and services enabled through satellite systems,” Révillon said Sept. 15.
In the direct-to-defense market, Novaspace expects to see more than 300 million monthly subscribers by 2030.
“Clearly, it’s another market that is just at the start,” Révillon said, calling the direct-to-device businessa “multibillion dollar revenue opportunity” by the end of the decade.
SpaceX continues to dominate the launch market, accounting for 43 percent of the 172 global rocket launches in 2024. More rockets are coming, though. In the next five years, new launch vehicle providers will prove themselves, Révillon said.
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