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Space Economy Report 2021

8th Edition

Scope

Space Economy Report gives a 360° view of the trends and issues across the vibrant space economy. From upstream to downstream, it provides snapshot of market dynamics, competition evolutions and key drivers for all key segments of the space economy and its applications.

Extensive figures & analysis for the coming decade

All Euroconsult market intelligence has, at its core, data derived from over 30 years of tracking all levels of the satellite/space value chain. To this we add dozens of dedicated industry interviews each year, along with the continual refinement of our data models, and the collection and interpretation of company press releases and financial filings.

Our consultants have decades of experience interpreting and analyzing our proprietary databases of the broader value chain.

The Space Value Chain, explained

The space industry is an infrastructure supplier to government agencies and commercial companies. It operates upstream of a value chain that flows downstream to the end-users of satellite capabilities.

The satellite value chain allows the delivery of space-based services reliant on satellite technology and includes a wide diversity of stakeholders, active at five levels of the chain:

1. Government agencies which fund space technology R&D for both their own uses and dual-uses, with public efforts emerging from a constantly increasing number of countries;

2. The space industry (upstream) that includes a limited number of players who design and manufacture space systems and their launch vehicles;

3. The ground segment network (upstream) designs and deliver hard and software to deploy ground stations across the globe.

4. The satellite operators (downstream) who own the satellite systems and market their capacities to the service providers (downstream) who deliver communications, navigation and geographic information services to the final users by integrating the satellite signal into packaged solutions;

5. The service providers (downstream), whether governmental (civil/military) or commercial, requiring solutions tailored to their needs, for communications, navigation or geographic information services, augmented by value added services. The user terminal supply are included

The Global Space Economy

It is estimated at a total value of $370 billion in 2021. it consists of 
• The space market ($337B in 2021) which includes commercial space revenues and government procurement for their space activities contracted to the private sector, and 
• Other spending from government organizations ($33B) to conduct their space activities (internal costs and R&D) The space economy is expected to grow by 74% by 2030 to reach $642B (6.3% CAGR) renewing its strong growth pattern following a 4% decrease in 2020 under the effect of the covid crisis impact on commercial space services
Space Economy by Client Type 2021 (Percentage)
Evolution of the Space Economy 2016 - 2030 (In Billion USD)
Screen Shot 2022-03-29 at 10.51.54 AM

The Space Market in 2021

The global space market is valued at $337B in 2021 up 6% v. 2020, i.e a market value comparable to 2019 prior to the covid crisis which impacted satellite service revenues in 2020.
The largest revenue drivers remain satellite navigation and communications which account for 50% and 41% of the total market value respectively, driven by B2C applications. In comparison, EO still accounts for a marginal 5% of the total value but with a much higher proportion upstream. Satnav has surpassed Satcom, growing from about 37% of the total revenues in 2016 to over 50% in 2021, largely due to services enabled by GNSS services and their related devices.
Space market by application (Percentage)
Space Market Value Chain
Space market by Client Type (Percentage)
Upstream and downstream market show very distinct structures and drivers as highlighted below. Upstream revenues from activities in manufacturing, launch services and ground segment totaled $37B in 2021 (11% of total market value). Revenues downstream, which include operations and satellite services, are estimated at $300B in 2021 (89% of the total market).
 
 

Upstream (2021)

Space Market by Region (Percentage)
Space Market by Application (Percentage)
Space market by Client Type (Percentage)

Downstream (2021)

Space Market by Region (Percentage)
Space Market by Application (Percentage)
Space market by Client Type (Percentage)

Designed as a “best of” Euroconsult’s reports, the Space Economy Report gives a 360° view of the trends and issues across the vibrant space economy. From upstream to downstream, it provides snapshot of market dynamics, competition evolutions and key drivers for all key segments of the space economy and its applications.

The Report is built around up-to-date KPIs and graphs to be used as a dashboard by government and industry stakeholders willing to get a concise and precise review of current and long term trends of the space economy.

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