Global space industry to exceed $6.1 trillion by 2064

Written by Copernical Team Sunday, 01 September 2024 13:57

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Los Angeles CA (SPX) Sep 01, 2024

The space industry is expected to experience significant growth, with a market valuation projected to reach $6.1 trillion by 2064, according to a new report by MarketsandMarkets. The report, titled "Future of Space Industry," provides an in-depth analysis of the factors driving this anticipated expansion and highlights the key areas of opportunity within the sector. The study outlines the

Global space industry to exceed $6.1 trillion by 2064
by Clarence Oxford
Los Angeles CA (SPX) Sep 01, 2024

The space industry is expected to experience significant growth, with a market valuation projected to reach $6.1 trillion by 2064, according to a new report by MarketsandMarkets. The report, titled "Future of Space Industry," provides an in-depth analysis of the factors driving this anticipated expansion and highlights the key areas of opportunity within the sector.

The study outlines the increasing demand for satellite services, space exploration, and the development of new technologies as critical drivers of this growth. Additionally, the report emphasizes the role of government and private sector investments in accelerating advancements in space infrastructure and commercial space operations.

"Space exploration is becoming more accessible, and with that accessibility comes a wealth of opportunities for businesses across various industries," the report states. "The increasing involvement of private companies in space missions, coupled with advancements in technology, will contribute significantly to the industry's expansion over the coming decades."

The report also identifies several emerging trends that are expected to shape the future of the space industry. These include the commercialization of space travel, the development of space-based internet services, and the growing interest in asteroid mining and other off-Earth resources.

As the space industry continues to evolve, the report suggests that companies and governments alike will need to adapt to new challenges and opportunities. "The future of space is not just about exploration; it's about harnessing the potential of space to improve life on Earth," the report concludes.

Research Report:Future of Space: Emerging Technologies, Evolving Disruptions, Future Outlook and Growth Opportunities to 2064