Privatization of space broadens horizons for human space travel.
The space exploration sector contributes to the development of aerospace technologies that are part of a long-term effort to revolutionize human space travel and exploration. Some notable fields include satellite broadband, high-speed product delivery, and space tourism.
In 2020, the global space economy was over $447 billion, an increase of 4.4% from 2019. The $447 billion space economy is 55% higher than a decade ago and part of a 5-year trend of uninterrupted growth. Globally, commercial space activity increased by 6.6% to nearly $357 billion, representing 80% of the market share.
BCM forecasts the space exploration market to reach $558 billion by 2026, at a CAGR of 5.6% during the forecast period of 2021-2026. We believe that the technological developments for space exploration hold high potential to generate substantial returns in the long-term.