The space industry achieved monumental growth in 2021, with several start-ups launching commercial space flights. In fact, 2021 might be dubbed a landmark year for space exploration in historical terms. Private-sector investments in space infrastructure companies hit a record $14.50 billion in 2021, up 50% year-over-year, according to New York-based firm Space Capital. Moreover, total space investment accounted for 3% of total global venture flows last year.
The trend will likely continue over the long term. According to NSR’s Global Space Economy Report, the space industry is projected to grow at a 6.3% CAGR to more than $1.25 trillion in revenues by 2030. In addition, the Satellite and Space Infrastructure market is expected to generate more than $570 billion in revenues by 2030.
