As per the Space Foundation’s revised Space Report, the global space industry grew by 4.4% to $447 billion in 2020, with more countries participating than ever before. However, compared to 2019, global government investment in the military, as well as civil space initiatives, fell marginally in 2020. During one news conference at 36th Space Symposium on August 23, Lesley Conn, who serves as the Space Foundation senior manager in charge of the research and analysis, said, “Overall, there was the least reduction, down 1.2 percent.”
Commercial activity remains to dominate the overall space economy, with commercial space goods/services accounting for $219.44, or 49.1%, of all money being spent in the worldwide space economy in the year 2020. Another $137.23, or 30.7 percent of the overall market, went to commercial infrastructure as well as support activities.
In 2020, the United States spent $51.8 billion on military and civil space, accounting for 11.6% of the worldwide space economy. Other governments chipped up $38.4 billion, or 8.6% of the total.
Despite the COVID-19 epidemic, government space investment in the United States, France, China, Spain, Germany, and European Space Agency increased in 2020. Domestic space budgets in France increased by 40% year on year. Government space spending in Russia, Italy, India, and Brazil, on the other hand, decreased in 2020 compared to 2019.
Some countries increased funding, but it wasn’t enough to offset some of the 2020 revisions, according to Conn. “We foresee a return to the space investment in 2021, and budgets will be adjusted accordingly.” Upwards of 81 percent of the world government space outlays were spent by The Us, the European Space Agency, and China in 2020.
As per the Space Report, military space spending fell somewhat in 2020. The worldwide space economy has grown by 176 percent since Space Foundation started publishing Space Report in 2005. Conn explained that “a lot of that is motivated by commercial growth.” Analysts provide data on nations that are just getting started in the space sector in each issue of the Space Report. The new report includes information on space-related operations in almost a dozen countries that were not included in previous studies.
In 2020, jobs in the space industry remained relatively constant. There were more jobs in spacecraft production, but fewer positions in space telecommunications. According to Mariel Borowitz, an associate professor at Georgia Tech’s Sam Nunn School of the International Affairs, the adjustments were “pretty consistent throughout the year.” “So it wasn’t so much about the pandemic as it was about wider tendencies that were already occurring.” The new report also states an increase in the number of space launches. There were 61 completed space launches in the first part of 2021, compared to 45 in the first half of 2020 as well as 41 in 2019.