Space workers in India celebrated Wednesday’s landing of the nation’s Chandrayaan-3 probe, making it the fourth nation to safely land a spacecraft on the Moon, and had their efforts lauded by Prime Minister Narendra Modi. “India is on the Moon,” Modi boomed in a broadcast to the India’s 1.4 billion residents. The landing came as Modi was on a trip to South Africa, touting his nation as a model for growth at an economic conference also involving Brazil, Russia and China.
As India and Russia race to land spacecraft on the Moon’s south pole, America’s space agency is staring down proposed budget cuts that could threaten its ambitions to return astronauts to the lunar surface.
As 2021 ended, Russia launched a ground-based anti-satellite missile, spreading debris in space and foreshadowing a difficult year ahead, which would see global defense spending reach unprecedented levels while Europe grappled with the most serious conflict seen there since the guns went silent in 1945.
A snapshot look at 2022 global space economy including commercial infrastructure and support industries, space products and services, U.S. Government space budgets and global government space budgets
The S-Network Space Index℠ tracks a global portfolio of publicly traded companies that are active in space-related businesses such as satellite-based telecommunications; transmission of television and radio content via satellite; launch vehicle and satellite manufacturing, deployment, operation, and maintenance; manufacturing of ground equipment that relies on satellite systems; development of space technology and hardware; and space-based imagery and intelligence services.
Global commercial space revenue continues to grow, reaching $427.6 billion in 2022, up 7.9% from a revised $396.2 billion in 2021. Commercial space activity includes efforts undertaken by private industry with little or no government investment, as well as products and services sold to private customers. About two-thirds of commercial space revenue in 2022, $288 billion, came from space products and services. The remaining third, $139.6 billion, was generated by space infrastructure and support industries.
Last year was a tumultuous time for the global economy. High inflation, fluctuating exchange rates, and constricting markets caused trouble across most industries, and space was no exception. The global space economy totaled $546 billion in 2022, 8% higher than the previous year, according to Space Foundation analysis. Government and commercial spending cooled year-over-year, but 2022 still exceeded the five-year growth average.
Government space spending in 2022 totaled nearly $119 billion, 8% higher than a revised total of $110 billion in 2021. Annual growth slowed significantly from the previous year, although 2021’s decade-high growth was primarily due to many nations rebounding from spending cuts in 2020 caused by the COVID-19 pandemic. Initial indications from enacted budget for 2023.
Government space budgets appeared poised for large increases in March as a new Congress expressed zeal for exploration and national security space programs. By July, jeopardy loomed, with deep cuts in domestic spending that threaten NASA spending in the House and an automatic cut that could drive down the Pentagon budget on tap if lawmakers can’t reach a timely accord.
Transaction activity in the space and satellite sector echoed broader market trends during the second quarter, with fairly steady deal volumes as compared to the prior quarter. Volatility in the markets has subsided somewhat over the past year