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As India and Russia race to land spacecraft on the Moon’s south pole, America’s space agency is staring down proposed budget cuts. India’s Chandrayaan-3 is poised to make a soft lunar landing, which would make the nation one of only four spacefaring powers to ever place a payload safely on the lunar surface.
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The Pentagon placed a big bet on commercial space services when it issued its first open-ended contracts worth as much as $900 million to 16 companies offering communications and remote sensing services from low-Earth orbit.
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Starting with Sputnik, humankind has littered low Earth orbit with clouds of debris, with as many as 170,000 objects ranging in size from poppy seeds to defunct satellites of school-bus size whizzing around the planet in uncontrolled orbits. With an historic surge in demand for satellites in low Earth orbit, including plans that could add more than 50,000 spacecraft, and planned space stations, the debris problem could grow exponentially.
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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.
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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
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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.
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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.
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The incredible power in rocket boosters is magnificent when they are safely in the sky, but basic laws of physics are problematic closer to the ground, with every action creating an equal and concrete-shredding reaction. Now, with the Moon and Mars in NASA’s sights, engineers are working to overcome the dangers rocket thrust could bring when landing and taking off without the safety of a launchpad.
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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.
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