2021
2024 launch pace easily exceeds 2023’s record midyear mark
Global launches through June 30 were up nearly 30% from 2023, easily eclipsing last year’s record 97 first half launches with 126. Launch failures also fell in the first half of 2024 despite the higher launch activity. The pace is expected to accelerate through the second half of 2024, with key launch vehicles set for first flights.
Commercial space revenues climb to $445 billion in 2023
Commercial space activity has grown rapidly in recent years, although definitions for this activity vary. For the purposes of this analysis, commercial space activity is defined to include products sold to private customers and efforts undertaken by private industry in which private actors take on a significant portion of the financial risk.
Global space activity by category, 2007-2027
The global space economy totaled $546 billion in 2022, 8% higher than 2021 — and it could reach $772 billion by 2027, according to Space Foundation analysis. Commercial space continues to make up the majority (78%) of this total, but preliminary data shows that 81% of governments with space programs increased spending in 2023.
Launch failures by number of satellites lost, 2003-2023
In 2023, launch failures resulted in the loss of 31 satellites, an increase of 48% from 2022.
Cumulative spacecraft on orbit, 1957-2023
Federal agencies in 2014 estimated by 2022 as many as 43 commercial satellites a year would head to orbit. Instead, more than 50 times . . .
NASA Civil Servant Workforce, FY 2013-2023
NASA employed approximately 18,372 employees in 2023. This is an increase of 3.1% over employment in 2022.
Space insurance industry estimates, 2003-2022
As satellites get smaller and cheaper and companies pivot to building LEO constellations rather than purchasing single large satellites for GEO orbit, many operators are foregoing insurance after launch altogether.
U.S. space private industry employment, 2012-2023
Some experts in the space sector worry that high inflation may put significant pressure on aerospace firms as the cost of materials increases rapidly.
Spacecraft deployed by payload type, 2021-2023
Commercial satellites accounted for 90% of space-craft launched in 2023, with communications satellite constellations leading the pack.
Proportion of governments that increased space spending, 2018-2023
Preliminary data shows that 81% of governments with space programs increased spending in 2023.