Satellite operations and services will lead growth with 5% annual increase over the next decade, while manufacturing, launch and ground segment is projected to grow 4% annually.
Euroconsult has projected that the commercial space value chain will see a steady growth over the next decade, reaching $485bn by 2028, according to its latest research titled, The Space Economy Report 2019.
The upstream segment, which includes commercial revenues from manufacturing, launch and ground equipment is expected to increase from $8bn in 2018 to $11bn in 2028, a growth rate of 4% per year.
The downstream segment consisting of commercial operations and satellite services, including satellite navigation, which was valued at $290bn in 2018, is projected to increase at a rate of 5% per year to reach $474bn in 2028.
The research also highlighted global trends with key metrics for each of five satellite segments including manufacturing and launch, ground segment, satellite communications, Earth observation and satellite navigation.
It shows that 2018 was the first year for satellite navigation to overtake satellite communications as the top commercial revenue sector.
Detailing key events from 2019 and their impact on the market, the report documents the last five years for historical trends and includes forecasts for each segment over the next 10 years.
Commenting on the report, Steve Bochinger, Editor-in-Chief of the research and COO of Euroconsult, said: Our Space Economy Report consolidates data from across our 2019 research to provide a broad perspective on key trends and indicators and an overview of the global industry landscape.
Stéphanie Willekens, Senior Consultant at Euroconsult and PM of the report, added: The focus on the strategic segments of interest for governments, industry players and investors allows them to better understand the economics of the space value chain as it evolves.”