Despite Covid-19 impacting some segments of the commercial space market, revenues in this sector have surpassed 310bn, according to the analyst.
In its latest research product The Space Economy Report 2020″, Euroconsult estimates that the consolidated space economy, including both government space investments, as well as commercial space, totaled $385bn in 2020, a record amount.
Commercial revenues of $315bn in 2020 were down 2% from 2019s $319bn evaluation, due partially to the Covid-19 pandemic affecting certain commercial markets – in particular satellite communication sub-segments focused on high mobility such as, aero, maritime, offshore oil and gas, though other factors, such as video-related revenues continuing their pre-Covid downward trend contributed to the decrease. Added to these commercial revenues are the $70 billion invested by government space budgets in 2020 (excluding government expenditures on commercial services, counted as commercial revenues), a 10% increase over 2019 government spending. There was no visible impact in 2020 on government space investments as budgets were voted before the pandemic, though the sustainability of these high government space investments post-Covid remains to be seen.
With our latest Space Economy Report, we took stock of our entire body of 2020 data and indicators across our multiple research products to provide our clients with a snapshot of the key trends, facts and figures of the current status of the space economy in these challenging times, said Simon Seminari, Editor-in-Chief of the Space Economy Report and Principal Advisor of Euroconsult.
The Space Economy Report 2020 covers the entire space value chain, with key facts and figures and concise analysis of upstream satellite manufacturing and launch services, as well as downstream satellite operations and satellite services. For the first time ever, the Space Economy Report also includes global government space budgets to provide a full and comprehensive view of the entire space economy. In addition, the report is available on Euroconsults Digital Platform to facilitate rapid access and clear data visualizations, allowing clients to get a detailed and comprehensive understanding of the space economy in 2020 including main trends, strategic analysis, and growth drivers.