The global space economy is believed to have surpassed USD 500 billion in 2023, underlining the significant growth the sector has witnessed in recent years. The emergence of NewSpace, the private space industry, has propelled this growth. This industry comprises private launch companies, small satellite constellations, and suborbital tourism. The emergence of this has resulted in open access to space technologies and services that are increasingly affordable and accessible.

Morgan Stanley estimates that the global space industry will record over USD 1 trillion in revenues by 2040. Analysts likewise predict record-breaking investment in related areas, such as satellite broadband and high-speed product delivery.