The space industry continues to be a fast-growing market with tremendous potential based on its consistent year-to-year growth and the emergence of significant private investments. In 2005, global revenues from the space industry were $175 billion; in 2019, they grew to nearly $424 billion. The rise of private investment in the industry has also played a major role in the industry’s growth. From 2000-2005, private investments accounted for approximately $1 billion. In 2020, investments set a new annual record of nearly $9 billion. Some of the world’s largest corporations, such as Amazon and Microsoft, are planning to invest more in 2021 and beyond, indicating private investments will continue pushing the industry to new heights.

While the sector suffered one down year in 2009, the space industry’s growth has shown it is largely recession-proof. The industry was expected to be one of the hardest hit by the COVID-19 pandemic; yet 2020 turned out to be a record year for investments. Launches also remained unaffected, with 41 successful launches in 2020 – on par with the previous five-year average of 43. Major financial firms are also bullish on the industry’s prospects: both Morgan Stanley and Goldman Sachs estimate the industry will be worth approximately $1 trillion by 2040, while Merrill Lynch projects it to grow to $2.7 trillion. Regardless of which estimate is correct, the industry is projecting to see significantly more investment and revenue over the next two decades.