In 2021, despite high-profile insurance claims on numerous satellites. . . Net premiums totaled $537 million, and incurred losses were $362 million.
Commercial spacecraft manufacturing revenue was estimated to be $4.3 billion in 2021, an increase of 6% over the estimated $4 billion in revenue in 2020. The growth from 2020 to 2021 reflects the increase in the number of payloads launched, while also recognizing efficiencies and cost-savings achieved by companies utilizing small satellite technology and mass manufacturing techniques.
There were 145 launch attempts in 2021, 135 of which were fully or partially successful. This is an increase of 27% from 2020, when 114 launch attempts took place. Commercial launches —those carried out for a non-government customer — accounted for 55 attempts, 49 of which were successful.
Civil government spending in the U.S. increased 3%. The Department of the Interior’s space budget was held flat in 2021, while the Department of Commerce and the National Science Foundation only increased spending by 1% and 0.3%, respectively. The Department of Transportation, which has the smallest share of U.S. civil space spending, had its budget slashed by 21% in 2021.
From Jan. 1 to June 30, the first six months of 2022 saw 75 orbital launch attempts worldwide with 72 successful launches. The launch number was matched only in 1967 and the number of successes broke records.
For this year’s analysis, Space Foundation incorporated historical data and 2022 government spending to project the global space economy’s growth over the next five years. Using our methodology, we predict that the total could reach $639 billion by 2026. Our modeling takes a more conservative approach based on average growth of established sectors and does not factor in developing sectors such as lunar habitation or still exploratory concepts such as asteroid mining.
Total government space spending in 2021 reached $107 billion, a 19% increase from 2020, based on Space Foundation analysis. Space Foundation examined government space spending of 46 nations, including 14 nations new to the analysis this year.
Commercial space activity refers to efforts undertaken by private industry with little or no government investment. Commercial space revenue in 2021 totaled $362 billion.
Space sector categories associated with space vehicle manufacturing all experienced growth in real wages from 2015 to 2020. Combined with increased hiring, this suggests that there is a high demand for individuals in these positions.
European space industry workforce by sector; launchers, spacecraft, and ground for 2003 through 2020.