Space Industry To Pass $100 Billion in 2004, Council Predicts

The global space industry continued to grow in 2003, fueled by a significant increase in U.S. military contracts and continued growth in its commercial markets. According to the 2004 State of the Space Industry, a recently released report of the International Space Business Council, the industry generated $96.9 billion in revenues in 2003 and is expected to reach $104.6 billion in 2004.

Among its conclusions are that the industry will be driven to greater growth by a rebound in commercial orders for satellites and launch vehicles, combined with an increasing U.S. Department of Defense budget for space systems, and a rise in consumer satellite services.

The report found that during the past year the market for high-resolution satellite imagery stabilized with the receipt of several high-profile U.S. government contracts for data. The report expects the GPS market to continue to grow as Europe’s Galileo navigation system is deployed later in the decade; and the digital satellite radio market to continue its growth.