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The global space economy could be worth over $1 trillion by 2034. This is one of the key findings of Novaspace’s latest edition of its Space Economy Report. The global space economy was worth over a shade over $625 million in 2025, so the market could grow by close to $400 million over the next few years. Novaspace released details of its latest report, Jan. 30.

According to Novaspace, the space economy is increasingly being shaped by the impacts of sector maturation, improved financing, and the progressive softwarization of space infrastructure. It talks of commercial activity reaching new highs, government initiatives becoming more assertive, and technology continuing to advance. Novaspace expects 2025 to serve as a transition year toward a more resilient, security-driven, and strategically aligned space economy.

The space market is positioned to expand from $236 billion in 2025 to $323 billion in 2034 with space-enabled solutions, such as PNT services, occupying a significant share of the space economy. Defense and sovereignty have emerged as the dominant market drivers in 2025, which is expected to persist well into the late 2020s.

“Government space spending reached $138 billion, driven primarily by security, sovereignty, and exploration programs. These priorities are reshaping procurement models and reinforcing the potential for commercial actors in national space strategies,” Jan Clarence Dee, senior space consultant for Novaspace, said in a statement.