Space Economy Could Reach $1.8 Billion by 2035: World Economic Forum and McKinsey

The value of the global space economy could more than triple by 2035, from $630 billion in 2023 to $1.8 trillion 11 years from now, according to a World Economic Forum and McKinsey & Co. report Monday. It said five industries -- supply chain and transportation; food and beverage; state-sponsored defense; retail, consumer goods and lifestyle; and digital communications -- will generate more than 60% of that increase. In addition, it said space's prevalence in daily life will grow due to decreasing launch costs, increased technological capabilities of satellites and broad investment in the space realm. Like growth expected in the semiconductor and global payments industries, the world being more connected, mobile and informed is powering space's growth, it said.