AEROSPACE
THE NEW SPACE ECONOMY
$1 TRILLION IN OVERALL SPACE INDUSTRY BY 2040
Until recently, the space industry had been dominated by government-sponsored programs. But now, the private sector entered the industry and launch costs declined. Today’s launch costs are about 30x less than the launch cost of NASA’s Space Shuttle in 1981.
With lower launch costs, the space economy is expected to generate over $1 trillion in annual sales by 2040, up from around $370 billion in 2020. The fastest growth is expected to come from new space applications and industries such as space-based solar power, space logistics, and moon/asteroid mining, among others.
Source: Citi GPD: Global Perspectives & Solutions
GROWTH IN NEW INDUSTRIES
As the earth’s population grows and resource depletion becomes more real, the potential to extract elements from asteroids and return these to the earth or use them to build solar-power satellites and space habitats becomes more attractive. Lower launch costs and technology advancements will drive widespread accessibility and new applications are expected to generate $100 billion in revenue annually by 2040.
Source: Citi GPD: Global Perspectives & Solutions
ADVANCED AIR MOBILITY (AAM)
Advanced Air Mobility (AAM) – the emergence of transformative airborne technology to transport people and goods in new, community-friendly, and cost effective aircraft in both rural and urban environments.
- The next inflection point in the aerospace industry’s ongoing evolution
- The next significant change in mobility and global economy
- New capabilities and applications that were previously not feasible
- Transforming how people and cargo are moved
- Secure and reliable domestic air traffic management (ATM) systems
FLORIDA'S CRUCIAL ROLE IN CONNECTING THE GLOBAL COMMUNITY
Sources: Space Florida 2021 Annual Report | fdot.gov/spaceport | spaceflorida.gov