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Key Developments in the Space Economy:
As of October 2023, several space stocks, including Rocket Lab (RKLB), AST SpaceMobile (ASTS), Planet Labs (PL), and BlackSky (BKSY) have seen significant increases in value, with BlackSky rising nearly 215% since April. This surge reflects a broader market trend as the global space economy is projected to reach approximately $1.8 trillion by 2035, with current estimates suggesting a total addressable market (TAM) nearing $100 billion.
The space economy is evolving beyond traditional satellite functions, catalyzed by advancements in national security and communications. The annual U.S. Space Force budget exceeds $30 billion, and the market for space-based internet is anticipated to grow to around $150 billion by 2035, addressing the 2.6 billion people lacking reliable internet access globally. The potential TAM in national defense alone is estimated at $30-$40 billion today, with projections of doubling within the next decade.
Innovations in Earth observation, lunar infrastructure, and in-space manufacturing are also key areas of growth, with the Earth observation sector expected to reach $20-$30 billion by 2030. Additionally, there is a burgeoning market for space servicing anticipated to exceed $10 billion by the 2030s. Overall, the emerging space economy is positioned to be a critical part of our future economic landscape.
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