There’s a reason why high achievers are commonly told to “shoot for the stars” — space travel is far from a simple task. While once an ambitious goal, limited to government entities that had the funding and technology to execute major launches, commercial launches are dominating outer space today, giving rise to a relatively new, rapidly growing industry.
“I would say many of the trends we're seeing in the space industry, from increased satellites in orbit to decreasing payload sizes, can be explained by the rapid commercialization of space,” says Jeff Gardner, a senior writer at The Space Foundation.
The Cost of Commercial Space Launches
While space tourism missions launched by companies like Virgin Galactic have attracted lots of attention, the majority of commercial launches involve the deployment of GPS satellites and other Internet infrastructure into orbit, facilitating digital communication on Earth.
Gardner says he’s seen a major uptick in commercial space launches since 2020. And according to a 2024 report from the World Economic Forum, the commercial space economy could grow to a value of nearly $1.8 trillion by 2035.
