The size of the space economy may have been exaggerated, according to a member of the Advisory Committee on Commercial Remote Sensing (ACCRES). Commerce Secretary Wilbur Ross had told an ACCRES meeting that the current value of the space economy was $400bn and set to be at least $1tn by 2040. However, Bhavya Lal of the Science and Technology Policy Institute said a survey put that economy at $384bn in 2018. She said taking double counting and unrelated incomes cut the economy’s forecast size in half and that an estimated five to 11 percent annual growth rate was not consistent with current trends.
The size of the space economy may have been exaggerated, according to a member of the Advisory Committee on Commercial Remote Sensing (ACCRES). Commerce Secretary Wilbur Ross had told an ACCRES meeting that the current value of the space economy was $400bn and set to be at least $1tn by 2040. However, Bhavya Lal of the Science and Technology Policy Institute said a survey put that economy at $384bn in 2018. She said taking double counting and unrelated incomes cut the economy’s forecast size in half and that an estimated 11% annual growth rate was not consistent with current trends.