Euroconsult’s 2020 The Space Economy Report valued the global space economy at $385B in 2020, with commercial revenues totaling over US $310B. By 2040 the sector is estimated to top US $1T per year, driven by the exponential growth in commercial markets. Domestic launch ensures Canada is a competitor in what is already a fierce space race.
As the only dedicated commercial launch site in North America, we will offer the largest range of launch inclinations on the continent and a reliable, technically mature launch vehicle capable of carrying up to five tons of cargo to low earth orbit.
Our spaceport is attracting businesses from around the world, and it is creating many well-paying jobs for Canadians and Nova Scotians. Canada will launch satellites and technologies that will solve some of today’s most urgent challenges for a brighter, greener and better-connected tomorrow.
It all begins with a launch site that’s safe, affordable, and strategically-located to accommodate commercial clients and their goals, on their terms. As construction continues in 2023, we’ll continue our collaboration with our partners in the Government of Canada and secure Canada’s place as a global space leader.
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The Exponential Commercial Opportunity
- The launch industry is the backbone for what will become a $1T opportunity.
- Global broadband satellite constellations in low-earth and sun-synchronous orbits need thousands of satellites for their networks.
- Satellite constellations for near-earth imaging are in extremely high demand with projected exponential growth
- As the digital age drives innovation, enterprises will need more satellites for communication and data.
- Our constellation model will fill gaps in coverage, launching on-demand for by private enterprises.
- There is a shift from government funding to venture capital, strategic investment, and public financing of the space economy.
The space economy employs thousands in our country and tens of thousands around the world. Together they explore space, boost communication, create new technologies, and serve hard-to-reach markets and populations.
In 2019 the space economy contributed more than $2.5 billion to Canada, with exponential growth on the near horizon. We’re excited for this era of extraordinary potential as we premiere one of the most compelling launch locations on the planet.
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