The space industry is no longer sustained by governmental bodies and aerospace and defense companies. In the modern space race, the private sector is dominating by discovering new opportunities regarding innovations and public-private partnerships.

The term “NewSpace” heralds the arrival of private space company ventures. Start-ups, investors, and research institutions will have easier access to space and its related services. Private-public collaborations will become increasingly important in developing countries to enhance their economies and for better access to space and its related services.

In the past five years, the industry has seen significant growth in satellite demand for communications, Earth applications, and navigation, resulting in an increase in space launches and related activities. The leading launch providers (Space Exploration Technologies [SpaceX], United Launch Alliance, and Rocket Lab) have been competitively reducing their launch prices, which has directly contributed to the rise in satellite demand.

Operators of low Earth orbit satellite constellations recognize opportunities to acquire, merge, or partner with complementary companies to enhance capabilities and increase revenue. Despite a decline in investments, demand for services continues to rise.

This analysis examines industry growth drivers and restraints; the revenue outlook; mergers, acquisitions, and partnerships; leading industry participants and some of the programs they support; and growth opportunities for all stakeholders.