SINGAPORE, July 14 — The global space economy reached a valuation of $546 billion in 2024, according to the Space Foundation’s annual report, a jump from $469 billion the year prior. The launch services segment alone accounted for $12 billion of that total. For communities across Asia, where satellite internet and Earth observation are becoming household needs, this growth is not just a number — it is infrastructure being built in the sky.
SpaceX has held the dominant position in commercial launches since 2017, commanding a 60% market share of global commercial launches in 2024. The company launched 100 rockets that year. Its Starlink constellation is a key driver of demand in the orbital launch market, which is projected to grow to $35 billion by 2030. Amazon’s Project Kuiper is also fueling that growth, alongside Earth observation and national security payloads.
Blue Origin, prior to 2025, had only flown its suborbital New Shepard vehicle. That vehicle first flew in 2015 and has completed 25 flights. The company has yet to enter the orbital market at scale, but remains a name to watch as competition heats up.
Other players in the race
United Launch Alliance, a joint venture between Boeing and Lockheed Martin founded in 2006, launched 8 rockets in 2024. Rocket Lab, founded in 2006 by Peter Beck, launched 12 of its Electron rockets last year. Relativity Space, founded in 2015, is developing the Terran R reusable rocket. None of these companies approach SpaceX’s launch cadence, but each occupies a strategic niche.
The U.S. government, through NASA and the Department of Defense, is the largest customer in the market. In 2024, these agencies awarded contracts worth $15 billion. That government backing provides stability for the industry, even as commercial demand surges.
Regulatory growth
The Federal Aviation Administration’s Office of Commercial Space Transportation licensed 120 launches in 2024, up from 78 in 2023. That sharp increase reflects the sheer volume of activity. For families across the region watching satellite internet rollouts or following rocket launches from the Pacific, the regulatory pace matters — it determines how quickly new services reach them.
What comes next is a question of capacity. The projected $35 billion orbital launch market by 2030 will require more rockets, more infrastructure, and more competition. Closer to home, the question is whether Asian launch providers and satellite operators can carve out space in a market still dominated by American firms.
