The Space Foundation’s latest Space Report portrays continuing expansion in the space industry, including record launch attempts for the fourth consecutive year, more nations entering the space arena and significant investment in the industry.
The 250 launch attempts in 2024 — an average of one launch every 34 hours — represented a 16% increase over 2023, which averaged one launch every 39 hours, according to the Q4 2024 report, released Jan. 21. More frequent launches are likely in 2025, the report states, as launch operators implement site improvements and plan the first flights of 24 launch vehicles.
Global expansion of the industry continued in 2024. Ninety nations now have active satellites in orbit. That number includes Senegal and Croatia, that launched their first satellites in 2024.
The S-Network Space Index, which tracks publicly traded companies in the space industry, roared back to a record six-month performance after underperforming in the first half of the year. The index posted a 26.4% gain over the year. Intuitive Machines, which completed testing of its Lunar Terrain Vehicle, had the best performance of companies in the index. For the year, the Houston-based firm was up 609%, reflecting numerous NASA contracts and the successful landing of its Nova-C class lunar lander, Odysseus, on the moon in February 2024. Intuitive Machines is planning another moon launch and landing this spring.
Space Foundation CEO Heather Pringle says these achievements indicate a dynamic industry that will continue to expand.
“There is promising effort to strengthen governance and sustainability,” Pringle states, and “there is reason to have confidence in the upward trajectory of the space economy.”
Although launches increased in 2024, spacecraft deployments dropped 3% to 2,802.
However, operators moved to heavier satellites, including SpaceX’s Starlink v2 mini, and total mass in orbit increased 40% to 1.9 million kilograms. SpaceX was a primary driver of launch and spacecraft trends in 2024, launching 152 times, deploying almost 2,000 Starlink satellites and test launching the Starship vehicle four times. Military spacecraft deployments increased 86% in 2024 as the Pentagon embraced SpaceX’s Starshield; SpaceX launched more than 100 satellites for the National Reconnaissance Office’s Starshield constellation.
Other key topics covered in the Space Report include:
- The need for a more robust education-to-industry pipeline — educators are working with government agencies and space companies to increase STEM interest, engage students in the state industry and forge academic partnerships. Active learning, hands-on experience and internships are being created through partnerships between industry and schools for students who want to join the space workforce.
- Tracking objects in space — the U.S. Department of Commerce has started trials of its Traffic Coordination System for Space (TraCSS) program to track the growing number of objects in orbit and prevent collisions. An initial phase began in September 2024, delivering spaceflight safety services including basic space situational awareness data and space traffic coordination services to a beta group of satellite operators.
- Observing the universe — the James Webb Space Telescope continued to create and send detailed images of the universe for its third year in space. Building on the observations from previous telescopes such as Hubble, researchers use the data to validate or disprove theories on the origins of the universe, supermassive black holes and early star formation. The telescope, which was launched on Dec. 25, 2021, orbits the sun 1 million miles from Earth.
- The role of AI — artificial intelligence is used in applications ranging from initial data processing to running simulations on digital twins, which create virtual replicas of physical objects, systems or processes. Although AI is bringing value and efficiency to the space industry, issues remain about regulation of AI systems to prevent ethical and cybersecurity risks.
Space Foundation is a nonprofit organization founded in 1983 to unite the space community and accelerate its growth and success. It has published the Space Report since 2006 to cover the global space ecosystem, space exploration, spending and defense programs, commercial trends, deployments, innovation, workforce development and other key industry indicators.
For access to the full report, visit thespacereport.org.
