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The New Space Age: Exploring the Growth of the Space Economy

The realm of space exploration is undergoing a monumental transformation, transitioning from a government-driven endeavor to a burgeoning industry. This shift has given rise to a unique space economy that is proving to be a significant contributor to the global economic landscape. In recent reports, it has been noted that the global space economy reached an impressive $469 billion in 2021, marking the fastest growth rate seen in years. This amount is roughly half a percent of the total world economy, highlighting the increasing financial stakes tied to space-related industries.