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The Space Industry Will Be Worth Nearly 3$ Trillion In 30 Years, Bank Of America Predicts

Bank of America Merrill Lynch sees the size of the space industry octupling over the next three decades, to at least $2.7 trillion.

“We are entering an exciting era in space where we expect more advances in the next few decades than throughout human history,” the firm wrote in a report on Monday

As the cost of space access plummets, BofAML joined Morgan Stanleyamong Wall Street investment banks bullish on the extraterrestrial industry. Both put the space market today at around $350 billion, but BofAML’s outlook is nearly triple Morgan Stanley’s expectation of a $1.1 trillion market by 2040.

A raft of new drivers,” BofAML said, is pushing the “Space Age 2.0”: reusable launch by SpaceX, the growth of private ownership in the market, investment by more than 80 countries and the falling launch costs from vehicles by the likes of Rocket Lab and Vector. The firm cautioned that this is a market where companies traditionally have had trouble turning profits.