Commercialization of Space: Building a Next-Generation Industry

Space isn’t just for exploration and observation. It’s an industry ready for takeoff.

For decades, space was the domain of governments and research institutions. That era is over. A new space economy is emerging—one where private industry is driving innovation, investment, and commercialization like never before.

Connected DMV is working to establish Greater Washington as a global hub for the new space economy, bringing together industry leaders, policymakers, researchers, and investors to build the infrastructure, partnerships, and innovation pipelines that will shape the new space industries and capabilities.

Why now? The new space economy is taking off.

Since the beginning, the focus of the space economy—launch, satellites, navigation, telecommunications, and observation—has dominated the market. But the next frontier is the rapidly developing new space economy:

🚀 In-space manufacturing: Building materials and components in space for use in space
🚀 Space-based research: R&D that can only be done in microgravity
🚀 Mining & resource extraction: Unlocking the materials of the solar system
🚀 Space-based infrastructure: Space stations, transport hubs, and refueling depots

With private spaceflight slashing costs per kilogram from $60,000 in the 1980s to as low as $150 today, the economics have shifted. The time to build is now.

A $1 trillion industry in the making

The global space market has a current valuation of $600 billion, estimated to grow to $1 trillion by 2040. The U.S. space industry has experienced significant growth in recent years. When adjusted for inflation, the space economy grew by 11.4% between 2012 and 2021.

 According to the Bureau of Economic Analysis, the American space economy accounted for $211.6 billion of gross output in 2021. Additionally, it contributed $129.9 billion (0.6 percent) to the country’s Gross Domestic Product (GDP) and supported 360,000 private industry jobs. This substantial market value reflects the economic impact of activities related to space exploration, satellite technology, and other space-related industries. It’s worth noting that the total value of the U.S. space economy, including commercial space revenues and government procurement for space activities contracted to the private sector, is estimated to be $370 billion in 2021.

Greater Washington is the capital of space.

Connected DMV is leveraging the region’s unparalleled space ecosystem to drive cross-sector collaboration and industry growth. No other region has the combined cross-sector capabilities across the U.S. government, private space industry, international embassies and agencies, regional space capabilities, and cutting-edge R&D and academia. The Greater Washington region is uniquely positioned to lead the commercialization of space, bringing together government, industry, and academia to build the next era of space-driven economies.

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Connected DMV’s Space Summit Charts a Bold, Collaborative Course for Commercialization

On December 3, 2024, leaders from industry, government, and academia gathered at the Embassy of France in Washington, D.C., for Connected DMV's "The Summit: The Commercialization of Space – Building a Next-Generation Industry." The event provided a dynamic platform to explore the immense opportunities and challenges of space commercialization and to position the Greater Washington region as a hub for innovation in this rapidly expanding field. 

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Greater Washington’s Assets

With unparalleled access to policymakers, industry giants, and research powerhouses, Greater Washington isn’t just participating in the space economy—it’s leading the charge.

  • Greater Washington is home to the nation’s top space-focused federal agencies, shaping the future of space exploration, security, and commercialization:

    • National Aeronautics and Space Administration (NASA) – Goddard Space Flight Center (Maryland) & Langley Research Center (Virginia)

    • National Oceanic and Atmospheric Administration (NOAA) – Space Weather & Satellite Operations

    • National Reconnaissance Office (NRO) – Space-based intelligence and surveillance

    • Federal Aviation Administration (FAA) Office of Commercial Space Transportation – Regulating private sector space launches

    • Federal Communications Commission (FCC) Space Bureau – Licensing satellite communications & orbital traffic management

    • Space Development Agency (SDA) – Advancing military space capabilities

    • Office of Space Commerce – Coordinating U.S. commercial space policy

  • Some of the world’s most influential space and defense companies call the DMV home, driving next-generation spacecraft, satellite technology, and defense innovations:

    • Boeing

    • Lockheed Martin

    • Northrop Grumman

    • Raytheon Technologies

    • General Dynamics

    • MAXAR Technologies

    • Orbital Systems

    • The Aerospace Corporation

  • Greater Washington is home to some of the nation’s top research institutions, advancing space science, engineering, and workforce development:

    • University of Maryland

    • George Mason University

    • Virginia Tech

    • Howard University

Join us to shape the future of space