The global space economy is projected to grow from $630 billion in 2023 to over $1.8 trillion by 2035, according to the World Economic Forum. Meanwhile, Deloitte Canada forecasts that Canada’s share could reach $40 billion by 2040, provided that the right strategic actions are taken.
So how do Canadian space companies get their fair share of the growing space economy, at a time of increasingly ruthless business competition? That’s a question that was discussed by panelists during the inaugural Canadian Space Launch Conference (CSLC). It was held in Ottawa on April 29, 2025 at the Canada Aviation & Space Museum.
Speaking during the session, ‘Capturing the Whole Value Chain – The Economic and Industrial Impacts of Sovereign Launch for Canada’, Trevin Stratton (Deloitte’s Americas Economic Advisory Leader and Partner) said that Canada could boost its customer share of the space economy by bringing in industry players from outside the traditional space sector. “If we’re talking about Earth orbital data, it has applications across a number of different sectors,” Stratton explained. For instance, satellite-based imaging can tell farmers where to place fertilizer and irrigation systems; inform and advise supply chain managers about physical bottlenecks at shipping ports; and help security agencies detect border intrusions.
When it comes to generating more value out of their own knowledge base, Ontario Aerospace Council CEO Natasha Gagnon encouraged Canadian space companies to think outside of the box. For instance, “we could be leaders in nuclear propulsion,” she said. “Another area is cybersecurity solutions for space assets. We have to secure those assets so that other potential threats don’t tap into them.”
All told, generating more value from the existing Canadian space industry comes down to “amplifying our existing capabilities,” said Gagnon. “So we’re not starting from scratch here. We’re really actually looking at ways to give our aerospace and space sector more opportunities to collaborate with some other industries and do bigger things.”
Next, Canada has to develop and deploy the sovereign launch capability that was the raison d’etre for the Canadian Space Launch Conference. For this to happen, the launch industry must take the lead, similar to how Rocket Lab catalyzed New Zealand’s space sector, observed Jared Ball, Aon Space’s Global Practice Leader – Space. “Rocket Lab was a disruptor that forced the government to move and then support that industry locally,” he said. “I think that’s a good example for Canada to follow on how to grow the business and how to become successful in space.”
Finally, it is important for the Canadian space industry to develop ‘dual use’ equipment and systems that can be used for both civilian (e.g. search and rescue) and defence applications (e.g. the defence of the Canadian Arctic against invaders). “It’s kind of looking at those two things merging together,” concluded Stratton. “It’s that enhancing our security can help to grow our economy by increasing capabilities and technologies that help with that, and vice versa too.”