Bank of America expects the space industry to triple to a $1.4 trillion market within a decade

SpaceX lands a Falcon 9 rocket booster after launching its Starlink mission

(This story is for CNBC PRO subscribers only.)

Bank of America expects the growing space economy will more than triple in size in the next decade, with the firm this week forecasting space will grow to become a $1.4 trillion market.

"While the COVID-19 pandemic has led to delays in some public and private programs ... the outbreak has not appeared detrimental to overall investment. This may largely be due to the fact that most spending in space is business-to-business/government (B2B/G), which generally recovers faster than business-to-consumer (B2C) spending," Bank of America analyst Ron Epstein wrote in a research note to investors.

The space economy has continued to grow, in large part to a record period of private investment and new investors opportunities in companies involved in spaceflight, satellites, and more. While Bank of America tracks just 14 publicly-traded stocks with exposure to space, Epstein said there are "more to come."

Using a compound annual growth rate of 10.6%, the average from the last two years, Bank of America forecast would see the industry's revenue grow 230% – from about $424 billion in 2019 to about $1.4 trillion in 2030. That would put space near the current size of the global tourism economy, which Bank of America noted is a $1.5 trillion industry.

More In Investing trends

CNBC ProAn energy crisis looms in India. Here are 5 stocks that could benefit, according to Bank of America
CNBC ProCompanies with pricing power are a great place to hide out as inflation hits, Wolfe Research says
CNBC ProGlobal bank picks Asia stock 'winners' to play the energy crisis