The space industry continued to grow in the third quarter of 2021, according to a new report from the Space Foundation.
Why it matters: The investments will fuel the future of the space industry, which Bank of America says could reach $1.4 trillion by 2030.
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Driving the news: The new report shows investment in the space industry during the third quarter far outpaced the numbers seen in the third quarter of 2020.
There was $9.8 billion in investment activity in Q3 of 2021, more than $3 billion more than what was invested during the same time period last year.
The new data also shows space industry jobs have bounced back after losses last year.
Between the lines: According to the Space Foundation's Lesley Conn, the new report suggests investors are starting to understand the industry and get onboard with what it takes to be part of it.
"We're seeing that people I think are beginning to understand the complexity of space, and the level of commitment that it takes in order to invest," Conn told me.
Space companies tend to require a huge upfront investment to get off the ground and operational. It takes a lot of money and trust to build a constellation of satellites without necessarily seeing a ton of return immediately.
The big picture: It's already been a big year for space.
The U.S. is projecting a record-setting number of private rocket launches for 2021 while multiple companies send people on suborbital and orbital trips to space.
Yes, but: Not all nations are seeing major gains in their space industries.
Satellite manufacturing is on the upswing in the U.S. and China, but the industries in Japan, Russia and Europe have seen declines since 2018, the report says.
Go deeper: Learn more about the space industry with our short course on space.
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