Space is approaching a new frontier. According to a recent report, the space economy expect to be worth $1.8 trillion by 2035. As satellite and rocket-powered technologies become increasingly prevalent.
Space-enabled techs already drive everything from weather forecasting to the growing array of smart devices like smartwatches. However, space technologies also benefit a broader range of stakeholders, with industries such as retail and lifestyle to capitalize on space innovations.
Space technology and future scenarios
Sebastian Buckup, a member of the Executive Committee of the World Economic Forum, stated, “Space technologies are delivering more value to a more diverse range of stakeholders than ever before.” The new report, titled “Space: A $1.8 Trillion Opportunity for Global Economic Growth,” outlines key developments that will shape space and related industries over the next decade.
The report brings together experts from space and other sectors to provide the most detailed picture to date of the future trajectory of space technology. And how it will impact other sectors, mostly indirectly, through rapidly improving and expanding technological capabilities. The space economy expect to grow from $630 billion in 2023 to $1.8 trillion by 2035, with an average annual growth rate of 9%—significantly outpacing the growth rate of global GDP. Space enable technologies such as communications and Earth observation services are expected to be the primary drivers of this growth.
The share of the total this tech economy held by service providers will gradually decline in favor of other services. That rely on space-based technologies, such as ride-hailing applications that depend on satellites.
In conclusion, the space economy is on the brink of a significant expansion. Driven by advancements in satellite and rocket technologies. This growth will not only enhance existing industries but also create new opportunities for innovation and economic development.
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