Saudi space economy hits $8.7 billion in 2024
Saudi Gazette report
RIYADH — The Communications, Space, and Technology Commission (CST) announced that Saudi Arabia's space economy reached $8.7 billion in 2024, encompassing all value-added activities and industries driven by space technologies and services.
According to the newly released 'KSA Space Market 2025' report, the current size of the Saudi space market stands at $1.9 billion.
The report aims to highlight recent local and global developments in the space sector, enhance market competitiveness, support investors and entrepreneurs, and showcase promising opportunities within Saudi Arabia's expanding space ecosystem.
The Saudi space economy is projected to grow to $31.6 billion by 2035, with an estimated compound annual growth rate (CAGR) of 12%, driven by increasing investments in space infrastructure. In comparison, the global space economy is expected to grow at a CAGR of 9%, reaching $1.8 trillion by 2035.
The domestic space market is also forecast to grow significantly, with expectations to hit $5.6 billion by 2035, fueled by advances in space technologies. Globally, the space market was valued at $176 billion in 2024 and is expected to more than double to $377 billion by 2035.CST Governor Dr. Mohammad Al Tamimi underscored the Kingdom's leadership-driven support in accelerating infrastructure development, investment, and human capital in the space field. He noted that these efforts are key to achieving the goals of Vision 2030 and positioning Saudi Arabia as a regional and international hub for space innovation and sustainability.Altamimi added that the report is part of CST's broader efforts to enable the space sector as a new economic engine, offering a valuable resource for policymakers, investors, and entrepreneurs to navigate the sector's future trends and growth potential.The report identifies several key developments shaping both local and international markets, including Earth observation data analytics, infrastructure services, integrated communication systems, advanced sensing capabilities, and the deployment of small satellites. It also highlights global shifts, such as increasing private sector involvement, rising demand for satellite-based services, and renewed global interest in space exploration.Additionally, the report outlines growth areas within the Kingdom's space sector, such as satellite communications and navigation, rocket manufacturing and launches, and Earth monitoring via satellites.
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