Latest news with #KSASpaceMarket2025
Gulf Business
15-04-2025
- Business
- Gulf Business
Saudi space economy reaches $8.7bn in 2024, CST announces
Image: Getty Images/ For illustrative purposes Saudi Arabia's space economy reached $8.7bn in 2024, according to the Communications, Space, and Technology Commission ( The size of the Saudi space market reached $1.9bn last year, CST said in its newly released KSA Space Market 2025 report. The report aims to highlight the latest developments and growth in local and global space market sizes, support market development and competitiveness, assist investors and entrepreneurs in the sector, and identify promising opportunities in the space industry. Saudi space sector growth aligned with Vision 2030 CST governor Dr Mohammad Altamimi emphasised that strong support from the kingdom's leadership is accelerating investment, infrastructure development, and the empowerment of national talent. These efforts contribute to achieving the goals of Saudi Vision 2030 and establishing a competitive, sustainable space economy both regionally and internationally. Dr Altamimi said the report extends CST's efforts to enable the space sector as a new economic driver that strengthens the kingdom's global position in technology and innovation. He added that it serves as a valuable resource for decision-makers, investors, and entrepreneurs to understand future trends and promising growth opportunities in the sector. The report also highlights the rapid growth of the Saudi space economy, which is expected to reach $31.6bn by 2035, with a compound annual growth rate (CAGR) estimated at 12 per cent, supported by investments in space sector infrastructure. The global space economy is projected to reach $1.8tn by 2035, with a CAGR of 9 per cent. Growth outlook by 2035 The Saudi space market is projected to reach $5.6bn by 2035, supported by advancements in space technologies. Globally, the space market reached $176bn in 2024 and is forecast to grow to $377bn by 2035. Notable developments in both local and global space markets outlined in the report include Earth observation data analysis, infrastructure services, integrated communication systems, advanced sensing systems, and the development of small satellites. The report also highlights global shifts in the sector, such as the entry of private sector players, growing demand for satellite-based services, and renewed interest in space exploration. It further addresses investment in the Saudi
Saudi Gazette
14-04-2025
- Business
- Saudi Gazette
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 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 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 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 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.
Broadcast Pro
14-04-2025
- Business
- Broadcast Pro
Saudi Arabia's space economy hits $8.7bn in 2024: CST
The Saudi space market is projected to reach $5.6bn by 2035, supported by space technologies. The Communications, Space, and Technology Commission (CST) has revealed that Saudi Arabia's space economy reached $8.7bn in 2023, encompassing all space-related technologies and services. The space market alone accounted for $1.9bn, according to findings from the newly released KSA Space Market 2025 report. The report provides a comprehensive overview of local and global space sector developments, aiming to support market competitiveness, guide investors and entrepreneurs, and highlight emerging opportunities in the Kingdoms rapidly expanding space industry. CST Governor Dr Mohammad Altamimi attributed this growth to the robust support from Saudi leadership, which has accelerated infrastructure development, investment, and the cultivation of national talent. These initiatives align with the goals of Vision 2030, positioning the Kingdom as a regional and global hub for space innovation and technology. Altamimi noted that the report is part of CSTs wider mission to empower the space sector as a key economic driver, helping to elevate Saudi Arabias international standing in advanced technologies. Looking ahead, the Saudi space economy is expected to reach $31.6bn by 2035, driven by a compound annual growth rate (CAGR) of 12%. This projection coincides with anticipated global growth in the sector, where the worldwide space economy is forecast to hit $1.8tn, growing at a CAGR of 9%. The Kingdoms space market is also on track to expand significantly, with projections showing it will grow to $5.6bn by 2035, supported by continuous investments in cutting-edge space technologies. Meanwhile, the global space market, which stood at $176bn in 2024, is expected to more than double to $377bn by the same year.
Arabian Business
14-04-2025
- Business
- Arabian Business
Saudi Arabia's space economy hits $8.7bn; eyes $31.6bn by 2035
Saudi Arabia's space economy reached $8.7 billion last year, fuelled by value-added activities and industries from space technologies and services, an official body said. The country's space market size also expanded significantly to reach $1.9 billion, according to the KSA Space Market 2025 report. Dr. Mohammad Altamimi, Governor of Communications, Space, and Technology Commission (CST), said the strong support from the country's leadership is accelerating investment, infrastructure development, and the empowerment of national talent. These efforts contribute to achieving the goals of Saudi Vision 2030 and establishing a competitive, sustainable space economy regionally and internationally, he said. Citing the KSA Space Market 2025, Altamimi said the report extends CST's efforts to enable the space sector as a new economic driver that strengthens the Kingdom's global position in technology and innovation. The report serves as a valuable resource for decision-makers, investors, and entrepreneurs to understand future trends and promising growth opportunities in the sector, he said. The report also highlighted the rapid growth of the Saudi space economy, which is expected to reach $31.6 billion by 2035, with a compound annual growth rate (CAGR) estimated at 12 per cent. The growth is supported by investments in space sector infrastructure, at a time when the global space economy is expected to reach $1.8 trillion in 2035. The Saudi space market is also projected to reach $5.6 billion by 2035, supported by space technologies.
