Latest news with #SpaceMarketReport2025
Leaders
13-04-2025
- Business
- Leaders
Saudi Arabia Targets $31.6 Billion Space Economy by 2035
Saudi Arabia's space economy reached $8.7 billion in 2024 with experts expecting it to grow to $31.6 billion by 2035. This insight comes from the recent Space Market Report 2025, released by the Communications, Space and Technology Commission (CST). The CST report highlights that the growth includes all value-added activities linked to technologies and services. Analysts project a compound annual growth rate (CAGR) of 12 percent. For 2024, the Kingdom's space market focused on commercial services was valued at $1.9 billion. By 2035, it should reach $5.6 billion, driven by increased investment in technologies and infrastructure. The report aims to track the growth trajectories of both domestic and global space sectors. It also highlights efforts to enhance competitiveness and identify investment opportunities. CST Governor Mohammad Al-Tamimi emphasized the leadership's strong support. This support accelerates investments and infrastructure development while enabling national talents. Aligning with Saudi Vision 2030 Al-Tamimi noted that these efforts align with Saudi Vision 2030. They aim to establish a competitive, sustainable space economy on both regional and international levels. Furthermore, Al-Tamimi stated that the analysis is part of CST's ongoing commitment to making the space sector a key economic driver. This growth also enhances the Kingdom's global standing in technology and innovation. The published report serves as a valuable resource for decision-makers, investors, and entrepreneurs. It helps them understand future trends and uncover promising growth opportunities within the sector. Key Movements in the Space Sector The study outlines several trends shaping the space industry, including an increase in Earth observation data analysis, infrastructure services, integrated communications systems, and advanced sensing technologies. Moreover, it highlights the rising development and deployment of small satellites. The expanding role of the private sector in both local and international space markets also signifies this growth. Globally, experts predict the space economy will explode from $687 billion in 2024 to $1.8 trillion by 2035. This represents an impressive CAGR of 9 percent. Additionally, the global space market is expected to surge from $176 billion to $377 billion, achieving a CAGR of 7 percent over the same period. Short link :
Arab News
13-04-2025
- Business
- Arab News
Saudi Arabia eyes $31.6bn space economy as sector gains momentum
RIYADH: Saudi Arabia's space economy reached $8.7 billion in 2024 and is expected to grow to $31.6 billion by 2035, according to a new study. The Space Market Report 2025, released by the Communications, Space and Technology Commission, stated that the growth encompasses all value-added activities and industries derived from technologies and services, with a projected compound annual growth rate of 12 percent. The Kingdom's space market—focused on commercial services and infrastructure—was valued at $1.9 billion in 2024 and is forecast to reach $5.6 billion by 2035, supported by increased investment in technologies and infrastructure. The report aims to chart the growth trajectory of the domestic and global space sectors, while also supporting market development, enhancing competitiveness, and identifying investment opportunities. CST Gov. Mohammad Al-Tamimi stated that the strong support from wise leadership is accelerating investment, infrastructure development, and the enabling of national talents. He added that these efforts contribute to the goals of Saudi Vision 2030 and aim to establish a competitive, sustainable space economy both regionally and internationally. Al-Tamimi also said the analysis is part of CST's continued work to support the space sector as a new economic driver, contributing to the Kingdom's global standing in technology and innovation. He described the publication as a valuable resource for decision-makers, investors, and entrepreneurs to understand future trends and promising growth opportunities in the sector. The study highlights several movements shaping the space industry, including the growth of Earth observation data analysis, infrastructure services, integrated communications systems, and advanced sensing technologies. It also notes the increasing development and deployment of small satellites and the expanding role of the private sector in both local and international space markets. Globally, the space economy is projected to grow from $687 billion in 2024 to $1.8 trillion by 2035, representing a CAGR of 9 percent. The global space market is forecast to increase from $176 billion to $377 billion in the same period, with a CAGR of 7 percent.
