Media ININ Economy We Trust
Abu Dhabi on September 3
The space sector holds enormous potential that includes great economic dimensions. After the emergence of the so-called space economy several decades ago, its growth over the past years has been greater than ever before, exceeding in 2022 the barrier of half a trillion dollars and approaching becoming a trillion-dollar economy during the next few years. According to international studies by specialized institutions.
According to a report issued by the Space Foundation, a non-profit organization concerned with the space field, the global space economy has grown by 8% to reach $546 billion in 2022, and is expected to rise by 41% over the next five years.
The Foundation expected to approach $800 billion within five years, in light of other expectations that the space economy would exceed the trillion-dollar barrier in 2030, according to several studies and according to what was reported by many major international institutions, including PwC, Bank of America, and McKinsey.
In the 1960s, the race and work in space was limited to the two largest powers in the world (the United States and the former Soviet Union), but by 2022 there are more than 90 countries working in this field.
The entry of dozens of countries into the space race is linked to the growing awareness of the importance of space and the advancement of space technologies, which has made the matter easier and less expensive, in addition to the desire to achieve scientific progress.
Space is a vital field for humanity, as it is rich in natural resources and scientific and technological potential, and therefore it can contribute to economic development and strengthen the national economy of countries, by creating new job opportunities, developing advanced technological industries, and improving the quality of life by providing new services such as communications, Earth observation, and climate monitoring. In addition to promoting scientific innovation.
As the global space market expands, many reports predict that the financial returns from investing in space will be enormous. Whether through technology development, launch services, space mining, or even space tourism, the financial opportunities seem endless.
Expectations for high financial returns from the space sector are linked to many factors, most notably the increased demand for space services, including communications, Earth observation, transportation, and space sciences, lower costs of access to space, and technological developments that contribute to facilitating access to space and reducing its costs.
Investment interest from both the private sector and governments in the space economy is increasing, and investors are allocating more money than ever before into space technology.
According to a report issued by space analytics company Price Tech, space startups raised more than $15 billion in total funding during 2021, breaking the record of $7.7 billion recorded in 2020.
During the coming period, the world will witness more momentum in the field of private investments in the space sector, with the rapid growth of satellite launching activities, and partnership between the government and private sectors, in addition to the accumulation of experience in this field.
