ABU DHABI, 3rd September 2023 (WAM) – The global space economy has great potential in terms of economic prospects, with the sector set to cross the half trillion dollar mark in 2022, just a few decades after the birth of the term ‘space economy’. .

Several studies conducted by specialized global institutions indicate that the global space sector will be worth more than $1000 billion in the next few years.

The Space Foundation, a nonprofit organization providing a gateway to education, information and collaboration for space exploration and the space-inspired industries that define the world’s space ecosystem, said in its Space Report that the space economy will grow by 8% in 2022. , with a total value of $546 billion and is expected to grow by 41% over the next five years.

“The Space Report predicts continued growth in the space economy, and based on our conservative modeling, we expect to approach the $800 billion mark within five years,” said Space Foundation Senior Vice President Thomas Dorame. “This forecast is supported by increased space launch activity in 2023, which is on track to surpass the annual record set in 2022,” he reiterated.

These results are supported by other studies published by leading world institutions such as BWC, Bank of America and McKinsey & Company.

In the 1960s, space exploration was limited to the world’s two superpowers. Today, more than 90 countries are making progress in this area. This increased interest in space exploration is driven by the growing awareness of the importance of the sector and the rapid advancements in the field that make space missions easier and cheaper.

Translated by: Mervat Mahmoud.

https://wam.ae/en/details/1395303192118