According to a report by the World Economic Forum in association with McKinsey & Company, the space economy is expected to grow exponentially to $1.8 trillion by 2035.
Titled „A $1.8 Trillion Opportunity for Global Economic Growth,” the report says, this economic explosion is expected to permeate all industries worldwide while providing solutions to the world's most formidable challenges.
According to the report, the value of the space economy will grow from $630 billion in 2023 to an astronomical $1.8 trillion in 2035, significantly outpacing the growth rate of global GDP and experiencing an average growth of 9 percent. Also, non-traditional players like ride-hailing apps will benefit exponentially from the space economy.
Specific industries expected to contribute more than 60 percent to the growth of the space economy include supply chain and transportation, food and beverage, government-sponsored defense, retail, and digital communications.
These industries generate billions in space-related revenue. The report also emphasizes the wider implications of this economic revolution. It emphasizes how space can play an important role in mitigating global challenges such as disaster warning, climate monitoring, improved humanitarian response and widespread prosperity.
The report added that the future looks promising as countries like Japan, Peru, Saudi Arabia and Thailand, including India, are investing heavily in space ventures. It also highlights the role of the private sector in continuing to drive innovation and access, particularly in on-orbit exploration, maintenance services and commercially funded space stations.
Space impact transcends rocket science, becoming inextricably intertwined with our daily activities such as forecasting, dinner delivery, and the use of smartwatches.
The report outlines that industries such as supply chain and transportation will rely heavily on satellite and other space technologies to provide sophisticated services.
The report is crafted from the insights of over 60 thought leaders from various sectors and regions. It provides a deeper understanding of the space economy, highlighting factors ranging from commercial services to defense applications.
Importantly, every industry can play a part in furthering the space economy by standardizing and harmonizing, improving accessibility, and increasing public awareness.
How quickly the space economy expands depends on the trajectory of technological innovation and financial competitiveness, but if all goes well, it could reach $2.3 trillion by 2035, according to the report.
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