The global space economy will be worth $2 trillion by 2035. This is a new step World Economic Forum The report was released this week. The industry's valuation is expected to rise to $1.8 trillion by 2035, roughly rivaling the size and reach of the global semiconductor industry—expecting aerospace technologies to be as ubiquitous in everyday life as semiconductors are today. A new statement:Space: A $1.8 Trillion Opportunity for Global Economic Growth' developed jointly between the World Economic Forum and McKinsey & Company.
The report predicts that space will be a major component of the global economy by 2035. It says that this growth in the space sector will be built on increased access to space-based and/or-enabled technologies such as communication, positioning, etc. , navigation and timing, and earth observation (EO).
The report also points to the fact that space will become more about connecting people and things. Supply chain and transportation, food and beverage, government-sponsored defense, retail, consumer goods and lifestyle, and digital communications industries are projected to account for more than 60 percent of the growth in the aerospace economy by 2035. Nine other industries will create opportunities. For traditional and non-traditional players.
The report also believes that the impact of space will increasingly extend beyond space. The share of the total space economy captured by current space hardware and service providers is predicted to gradually decline in favor of non-traditional players such as ride-hailing apps without satellite-based technology. Connecting drivers and riders and providing navigation services.
The report says space will play an increasingly important role in mitigating global challenges, from disaster warning and climate monitoring to improved humanitarian response and widespread prosperity.
“Businesses in various emerging sectors such as agriculture, construction, insurance, climate change mitigation will be the drivers of the new and expanding space economy. By realizing the full potential of space, the public sector and private industry can position themselves as leaders in the space economy, unlocking long-term benefits,” McKinsey & Company senior partner Ryan Brukardt said in a statement.
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