Sunday 03-09-2023 16:15 PM
ABU DHABI, 3rd September, 2023 (WAM) — The global space economy has great potential in terms of economic opportunities, with the sector expected to surpass half-a-trillion dollars by 2022, just a few decades from now. Space Economy” came into existence.
Several studies by specialized global organizations indicate that the global space industry will be worth US$1 trillion in the next few years.
In its space report, the Space Foundation, a nonprofit advocacy organization that provides education, information and collaboration for space exploration and a gateway to space-inspired industries that define the global space environment, said the space economy will grow 8 percent by 2022. The total value is USD 546 billion and is projected to grow by 41 percent over the next five years.
„The Space Report predicts continued growth in the space economy, and based on our conservative modeling, we expect it to reach $800 billion within five years,” said Thomas Dorem, senior vice president of the Space Foundation. „This forecast is bolstered by an increase in 2023 space launch activity, which is on pace to surpass the annual record established in 2022.”
These findings are further supported by other studies published by prominent global firms such as BWC, Bank of America and McKinsey & Company.
In the 1960s, space exploration was limited to the world’s two superpowers, however, nowadays more than 90 countries are advancing in this field. This increased interest in space exploration is driven by awareness of the importance of the field and rapid advancements in the field, which have made space travel easier and less expensive.
Amjad Saleh / Coder Nasher
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