Global space economy to double by 2030

The UAE's forward thinking has placed it at the forefront of the space sciences sector.

The global space economy, currently valued at $330 billion, is set to almost double by 2030 to over $600 billion, providing a multitude of opportunities in various fields.
The UAE's forward thinking has placed it at the forefront of the space sciences sector, and the industry will soon see itself helping to bring the latest technological innovations to various other related fields, said Daniel Faber, CEO of Deep Space Industries.
"The UAE has emerged as a very forward thinking champion of space services and space sciences," he said at the World Space Risk Forum in Dubai. "Just look, for example, at the investments being made by the UAE. Since His Highness Shaikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, established the Mohammed bin Rashid Space Centre, the UAE has been pushing forward at a fast pace. The activities being hosted by the UAE, like the World Space Risk Forum being held this week, and the innovative work being done on the DubaiSat series of spacecraft, show the country' dedication to the sector."
Speaking on the projected growth in the global space economy, Faber stressed that the growth would only be possible with constant investment and innovation.
"Space-based services are a critical part of the global economy, that probably many of us take for granted - from the telecom satellites that carry our phone, Internet traffic, and broadcast entertainment and news, to the GPS and navigation signals that guide our aircraft and ships across the planet. The financial opportunities are clear, but like other tech and services sectors, only continued innovation and investment in space technology can reduce risks for existing space services operators, create new industries and markets, and open up space activities to a much wider range of participants," he explained.
Faber also revealed that many countries and companies had been excluded from space activities, due to the high costs and long lead times of traditional missions. But today, customised and affordable small satellites enable a broad range of players to participate in the space services market and gain experience in the space sciences.
"There are layers of value that are created for businesses investing in the space sector - all depending on what that business' goals are. For example, according to a recent Tauri Group report it's becoming increasingly clear to investors that you can make money in space, that there's a realistic expectation of sizeable returns - which is why we've seen investment dollars flowing into NewSpace companies like Planet Labs and Skybox," he said.
He added: "For companies creating new technologies and services, or leveraging new capabilities, they are positioning themselves to take part in the huge space sector growth we expect to see over the coming decade - higher capacity telecom satellites that can be replenished on-orbit to reduce risk and extend their service life, specialised small satellites providing custom communications, navigation and observation services, space resource utilisation and on-orbit services, and new business areas that haven't even been thought of yet."
- rohma@khaleejtimes.com