Paula Luckhoff11 April 2024 | 19:22

Booming space economy expected to be worth $1.8 TRILLION by 2035

The advance in space-enabled technologies opens up huge commercial opportunities, as well as ways to tackle challenges like climate change says new WEF report.

Booming space economy expected to be worth $1.8 TRILLION by 2035

Space, satellite over earth. Image: dlsd cgl on Pixabay

The Money Show finds out more from Nikolai Khlystov, Lead for Space at the World Economic Forum.

The space economy is expected to reach $1.8 trillion by 2035 as space-enabled technologies advance.

A new report published by the World Economic Forum (WEF) says this boom will happen as satellite- and rocket-enabled technologies become increasingly prevalent.

The Money Show finds out more from Nikolai Khlystov, Lead for Space at the WEF.

The significant growth in the sector will see the overall space economy tripling from today's figure of around $600 billion over the next 11 years, Khlystov says.

Importantly, this is across several different sub-sectors.

"Of course we have the traditional space activities like satellite manufacturing, launch services and so on."
"But the real story here is about the data and what it enables... so the story of space supporting and driving economic activity across a number of industrial sectors on earth."
Nikolai Khlystov, Lead: Space - World Economic Forum

The report points out that space-enabled technologies already drive everything from weather forecasts to advances in smart gadgets such as smart watches.

These technologies are also delivering benefits to a wider range of stakeholders, it says.

"Industries such as retail, consumer goods and lifestyle; food and beverages; supply chains and transport; and disaster mitigation are all set to benefit from space innovations."
World Economic Forum report

Khlystov uses ride-hailing app Uber as a simple example of 'space reach' or how the tech helps enable services on the ground.

"Their business model relies and is based on position navigation to connect the users with the drivers, otherwise you just have a traditional taxi service."
"Connectivity is increasing as well, enabling everything from wearable technology to entertainment and mobility services in remote locations, consumer goods you can purchase through the Internet..." 
Nikolai Khlystov, Lead: Space - World Economic Forum

All these services illustrate the broader reach of the overall space economy, Khlystov says.

Scroll up to listening to this fascinating conversation