The Saudi Communications, Space, and Technology Commission released the Saudi Arabian Space Market Investment Opportunities Report, which reviews the Kingdom’s space journey since 1976 and the opportunities and challenges of the growth of the space market, which is expected to see accelerated growth.
The report revealed the size of the Kingdom’s space market, which reached $400 million in 2022.
The Saudi Communications, Space, and Technology Commission report aims to highlight the promising opportunities in the space sector, develop its market and increase its competitiveness, and support investors and entrepreneurs in the sector.
The report highlighted the most prominent investment opportunities in the Kingdom’s space market in satellite manufacturing and launching services, developing the Kingdom’s land terminal sector to upgrade future infrastructure to become a leading regional hub in addition to satellite communications opportunities, Earth observation through the construction of integrated and globally competitive local systems and the development of multi-sensor satellite infrastructure, space science and exploration opportunities, and emerging space areas.
The Saudi Arabian Space Market Investment Opportunities Report noted that the international space market was experiencing a significant $464 million in economic mobility in 2022, representing 0.46% of the world’s gross domestic product (GDP).
At an accelerated growth rate of more than 7% per year, the global space economy is expected to reach a measured level of $738 million by 2030, as a result of countries’ current investment in the $100 billion sector in 2022, four times what was invested in the early 2000s by 2030.