Euroconsult has launched its latest white paper titled “Beyond the Stars: The Middle East’s Space Ecosystem on the Move.” This comprehensive analysis sheds light on the growth potential of the Middle East’s space sector, envisioning a monumental surge to $75bn by 2032, poised to reshape the global space narrative.
The global space industry is undergoing transformative shifts, influenced by market dynamics, technological advancements, and geopolitical changes. According to Steve Bochinger, Affiliate Executive Advisor at Euroconsult and lead contributor to the white paper, “The Middle East’s ascent within the global space sector is unprecedented, driven by a convergence of economic diversification, strategic vision, and technological innovation.”
In 2023, the global space economy witnessed significant growth, estimated at $509bn, with projections soaring to $759bn by 2030. Steve Bochinger emphasised, “Our research unveils a region poised for exponential growth and ready to redefine the global space narrative.”
The Middle East has emerged as a focal point for space activities, experiencing substantial growth in its space economy and an increased share in the global space economy. Pacôme Revillon, CEO of Euroconsult, underscored, “Partnerships among nations, public entities, and commercial players will not only amplify the sector’s potential but also cement its position as a global leader in the space arena.” Middle Eastern nations are transitioning from space users to space makers, emphasizing the localisation of space technologies and advancing space ambitions across sectors such as economic diversification, defence, and soft power through space exploration initiatives.
The white paper delves into the challenges and growth drivers, spotlighting crucial factors like workforce development, entrepreneurship, governance, infrastructure, government commitment, and the significance of regional cooperation for the sector’s success. The Middle East’s venture into the space sector transcends technological advancement; it signifies a transformative journey aligned with economic diversification and geopolitical interests. “Beyond the Stars: The Middle East’s Space Ecosystem on the Move” presents an insightful overview of the Middle East’s space sector, analysing its growth, challenges, and strategic directions for the future.
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