New company Space Marketplace aims to connect the region’s service seekers, investors and service providers within the space industry. By facilitating collaboration and investments, showcasing services, and driving the integration of space technologies into traditional industries, the new platform will become instrumental in propelling the Gulf’s space economy.
The launch of Space Marketplace comes at a time when the global space economy is projected to grow significantly—from $630bn in 2023 to $1.8tn by 2035 according to the World Economic Forum, in which the Middle East is slated to play a pivotal role. Research by the Middle East Space Conference suggests that the Middle East’s space sector could be worth $75 bn by 2032. Given the numbers and potential, Space Marketplace seeks to become the central hub for space technology exchange, innovation, and partnerships, facilitating growth in the Gulf’s burgeoning space economy.
The company offers a platform where space companies can feature their services, present case studies, and share best practices. It is designed to address the need for more efficient communication and connection within the space ecosystem, enabling space startups to link up with various non-space industries, such as agriculture, oil and gas, logistics, urban planning, and more. By creating this bridge, Space Marketplace helps to accelerate the adoption of space technologies beyond government contracts and opens new commercial pathways for space companies.
Speaking at the company’s launch, Alex Cresniov, Founder and CEO of Space Marketplace said: “We’re on the brink of an economic boom that is largely being driven by space innovation. With countries like Saudi Arabia, the UAE, and Oman investing heavily in space technologies, now is the perfect time to connect these investments with traditional industries to help them see the benefits. Space Marketplace will serve as the catalyst for this vital connection.”
Currently, most space products and services are consumed primarily by government entities. Space Marketplace envisions a future where the real potential of space technology is realised by private industries as well. Towards this, Space Marketplace will provide opportunities for non-space industries to learn about space technology and its benefits, opening new avenues of innovation. Further, it will encourage educational initiatives to help traditional industries understand the potential impact of space technologies, with space agencies focusing on specialised programmes tailored for other ministries and institutions.
“Connecting space technology and innovation with traditional industries is an essential step toward realising the Gulf’s vision for a diversified economy,” Cresniov added. “Our mission is to foster these connections, provide the platform for collaboration, and ultimately strengthen the Gulf’s role in the $1.8tn global space economy.”
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