(MENAFN) The World Economic Forum (WEF) anticipates a remarkable expansion of the space economy, projecting its size to soar to USD1.8 trillion by the year 2035. This ambitious forecast reflects a growing reliance on communication and mobility technologies globally, which are poised to revolutionize various industries and offer solutions to some of humanity's most pressing challenges. In a report published in collaboration with McKinsey & Company, the WEF underscores that the significance of the space economy extends far beyond traditional "rocket science," permeating diverse sectors and contributing to advancements in fields ranging from weather forecasting to food delivery and even real estate transactions.
The report emphasizes that space technologies are increasingly integral to daily life and business operations, with industries such as supply chains and transportation becoming increasingly reliant on satellites and other space-based assets. The WEF's analysis draws on a comprehensive range of sources, including market forecasts, insights from specialists in both the public and private sectors, and input from a global network of experts.
Projections outlined in the report suggest that space-related activities will constitute a larger share of the global economy by 2035, with the space economy's total value expected to surge from USD630 billion in 2023 to an impressive USD1.8 trillion. This growth trajectory reflects an average annual growth rate of 9 percent, underscoring the transformative potential of space technologies and their capacity to reshape industries and drive economic progress on a global scale.
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