From a passive consumer of space technology, the Middle East is morphing into a major producer, reveals Euroconsult, a leading space sector consultancy, in its new white paper, "Beyond the Stars: The Middle East's Space Ecosystem on the Move."
The report reveals a stunning vision of the future. It predicts a meteoric rise for the region's space industry, projected to soar to a staggering $75 billion by 2032, dwarfing its current size and reshaping the global space landscape.
Fueling this growth is a potent mix of economic ambitions, strategic foresight, and technological innovation. As Steve Bochinger, lead contributor to the white paper, puts it, "The Middle East's ascent is unprecedented, propelled by a trifecta of diversification, vision, and cutting-edge tech."
This momentum is already evident. The global space economy, already a behemoth at $509 billion in 2023, is expected to reach $759 billion by 2030, and the Middle East is poised to contribute significantly to this surge. "Our research paints a picture of a region on the cusp of explosive growth, ready to rewrite the global space narrative," adds Bochinger.
Localization of space technologies is a top priority, driving ambitions across diverse sectors. Economic diversification, national defense, and even soft power through space exploration projects are all areas where space capabilities are seen as playing a crucial role.
Pacôme Revillon, CEO of Euroconsult, highlights the importance of collaboration in powering this transformation: "Partnerships between nations, public entities, and private players are not just catalysts for growth; they hold the key to securing the Middle East's position as a global space leader."
"Beyond the Stars" dives deeper into this exciting story, exploring the specific market segments driving growth, the investment landscape, the talent pool, and the potential challenges and opportunities that lie ahead. It paints a compelling picture of a region not just catching up in the space race, but poised to lead the charge into a new era of space exploration and utilization.
Photo by NASA on Unsplash
