Pic courtesy: edarabia.com
Riyadh [Saudi Arabia], April 13 (ANI/WAM): The Communications, Space, and Technology Commission (CST) announced that Saudi Arabia’s space economy reached $8.7 billion in 2024, encompassing all value-added activities and industries related to space technologies and services. The size of the space market alone reached $1.9 billion, according to the KSA Space Market 2025 report.
The report aims to highlight the latest developments and growth in both local and global space market sizes, support market development and competitiveness, assist investors and entrepreneurs in the sector, and identify promising opportunities in the space industry.
CST Governor Dr. Mohammad Altamimi emphasized that strong support from the nation’s leadership is accelerating investment, infrastructure development, and the empowerment of national talent. These efforts are contributing to the goals of Saudi Vision 2030 and establishing a competitive, sustainable space economy regionally and internationally.
According to the Saudi Press Agency (SPA), Altamimi also noted that the report furthers CST’s efforts to position the space sector as a new economic driver, bolstering the Kingdom’s global standing in technology and innovation. The report serves as a valuable resource for decision-makers, investors, and entrepreneurs, providing insight into future trends and promising growth opportunities in the sector.
The report also highlights the rapid growth of the Saudi space economy, which is projected to reach $31.6 billion by 2035, with a compound annual growth rate (CAGR) of 12%, driven by investments in space sector infrastructure. Meanwhile, the global space economy is expected to reach $1.8 trillion by 2035, with a CAGR of 9%.
The Saudi space market is projected to grow to $5.6 billion by 2035, supported by space technologies, while the global space market reached $176 billion in 2024 and is expected to grow to $377 billion by 2035. (ANI/WAM)
About The Author
