Euroconsult forecasts $75 Billion in growth for Middle East's Space Sector by 2032

Written by Copernical Team Tuesday, 09 January 2024 19:17

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Paris, France (SPX) Jan 09, 2024

As the global space industry undergoes substantial shifts marked by evolving market dynamics, technological advancements, and geopolitical changes, a new comprehensive white paper from Euroconsult, a leader in space sector strategy consulting and market intelligence, sheds light on an emerging powerhouse: the Middle East's space ecosystem. Titled "Beyond the Stars: The Middle East's Space Ecosys

Euroconsult forecasts $75 Billion in growth for Middle East's Space Sector by 2032
by Erica Marchand
Paris, France (SPX) Jan 09, 2024

As the global space industry undergoes substantial shifts marked by evolving market dynamics, technological advancements, and geopolitical changes, a new comprehensive white paper from Euroconsult, a leader in space sector strategy consulting and market intelligence, sheds light on an emerging powerhouse: the Middle East's space ecosystem. Titled "Beyond the Stars: The Middle East's Space Ecosystem on the Move," this in-depth analysis forecasts a remarkable surge in the region's space sector, projecting its value to reach $75 billion by 2032.

Steve Bochinger, Affiliate Executive Advisor at Euroconsult and the white paper's lead contributor, emphasizes the unprecedented nature of this ascent, attributing it to "a convergence of economic diversification, strategic vision, and technological innovation." The Middle East, traditionally perceived as passive participants in the space sector, is now at the forefront of a significant transformation.

The Middle East's Rising Space Economy
The global space economy, valued at $509 billion in 2023, is expected to expand to $759 billion by 2030. Within this context, the Middle East stands out as a region with exponential growth potential. According to Bochinger, the research "unveils a region poised for exponential growth and poised to redefine the global space narrative." The Middle East's transition from space users to space makers is a key aspect of this evolution, with a focus on localizing space technologies and enhancing space capabilities across various sectors, including economic diversification, defense, and space exploration.

From Space Users to Global Leaders
This transformation is not just about technological prowess but also aligns with broader economic and geopolitical strategies. Pacome Revillon, CEO of Euroconsult, notes the importance of partnerships among nations, public entities, and commercial players in amplifying the sector's potential and solidifying the region's position as a global space leader. The Middle East's journey in the space sector reflects a strategic shift towards becoming a significant player in the global space arena.

Challenges and Growth Drivers
The white paper also explores the various challenges and growth drivers for the Middle East's space sector. Key areas include workforce development, entrepreneurship, governance, infrastructure, government commitment, and regional cooperation. These elements are crucial for the sector's success and highlight the multifaceted nature of the region's space ambitions.

Conclusion
"Beyond the Stars: The Middle East's Space Ecosystem on the Move" presents not just an analysis of the current state but also charts a strategic direction for the future of the Middle East's space sector. It underscores the immense potential and challenges that define this rapidly evolving landscape. As the global space narrative shifts, the Middle East's role is increasingly significant, marking a new chapter in the annals of space exploration and utilization.