According to a newly published report by the Saudi Communications, Space & Technology Commission, the space market in Saudi Arabia reached a valuation of $400 million in 2022. The report not only sheds light on the current state of the market but also emphasizes the potential investment prospects it offers. It provides a comprehensive overview of the Kingdom’s space endeavors since 1976 and delves into the opportunities and challenges associated with the market’s expansion, which is projected to experience rapid growth in the near future.
The paper focuses on the progress and competitiveness of Saudi Arabia’s space market, as well as the encouragement of investors and entrepreneurs in this sector. It highlights several key opportunities, including satellite manufacturing, launch services, and the advancement of the ground station sector. The aim is to enhance the future infrastructure and establish Saudi as a leading regional hub in the field of space technology.
The research delineates various prospects within the Saudi Arabian space market, including satellite communications, the establishment of integrated and internationally competitive local systems for Earth observation, the advancement of multi-sensor satellite infrastructure, opportunities in space science and exploration, as well as emerging areas within the sector.
Additionally, the study highlighted a significant economic activity in the international space market, amounting to a staggering $464 billion in 2022. This represents approximately 0.46 percent of the global GDP, with a notable annual growth rate surpassing 7 percent. The report further projected that the size of the global space economy would reach an estimated $738 billion by 2030. Such growth is attributed to the current investments made by various countries in the sector, which totaled $100 billion last year, marking a fourfold increase compared to the investments made in the early 2000s, according to the paper.