Satellite technology is among the industries set to benefit from growth in the global space economy. Photo: BlackJack3D
Satellite technology is among the industries set to benefit from growth in the global space economy. Photo: BlackJack3D
Satellite technology is among the industries set to benefit from growth in the global space economy. Photo: BlackJack3D
Satellite technology is among the industries set to benefit from growth in the global space economy. Photo: BlackJack3D

Global space economy projected to be worth $1.8 trillion by 2035


Sarwat Nasir
  • English
  • Arabic

The global space economy is projected to grow to $1.8 trillion by 2035, a World Economic Forum report showed on Monday.

It is an increase of $1.1 trillion over last year's valuation of $630 billion. Experts say the projected surge could be made possible by an increase in activity across different industries, including satellite communications, space technology and defence and civil space programmes.

The report titled Space: The $1.8 Trillion Opportunity for Global Economic Growth was released to show the key developments that will shape the sector through to 2035.

"The space economy is forecast to soar to $1.8 trillion by 2035 in an increasingly connected and mobile world, impacting and creating value for nearly all industries on Earth and providing solutions to many of the world’s greatest challenges," the report said.

Several industries are to generate 60 per cent of that increase, including supply chain and transport, defence, retail and digital communications.

Increased threat from anti-satellite weapons

State-sponsored defence activities in space are projected to be worth about $250 billion in 2035, growing at an annual rate of 9 per cent from 2023.

The report warned leaders to be wary of nations developing anti-satellite (ASAT) capabilities – military technology that can be used to destroy spacecraft.

"As nations advance their space programmes, threats to satellite networks, including ASAT weapons, will surge and become issues of critical importance," the report said.

Tests involving ASAT technology have caused growing concern over the years, because they can create a dangerous amount of space debris. That can put astronauts and other spacecraft at risk.

Experts have raised concerns that military technology could also be used during war.

Russia carried out carry out an ASAT test in 2021, destroying one of its satellites and creating thousands of pieces of space debris. India, China and the US carried out tests in the past.

The report suggested that space surveillance driven by artificial intelligence could also be developed, helping to improve efforts to track space debris, monitor satellites and identify potential threats.

Transport methods to be improved

The supply chain and transport industries could be worth an estimated $410 billion to the global space economy by 2035.

This could lead to the enhancement of satellite technology, which would allow for major improvement to ride-hailing transport services. It could also boost the use of drones and shipping methods.

Online shopping in remote areas

Space technology in the e-commerce, consumer goods and electronics industries is expected to be worth $170 billion in 2035 – marking a 10 per cent growth each year from 2023.

A growth in this sector could mean better satellite internet connectivity in remote areas. "This allows people in underserved regions to access high-speed internet, enabling them to participate in online shopping and e-commerce activities," the report said.

After 2035, companies could develop wearable devices to be used as emergency locator transmitters.

Better weather forecasting

The civil space sector is projected to reach $146 billion by 2035, with a steady growth of 7 per cent each year. Earth-observation missions are expected to be one of the largest contributors to that growth.

With advanced Earth observation analytics, improved systems to predict natural disasters "could save countless lives and infrastructure worth billions".

Space tourism is also expected to gain popularity in the coming years and renewed plans to explore the Moon could lead to further innovation in space habitats and mining operations.

While you're here
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What is blockchain?

Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.

The main difference between blockchain and other forms of DLT is the way data is stored as ‘blocks’ – new transactions are added to the existing ‘chain’ of past transactions, hence the name ‘blockchain’. It is impossible to delete or modify information on the chain due to the replication of blocks across various locations.

Blockchain is mostly associated with cryptocurrency Bitcoin. Due to the inability to tamper with transactions, advocates say this makes the currency more secure and safer than traditional systems. It is maintained by a network of people referred to as ‘miners’, who receive rewards for solving complex mathematical equations that enable transactions to go through.

However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.

Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.

David Haye record

Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
The specs: 2018 Ducati SuperSport S

Price, base / as tested: Dh74,900 / Dh85,900

Engine: 937cc

Transmission: Six-speed gearbox

Power: 110hp @ 9,000rpm

Torque: 93Nm @ 6,500rpm

Fuel economy, combined: 5.9L / 100km

CHELSEA SQUAD

Arrizabalaga, Bettinelli, Rudiger, Christensen, Silva, Chalobah, Sarr, Azpilicueta, James, Kenedy, Alonso, Jorginho, Kante, Kovacic, Saul, Barkley, Ziyech, Pulisic, Mount, Hudson-Odoi, Werner, Havertz, Lukaku. 

UAE SQUAD

Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)

COMPANY%20PROFILE%20
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EOlive%20Gaea%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3ECo-founders%3A%3C%2Fstrong%3E%20Vivek%20Tripathi%2C%20Jessica%20Scopacasa%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%20%3C%2Fstrong%3EDubai%20World%20Trade%20Centre%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Climate-Tech%2C%20Sustainability%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241.1%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3ECornerstone%20Venture%20Partners%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League, Group B
Barcelona v Inter Milan
Camp Nou, Barcelona
Wednesday, 11pm (UAE)

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
Red flags
  • Promises of high, fixed or 'guaranteed' returns.
  • Unregulated structured products or complex investments often used to bypass traditional safeguards.
  • Lack of clear information, vague language, no access to audited financials.
  • Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
  • Hard-selling tactics - creating urgency, offering 'exclusive' deals.

Courtesy: Carol Glynn, founder of Conscious Finance Coaching

Washmen Profile

Date Started: May 2015

Founders: Rami Shaar and Jad Halaoui

Based: Dubai, UAE

Sector: Laundry

Employees: 170

Funding: about $8m

Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures

The specs

Engine: 4.0-litre V8 twin-turbocharged and three electric motors

Power: Combined output 920hp

Torque: 730Nm at 4,000-7,000rpm

Transmission: 8-speed dual-clutch automatic

Fuel consumption: 11.2L/100km

On sale: Now, deliveries expected later in 2025

Price: expected to start at Dh1,432,000

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
UAE currency: the story behind the money in your pockets
How they line up for Sunday's Australian Grand Prix

1 Lewis Hamilton, Mercedes

2 Kimi Raikkonen, Ferrari

3 Sebastian Vettel, Ferrari

4 Max Verstappen, Red Bull

5 Kevin Magnussen, Haas

6 Romain Grosjean, Haas

7 Nico Hulkenberg, Renault

*8 Daniel Ricciardo, Red Bull

9 Carlos Sainz, Renault

10 Valtteri Bottas, Mercedes

11 Fernando Alonso, McLaren

12 Stoffel Vandoorne, McLaren

13 Sergio Perez, Force India

14 Lance Stroll, Williams

15 Esteban Ocon, Force India

16 Brendon Hartley, Toro Rosso

17 Marcus Ericsson, Sauber

18 Charles Leclerc, Sauber

19 Sergey Sirotkin, Williams

20 Pierre Gasly, Toro Rosso

* Daniel Ricciardo qualified fifth but had a three-place grid penalty for speeding in red flag conditions during practice

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ESupy%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2021%0D%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3EDani%20El-Zein%2C%20Yazeed%20bin%20Busayyis%2C%20Ibrahim%20Bou%20Ncoula%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%0D%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EFood%20and%20beverage%2C%20tech%2C%20hospitality%20software%2C%20Saas%0D%3Cbr%3E%3Cstrong%3EFunding%20size%3A%20%3C%2Fstrong%3EBootstrapped%20for%20six%20months%3B%20pre-seed%20round%20of%20%241.5%20million%3B%20seed%20round%20of%20%248%20million%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EBeco%20Capital%2C%20Cotu%20Ventures%2C%20Valia%20Ventures%20and%20Global%20Ventures%3C%2Fp%3E%0A
Fixtures and results:

Wed, Aug 29:

  • Malaysia bt Hong Kong by 3 wickets
  • Oman bt Nepal by 7 wickets
  • UAE bt Singapore by 215 runs

Thu, Aug 30: 

  • UAE bt Nepal by 78 runs
  • Hong Kong bt Singapore by 5 wickets
  • Oman bt Malaysia by 2 wickets

Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal

Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore

Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong

Thu, Sep 6: Final

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MEDIEVIL%20(1998)
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SHAITTAN
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EVikas%20Bahl%3Cbr%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EAjay%20Devgn%2C%20R.%20Madhavan%2C%20Jyothika%2C%20Janaki%20Bodiwala%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E3%2F5%3C%2Fp%3E%0A
The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
UAE currency: the story behind the money in your pockets
The drill

Recharge as needed, says Mat Dryden: “We try to make it a rule that every two to three months, even if it’s for four days, we get away, get some time together, recharge, refresh.” The couple take an hour a day to check into their businesses and that’s it.

Stick to the schedule, says Mike Addo: “We have an entire wall known as ‘The Lab,’ covered with colour-coded Post-it notes dedicated to our joint weekly planner, content board, marketing strategy, trends, ideas and upcoming meetings.”

Be a team, suggests Addo: “When training together, you have to trust in each other’s abilities. Otherwise working out together very quickly becomes one person training the other.”

Pull your weight, says Thuymi Do: “To do what we do, there definitely can be no lazy member of the team.” 

Match info

Liverpool 3
Hoedt (10' og), Matip (21'), Salah (45 3')

Southampton 0

Updated: April 08, 2024, 2:43 PM`