Why is it in the news?

• The World Economic Forum (WEF) report titled, ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth”

 Key Findings of the Report

• The space economy is projected to reach $1.8 trillion by 2035, up from $630 billion in 2023.
• Beyond traditional space players, non-traditional sectors like ride-hailing apps will benefit.
• Five industries, including supply chain and transportation, food and beverage, state-sponsored defence, retail, consumer goods, lifestyle, and digital communications, will contribute to over 60% of the increase in space economy by 2035.
• Space investments offer returns beyond financial gains, aiding in addressing global challenges like disaster warning and humanitarian response.

Main Drivers of Increasing Space Prevalence

• Significant decrease in launch costs by over 10-fold in the last 20 years.
• Commercial innovation in components and software.
• Diversification of investment and applications with increased private sector participation.
• Cultural awareness and enthusiasm.

Key Recommendations

• Non-space industry leaders should partner and invest in tech innovators.
• Space industry leaders should explore a “space for non-space” approach and co-create protocols and standards.
• State-sponsored leaders should enact legislation, standardization, and policies while building partnerships across state-sponsored agencies.