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World Economic Forum (WEF) Report on Space


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.
India’s Space Economy

·       Approximately $8.4 billion, constituting 2-3% of the global space economy.

·       Aiming for about $44 billion by 2033.

·       Allows 100% FDI participation.

·       Recent initiatives: Indian Space Policy 2023 announced, creation of Indian National Space Promotion and Authorization Centre (IN-SPACe) as an independent nodal agency under the Department of Space, and establishment of New Space India Limited for private sector involvement.

 

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