Middle East's Space Sector Surges: White Paper Unveils $75 Billion Projection by 2032
Paris, France, January 8, 2024--Euroconsult, a global strategy consulting and market intelligence firm specialized in the space sector and satellite-enabled verticals, has launched its latest white paper, "Beyond the Stars: The Middle East’s Space Ecosystem on the Move." This in-depth analysis reveals the astounding growth potential of the Middle East's space sector, projecting a monumental surge to US$ 75 billion by 2032, reshaping the global space narrative.
A New Space Ecosystem Emerges
The world's space industry experiences monumental shifts, with market, technological, and geopolitical changes shaping its landscape. According to Steve Bochinger, Affiliate Executive Advisor at Euroconsult and lead contributor to the white paper, “The Middle East’s ascent within the global space sector is unprecedented, driven by a convergence of economic diversification, strategic vision, and technological innovation."
Remarkable Economic Potential
The global space economy has witnessed unprecedented growth, estimated at $509 billion in 2023 and projected to reach $759 billion by 2030. Steve Bochinger notes, “Our research unveils a region poised for exponential growth and poised to redefine the global space narrative.”
Middle East: A Space Hotspot
The region has become a global hotspot for space activities, with its space economy growing significantly and its share in the global space economy rising. Pacôme Revillon, CEO of Euroconsult, highlights, “Partnerships among nations, public entities, and commercial players will not only amplify the sector’s potential but also cement its position as a global leader in the space arena.” Middle Eastern countries are transitioning from space users to space makers, emphasizing localization of space technologies and boosting space ambitions in diverse sectors like economic diversification, defense, and soft power through space exploration projects.
Key Growth Factors and Challenges
The white paper delves into the challenges and growth drivers, highlighting workforce development, entrepreneurship, governance, infrastructure, government commitment, and the importance of regional cooperation for the sector's success. The Middle East's journey into the space sector is not just about technological advancement; it’s a transformation that aligns with economic diversification and geopolitical interests. This white paper unveils the immense potential and challenges shaping this evolving landscape.
About the White Paper
"Beyond the Stars: The Middle East’s Space Ecosystem on the Move" presents a comprehensive overview of the Middle East's space sector, analyzing its growth, challenges, and strategic directions for the future.
To access the full white paper, visit: https://www.euroconsult-ec.com/beyond-the-stars-the-middle-east-space-ecosystem/
About Euroconsult
The Euroconsult Group is the leading global strategy consulting and market intelligence firm specialized in the space sector and satellite enabled verticals. Privately owned and fully independent, we have over thirty years of experience providing first-class strategic consulting, developing comprehensive market intelligence programs, organizing executive-level annual summits and training programs for the satellite industry. We accompany private companies and government entities in strategic decision making, providing end-to-end consulting services, from project strategy definition to implementation, bringing data-led perspectives on the most critical issues. We help our clients understand their business environment and provide them with the tools they need to make informed decisions and develop their business. The Euroconsult Group is trusted by 1200 clients in over 50 countries and is headquartered in France, with offices in the U.S., Canada, Japan, Singapore, and Australia. http://www.euroconsult-ec.com/
