Key Points
Bengaluru:A new report by the World Economic Forum (WEF) released Monday projects that the global space economy will be worth $1.8 trillion by the year 2035, almost rivaling the size of the world semiconductor industry...
Thereport titled Space: The $1.8 Trillion Opportunity for Global Economic Growth,authored by the WEF and consulting firm McKinsey & Co states that the growth will be prompted by the ubiquity of space technologies, such as navigation satellites, lower costs, and easier access to these technologies...
Space technologies are delivering greater value to a more diverse set of stakeholders than ever before, including in industries as varied as food and beverage, retail, consumer goods and lifestyle, supply chain and transportation, and even climate disaster mitigation, said Sebastian Buckup, member of the WEFs executive committee, in an accompanying statement..
As for the major part of the economy of the growing space industry, the WEF report states that more than 60 percent of increase in space economy would come from other industries relying on space economy, such as food and beverage, state-sponsored defence and weaponry, consumer goods and lifestyle, and more...
The report concludes that beyond revenue generation, technologies enabled by space industry will play an extremely crucial role in mitigating global challenges in a warming world, such as disaster warning systems, climate monitoring, Earth observation for resource tackling, and more...
