The World Economic Forum predicts that the size of the space economy will reach $1.8 trillion by 2035, as the world increasingly relies on communication and mobility technologies. This growth could enhance the value of nearly all industries on Earth and provide solutions to many of the world's biggest challenges.
In a report published in collaboration with McKinsey & Company, the World Economic Forum stated that this is more than just "rocket science," explaining that the space economy is playing an "increasingly important role in everything" from weather forecasting to food delivery or home purchases, as well as advancements in communication technologies.
The report also noted that industries such as supply chains and transportation will become more dependent on satellites and other space technologies. The World Economic Forum based its report on market forecasts, estimates from specialists in both the public and private sectors, and insights from a global network of experts.
According to the report, space will account for a larger share of the global economy by 2035, with the space economy expected to reach $1.8 trillion, up from $630 billion in 2023, reflecting an average growth rate of 9 percent per year. The report further explained that operations in the space economy will transcend the traditional boundaries of space work, and the share of the space economy controlled by current space service companies will gradually decline in favor of other businesses, such as ride-sharing applications, which would not have achieved their global scale without satellite-based technologies that connect drivers and passengers, as well as navigation service providers.
