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Report: Middle East space sector surges

January 8, 2024

Euroconsult, the strategy consulting and market intelligence firm specialised 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. The analysis reveals the significant growth potential of the Middle East’s space sector, projecting a monumental surge to $75 billion (€68.4bn) by 2032, reshaping the global space narrative.

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.”

The global space economy has witnessed unprecedented growth, estimated at $509 billion in 2023 and projected to reach $759 billion by 2030. Bochinger added: “Our research unveils a region poised for exponential growth and poised to redefine the global space narrative.”

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, commented: “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, emphasising localisation of space technologies and boosting space ambitions in diverse sectors like economic diversification, defence and soft power through space exploration projects.

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