The factors that will make the space economy triple by 2035

The expansion of space technologies, which are gaining more and more space in people's daily lives and in decision-making, will make the value of the space economy triple until it reaches the global levels 1.8 trillion dollars by 2035indicates this Monday a report from the World Economic Forum (WEF)

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This estimated increase represents triple its current value, which is at 630 billion dollars, and would represent double the growth of global GDP. The research indicates that this rapid growth will be driven by lower costs and greater access to space technologies such as positioning and navigation in space or Earth observation services.

The study also shows that this expansion will make new industries interested in this areaextending the impact of the space economy to other sectors, such as the connection between people and goods and services.

“Space technologies are realizing more value than ever for a more diverse set of stakeholders, including in industries as diverse as food and beverage, retail, consumer goods, supply chain and transportation”says the member of the WEF Executive Committee, Sebastian Buckup, quoted in a statement.

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Thus, companies in a growing variety of sectors, such as agriculture, construction or insurance, will be some of the main drivers of this growth of the space economy.

The report also warns that, beyond revenue generation, space will play a role increasingly important in the face of global challengesfrom warning of natural disasters and climate monitoring to providing a better response to humanitarian crises.

“By understanding and harnessing the full potential of space, public and private industry players will be able to position themselves as leaders in the space economy, with long-term benefits,” says the expert from the consulting firm McKinsey & Company, Ryan Brukardt, who participated in preparing the report.

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EFE