Saudi Arabia's $2.1 Billion Space Investment Aims for Satellite Leadership by 2030.
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Trends:
According to the Saudi Space Agency, the Kingdom plans to invest over $2.1 billion to develop its local space industry by 2030. This includes a goal to launch the first locally-made satellite by 2025.
The space startup ecosystem in Riyadh has seen rapid growth, with over 20 new space tech companies established in the past 3 years. These startups have collectively raised over $50 million in funding.
Universities in Riyadh, such as King Saud University and King Abdulaziz City for Science and Technology, have expanded their space research programs. They now have over 100 researchers and scientists working on satellites design, Remote sensing downstream activities and space resource utilization.
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Reports:
A recent report by the International Telecommunication Union (ITU) projects the satellite services market in the Middle East to grow at a CAGR of 8.4% between 2024-2027, reaching a value of $3.2 billion by 2027.
The Global Satellite Industry Report 2022 states that Saudi Arabia's space industry has grown by 15% annually over the past 5 years. The country currently operates 6 satellites and plans to launch an additional 3-4 satellites by 2025.
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Predictions:
A report by the Saudi Space Agency estimates that the Kingdom's space sector will contribute over $20 billion to the national GDP by 2030, creating more than 30,000 high-skilled jobs.
Industry analysts predict that Riyadh will emerge as a hub for satellite manufacturing, with the capacity to produce up to 10 satellites per year by 2027. This is supported by government initiatives and investments totaling $500 million.
The use of satellite data and services in Saudi Arabia is expected to grow rapidly, with the agriculture, transportation, and disaster management sectors projected to account for 60% of the satellite services market by 2025.
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