WEF: Space Economy to Outpace Global GDP Growth by 2035

The global space economy is projected to expand to $1.8 trillion by 2035, marking a threefold increase from $630 billion in 2023, a new research by the World Economic Forum (WEF), has found.

The report highlighted that growth is anticipated to outpace global Gross Domestic Product (GDP) rate by nearly twice the margin, rivalling the scale and influence of the global semiconductor industry, which is expected to grow at a comparable rate.

It also underlined four key findings — space’s economic contribution, its impact extending beyond the “traditional” space sector, the expansion of industries in connecting people and goods, and space’s role in addressing global challenges.

Developed in collaboration with McKinsey, the research indicates that while “traditional” space activities such as space infrastructure, satellites, launches and exploration are expected to increase significantly, their growth rate will be slower compared to space-enabled technologies and earth-based businesses.

In his remarks on the report, a member of the executive committee at WEF, Sebastian Buckup said: “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.

“As costs reduce and accessibility rises, these technologies could reshape whole industries, and have as much impact on business and society as smartphones or cloud computing.”

Ryan Brukardt, senior partner at McKinsey & Company, said that a growing number of businesses across various sectors, including agriculture, construction, insurance and climate-change mitigation, would drive the new and expanding space economy.