Saudi Space Economy Hits $8.7 Billion in 2024, Poised for Rapid Growth Under Vision 2030
Riyadh, The Gulf Observer: The Communications, Space, and Technology Commission (CST) has announced that Saudi Arabia’s space economy surged to $8.7 billion in 2024, encompassing all value-added activities and industries linked to space technologies and services. The direct space market alone reached $1.9 billion, as detailed in the newly released KSA Space Market 2025 report.
The report outlines the latest developments in both domestic and global space markets, aiming to support the Kingdom’s strategic goals by enhancing competitiveness, guiding investors and entrepreneurs, and identifying high-potential opportunities within the sector.
CST Governor Dr. Mohammad Altamimi underscored the vital role of Saudi leadership’s support in accelerating investment, infrastructure growth, and the development of local talent. These initiatives are integral to achieving the aspirations of Saudi Vision 2030, positioning the space sector as a cornerstone of a modern, innovative, and diversified economy.
“The Kingdom is well on its way to building a sustainable and competitive space economy,” Altamimi said, according to the Saudi Press Agency (SPA). “This report is a key step in enabling the space sector as a new economic engine, helping strengthen Saudi Arabia’s global standing in technology and innovation.”
Looking ahead, the Saudi space economy is forecast to reach $31.6 billion by 2035, with a compound annual growth rate (CAGR) of 12%, far outpacing the global space economy’s projected CAGR of 9%. The Saudi space market specifically is expected to expand to $5.6 billion by 2035, bolstered by strong investments in infrastructure and advanced technologies.
Globally, the space economy was valued at $546 billion in 2024 and is on track to soar to $1.8 trillion by 2035, while the global space market, which stood at $176 billion in 2024, is projected to more than double to $377 billion over the same period.
By outlining trends, growth projections, and strategic insights, the KSA Space Market 2025 report serves as a critical resource for investors, entrepreneurs, and policymakers looking to capitalize on the Kingdom’s bold leap into the future of space exploration and technology.
