Building a $2 Trillion Global Space Economy by 2035: The Center for Space Futures in Riyadh
Riyadh is set to become the hub for space industries aiming to send a mission to the moon and create a $2 trillion global space economy by 2035, according to NASA Administrator Bill Nelson.
The Future of the Space Center
Nelson, during his visit to Riyadh, emphasized the importance of the Center for Space Futures, hosted by the Saudi Space Agency, in bringing together space industries, commercial companies, and government programs. The goal is to foster collaboration and accelerate space technologies.
Establishing the Center for Space Futures
Scheduled to open in the fall of 2024, the Center for Space Futures will be a part of the C4IR network. It aims to facilitate discussions on space collaboration and contribute to the growth of the global space economy.
Partnerships for Future Missions
NASA’s plans to return to the moon with the Artemis II lunar mission in 2025 involve collaborations with international partners and commercial enterprises. The goal is to learn, invent, and create technologies for future missions to Mars and beyond.
Addressing Space Challenges
NASA is working with partners, including Saudi Arabia, to address challenges such as space debris, which poses a threat to satellites and spacecraft. Efforts are being made to ensure the safe disposal of satellites after their useful life and prevent collisions in space.
Global Collaboration for Sustainable Space Exploration
Saudi Arabia’s signing of the Artemis Accords in 2022 highlights the country’s commitment to peaceful and sustainable space exploration. The accords set out common principles and guidelines for international cooperation in space missions.
The Future of Saudi Arabia’s Space Industry
The Saudi Space Agency, established in 2018, aims to diversify the economy, promote research and development, and increase private-sector participation in the global space industry. With growing revenue and partnerships, the Kingdom’s space industry is poised for significant growth.
Driving the Global Space Economy
The global space economy is projected to reach $1.8 trillion by 2035, driven by advancements in space-enabled technologies. Various sectors, including agriculture, construction, insurance, and climate change mitigation, are expected to benefit from the expanding space economy.
Collaboration for Future Success
Enhanced collaboration between public and private sectors will be crucial for fully realizing the potential of the space industry. With increased accessibility to space technologies, businesses across sectors are poised to drive innovation and growth in the space economy.