World Economic Forum (WEF) report title ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’ released | Current Affairs | Vision IAS
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    World Economic Forum (WEF) report title ‘Space: The $1.8 Trillion Opportunity for Global Economic Growth’ released

    Posted 09 Apr 2024

    2 min read

    • Key findings
      • Space economy is expected to reach $1.8 trillion by 2035, from $630 billion in 2023.
      • Space’s impact will increasingly go beyond space itself, e.g., benefits to non-traditional players such as ride-hailing apps etc.
      • Five industries will generate more than 60% of increase in space economy by 2035. These are:
        • Supply chain and transportation; food and beverage; state-sponsored defence; retail, consumer goods and lifestyle; and digital communications:
      • Space’s return on investment will be more than financial, e.g.,  mitigating world challenges, such as disaster warning & Improved humanitarian response etc. 

     

    • Main drivers of increasing Space prevalence
      • Decrease in launch costs: fell by over 10- fold over last 20 years. 
      • Commercial innovation (e.g., components and software)
      • Diversification of investment and applications, with private sector participation.
      • Cultural awareness and enthusiasm

     

    • Key Recommendations
      • Non-space industry leaders: Partner and invest with tech innovators.
      • Space industry leaders: Explore a “space for non-space” approach.
        • Co-create protocols and standards 
      • State-sponsored leaders: Enact legislation, standardization and policies
        • Build partnerships across state-sponsored agencies

     

    India’s Space economy

    • Current size: Around $8.4 billion (around 2-3% of global space economy).
    • Target: About 44 billion USD by 2033.
    • FDI: 100% allowed.
    • Recent initiatives
      • Indian Space Policy 2023 was announced.
      • Indian National Space Promotion and Authorization Centre (IN-SPACe) was created as independent nodal agency under Department of Space.
      • New Space India Limited was created, for private sector participation.
    • Tags :
    • World Economic Forum (WEF)
    • Space Economy
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