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2023-08-07
USD 634bn Space Economy to Take Centre Stage at Dubai Airshow
Amid the surging global interest in space exploration, a new space economy is emerging, driven by private businesses, and it is expected to exceed USD 634 billion by 2026, according to the Space Foundation. The 18th edition of Dubai Airshow, slated to take place from November 13-17, 2023 at Dubai World Central (DWC), embraces this pivotal theme with the support of the UAE Space Agency.
Following the signing of a Memorandum of Understanding (MoU) between Dubai Airshow and the UAE Space Agency at the 2021 Airshow, the two parties are collaborating to enhance the event’s focus on space, strengthening this year’s offering.
The collaboration aims to foster a collaborative approach locally and globally, cultivating pioneering partnerships and future projects.
Strategic Advice
Ibrahim Al Qasim, Deputy Director General of the UAE Space Agency, and Salem Humaid Al Marri, Director General of Mohammed Bin Rashid Space Centre (MBRSC), offer strategic advice and insights on space-related themes for this year’s Airshow agenda as part of the Dubai Airshow Advisory Board.
Ibrahim Al Qasim commented: “The UAE has made great strides in building national capabilities in earth observation, training astronauts, sending missions to the moon and soon to the asteroid belt. The most critical component in the next five to 10 years will be to build major capabilities in the private sector. We’re looking to facilitate enormous opportunities for startups to be established in the UAE, and there’s no better platform to do this than at the Dubai Airshow. In its 18th cycle lifespan, the show has generated upward of 3 trillion dirhams in business.”
The UAE’s space sector remains vital, inspiring future generations of astronauts and space scientists. Historic achievements this year include Sultan Al Neyadi becoming the first Arab to walk in space and the Arab world’s inaugural interplanetary mission.
The UAE recently announced the Emirates Mission to the Asteroid Belt (EMA), a groundbreaking 13-year project, featuring six years of spacecraft development and seven years of exploration, which promises to provide a significant boost to Emirati space startups and train Emirati talent.
The UAE recently announced the Emirates Mission to the Asteroid Belt (EMA), a groundbreaking 13-year project, featuring six years of spacecraft development and seven years of exploration, which promises to provide a significant boost to Emirati space startups and train Emirati talent.
In another historic milestone, the Saudi Space Commission achieved its first-ever female Saudi astronaut mission to space.
Rapid Growth
Globally, countries and their space agencies are uncovering the possibilities beyond Earth. The global space tourism market is growing at a rapid pace and is projected to reach US$12,690.6 million by 2031, registering a compound annual growth rate (CAGR) of 36.4 per cent from 2022 to 2031. Leaders in the industry, such as Virgin Galactic and Blue Origin, are exploring new opportunities for commercial flights to space.
As the space sector grows, Space Surveillance & Tracking (SST) becomes critical for ensuring space-based infrastructure’s safety and security, offering a major business opportunity. Frost & Sullivan projects the SST market to reach US$90 million in 2023 and grow to US$370 million in 2037, with a CAGR of 9.4 per cent across products and services.
This presents a significant growth opportunity for countries and corporate investment, crucial for humanity’s exploration of space.
The upcoming Dubai Airshow will be a key platform for companies and investors who are keen to see and learn about the latest space technologies from industry trailblazers at the biggest Space pavilion.
Technology Innovation Institute (TII), a leading global scientific research centre and applied research pillar of Abu Dhabi’s Advanced Technology Research Council (ATRC), will be making its Dubai Airshow debut and is the host sponsor for this year’s Aerospace 2050 stage, which will cover everything from driving sustainable aviation operations to space exploration and future workforce.
Dr. Gustavo Dos Santos, Chief Researcher, Propulsion and Space Research Center (PSRC) at the Technology Innovation Institute (TII), commented: “The Dubai Airshow is a forum that brings together the world’s leading stakeholders in the aerospace and space sectors.
With a complete section dedicated to space at the edition, we hope to add value through our participation in conferences that discuss the correlation between aerospace and climate change, mitigating the use of fossil fuels, capital and infrastructure development in aerospace and space, and pushing the boundaries of this thriving sector.”
With a complete section dedicated to space at the edition, we hope to add value through our participation in conferences that discuss the correlation between aerospace and climate change, mitigating the use of fossil fuels, capital and infrastructure development in aerospace and space, and pushing the boundaries of this thriving sector.”
At the mega event, high-profile leaders and officials will explore space possibilities, sustainability, earth observation for climate change, space technology advancements, reduced launch costs, private investments, and the impact of space tourism .
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