Saudi Arabia’s space sector records $400m in revenue in 2022

Saudi Arabia’s space industry holds great potential for growth after recording $400 million in revenue in 2022, according to a recent report. The sector, expected to reach an average annual value of $2.2 billion from 2023 to 2030, holds significant opportunities, as highlighted by a document from the Saudi Communications, Space and Technology Commission. The development of distinct sovereign capabilities for spacecraft is expected to become a pivotal subsector within the Kingdom. The report highlighted the small satellite manufacturing market is projected to reach $68 billion in the region by 2030. Furthermore, around 148 satellites are set to be launched in the Middle East by 2030, presenting a largely untapped market opportunity.—AN