Space Marketplace, a new platform designed to connect service seekers, investors and service providers within the space industry, has officially launched. The company aims to propel the Gulf region’s space economy by facilitating collaboration and investments, showcasing services, and driving the integration of space technologies into traditional industries.
With the global space economy projected to grow significantly—from $630 billion in 2023 to $1.8 trillion by 2035 according to the World Economic Forum—the Middle East plays a pivotal role in this economic transformation. Research by the Middle East Space Conference suggests that the Middle East’s space sector could be worth $75 billion by 2032, positioning the Gulf region as a major contributor to the broader space industry.
In light of these developments, Space Marketplace seeks to become the central hub for space technology exchange, innovation, and partnerships, facilitating growth in the Gulf’s burgeoning space economy.
The company offers a platform where space companies can feature their services, present case studies, and share best practices. It is designed to address the need for more efficient communication and connection within the space ecosystem, enabling space startups to link up with various non-space industries, such as agriculture, oil and gas, logistics, urban planning, and more. By creating this bridge, Space Marketplace helps to accelerate the adoption of space technologies beyond government contracts and opens new commercial pathways for space companies.
“We’re on the brink of an economic boom that is largely being driven by space innovation,” said Alex Cresniov, Founder and CEO of Space Marketplace. “With countries like Saudi Arabia, the UAE, and Oman investing heavily in space technologies, now is the perfect time to connect these investments with traditional industries to help them see the benefits. Space Marketplace will serve as the catalyst for this vital connection.”
Currently, most space products and services are consumed primarily by government entities. Space Marketplace envisions a future where the real potential of space technology is realized by private industries as well. For instance, Saudi Arabia has recently launched its first Space Accelerator program, and Saudi Aramco is developing its own space center. The UAE’s newly formed Space42, a merger of Bayanat and Yahsat, is expected to become an AI-powered leader in satellite development. Oman is also making strides with the development of a regional spaceport that will serve as a hub for launching services.
To further these developments, Space Marketplace will provide opportunities for non-space industries to learn about space technology and its benefits, opening new avenues of innovation. Educational initiatives are being encouraged to help traditional industries understand the potential impact of space technologies, with space agencies focusing on specialized programs tailored for other ministries and institutions.
The Gulf region is also witnessing significant government-driven initiatives, such as Saudi Arabia’s Neo Space Group (NSG), launched by the Public Investment Fund (PIF), which aims to become a national champion in the satellite and space sector. Such initiatives mark the beginning of a major shift in how space technology is perceived and implemented within the GCC, as countries aim to move beyond being technology consumers to becoming active contributors and leaders in space innovation.
“Connecting space technology and innovation with traditional industries is an essential step toward realizing the Gulf’s vision for a diversified economy,” said Cresniov. “Our mission is to foster these connections, provide the platform for collaboration, and ultimately strengthen the Gulf’s role in the $1.8 trillion global space economy.”
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