The New Space Race – Outlook And Opportunities In 2024

In recent years, the space tech industry has experienced a remarkable transformation, driven by a surge in investment and innovation in 'New Space' technologies, with the global space sector forecast to be worth around USD 1.1 trillion by 2030, implying an annual growth rate of approximately 11% per annum.

Understanding 'New Space'

'New space' refers to the emerging sector within the space industry characterised by private companies and startups driving innovation and exploration by developing new technologies and business models beyond traditional government-led endeavours.

While the rapid technological advancements in the sector make it difficult to provide a comprehensive overview, the New Space sector is underpinned by the deployment of scalable and cost-efficient satellites and reusable rocket technology. This advancement of technology has been a catalyst for innovation in sub-sectors such as global communication networks and the provision of services