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Space Industry Development Post-COVID 19

Posted by Space Team on Apr 27, 2021 2:35:49 PM

During the last couple of decades, the Space Sector has come to play a vital part in the development of the global economy. Currently, more than 80 countries in the world have space programmes which include space exploration missions, development of technology, satellite communication and Earth Observation. In the past 10 years, we can see more and more emerging players on the market which are supported by private investors, but more than 80% of the industry still heavily depends on government grants and investments, especially in the Research and Development area.

In October 2020, Saudi Arabia hosted the G20 Space Economy Leader Meeting as part of the G20 Summit, and it was the first time in history when the Space Sector was on the agenda. The purpose of the video conference was to enable a discussion between heads of space agencies and share the vision of advancing the space sector with a view to collaborating on existing and future projects

 

The role of the space economy
is shaping new frontiers in the
global economy.

 

The most common topic among all leaders was the importance of international collaboration and knowledge sharing. The increase of competition in the space industry requires closer collaboration across nations to ensure a secure and safe environment.

It also was recognized that the space sector also makes a huge contribution toward achieving the UN Sustainable Development Goals. Development in the satellite technologies today already generates a broader range of Earth Observation data which is used for monitoring climate change and its effects on Earth.

Sustainability of space is one of the strategic priorities, because the growing number of spacecrafts in orbit and increasing number of space debris in the future will affect the safe and sustainable use of space for mankind.

The world leaders discussed the substantial ability that the space industry offers to support economies as they recover from the impact of the COVID-19 pandemic.

 

Space will play a key role in
stimulating the development
of innovative solutions.

 

The significance of space agencies involvement in fostering and enabling entrepreneurship in the sector was also recognized. But the shift from government funding towards private investments is welcomed. This development will drive the development of new and innovative solutions.

At the meeting, UNOOSA chief Simonetta Di Pippo acknowledged the space industry in supporting the response to the global pandemic. In the years ahead, space will be seen as an enabler that will drive environmental sustainability and innovation in manufacturing, and advance healthcare.

Topics: Space

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