Service sector holds lion’s share of space industry

April 30, 2019 - 12:21

TEHRAN – The services development sector holds the biggest share of space industry, the head of Iranian Space Agency (ISA) announced.

Morteza Barari said that 80 percent of job creation and economic activities happen in the field of space services.

The universities can pave the way for entrepreneurs and innovative young generation, he said.

The universities should focus on innovation and creative industries and be pioneers through establishment of innovation centers, he added.

Nanotechnology, energy, environment and biotechnology are the fields, which the universities can focus on.

He pointed to the space economy as an important part of the worldwide economy and the knowledge-based companies has the share of 76 percent.

The ISA aims to develop space services, operators and space industry in the near future.

Today 28 knowledge-based companies are working in the field of space technology, he said.

The ISA also plans to develop startups active in the field of GPS, astronomy and space discoveries in the near future, he added.

According to Morgan Stanley, an American multinational investment bank and financial services company, it is estimated that the global space industry could generate revenue of $1.1 trillion or more in 2040, up from $350 billion, currently. Yet, the most significant short- and medium-term opportunities may come from satellite broadband Internet access.

It estimates that satellite broadband will represent 50% of the projected growth of the global space economy by 2040—and as much as 70% in the most bullish scenario. Launching satellites that offer broadband Internet service will help to drive down the cost of data, just as demand for that data explodes.