Singapore goes into space: the state creates a national agency to compete for the $ 1.8 trillion market

Singapore has announced the creation of its own national space agency against the backdrop of the rapid growth of the global space industry. The city-state seeks to take a prominent place in the industry, which, according to forecasts, will reach a value of $ 1.8 trillion in less than a decade.

This is reported by Bloomberg. According to official information, the National Space Agency of Singapore will be formally established on April 1. Its key task will be to attract space companies from around the world to open divisions and develop business in Singapore.

The country's Ministry of Trade and Industry notes that the new agency will not be limited to investment and coordination functions. It will also be responsible for the development of specialized legislation and regulatory acts that will regulate the activities of the space sector.

The creation of an official space agency emphasizes the global competition for a place in the space economy. According to the World Economic Forum, by 2035 the global space market will grow to $1.8 trillion, up from about $630 billion in 2023.

The main drivers of this growth are the increased demand for space technologies. These include communications, navigation and remote sensing services, which are increasingly used for both commercial and government purposes.

The newly created agency will also be part of a broader review of Singapore’s long-term economic strategies. The country’s authorities see the space industry as one of the areas that can increase the country’s global competitiveness in the face of technological transformation of the global economy.

In particular, NSAS plans to explore the possibility of expanding Singapore’s current satellite constellation, which currently consists of three Earth observation satellites. This could strengthen the country’s position in the field of space data collection and processing.

Financial support for the industry is already underway. Starting in 2022, the Singapore government has allocated $165 million to implement space projects, laying the foundation for the long-term development of a new strategic sector of the economy.