Key Takeaways
- Singapore is set to host its inaugural space summit in February 2024 to enhance its space industry and attract investment.
- The government plans to establish the nation as a regional geospatial hub, focusing on data analytics rather than competing with major space programs.
- Ongoing funding and initiatives aim to grow Singapore’s space sector, which employs around 2,000 professionals in over 70 companies.
Expanding Space Industry Ambitions
In an effort to boost its space industry, Singapore will host its first space summit on February 2-3, 2024, alongside the Singapore Airshow. The summit aims to attract investment and establish Singapore as a regional hub for geospatial data. Jonathan Hung, executive director of the Office for Space Technology and Industry (OSTIn), emphasized that the space sector could create high-value jobs and contribute to addressing global challenges, such as climate change.
Rather than competing with major global space programs, Singapore seeks to carve out a niche in data analytics. This approach allows the country to support the broader space economy through essential data insights, vital for various applications like climate monitoring and disaster response. “We want to be a geospatial hub for the region,” Hung mentioned, highlighting the importance of satellite-gathered data.
The government is also committing more resources to the space industry. In February, OSTIn announced an additional S$60 million investment to fund the Space Technology Development Programme over the next two years, aimed at research in satellite communications and remote sensing. Another initiative, the Earth Observation Initiative, focuses on sustainability and humanitarian challenges within the Asia-Pacific region, with an emphasis on maritime and disaster relief efforts.
Currently, Singapore’s space sector comprises about 70 companies involved in design, manufacturing, and satellite-based services, employing approximately 2,000 professionals. Most of the world’s top satellite service providers have chosen Singapore as their regional headquarters. Sia Kheng Yok, chief executive of the Association of Aerospace Industries (Singapore) (AAIS), noted that while it’s still early to quantify the sector’s output, indications show a positive trajectory.
The upcoming space summit, officially endorsed by OSTIn, will gather national space agencies, investors, and industry stakeholders. It will consist of a conference and exhibition aimed at addressing key issues such as satellite infrastructure and the future of the space economy. The AAIS is facilitating the establishment of a Singapore pavilion to showcase technologies and capabilities, with specific exhibitors to be announced later.
As the global space economy is projected to grow from US$630 billion in 2023 to US$1.8 trillion by 2035, the summit aims to harness this potential for Singapore’s development in the expanding sector.
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