Investments in space-based technologies and related industries are firing up, unlocking new economic opportunities and innovation across industries to impact how we live, work and do business
SINGAPORE, 11th February 2025 — Singapore Space & Technology Ltd and Deloitte today jointly launched “Space to Thrive: Southeast Asia’s Space Industry on the Rise”, a comprehensive report on the Southeast Asia space ecosystem, estimating that the increased adoption of Earth Observation data across the region could potentially contribute an additional US$100 billion to Southeast Asia’s GDP cumulatively from 2023 to 2030.
As the economic potential for space heats up, the report aims to help business leaders and policymakers alike build a foundational understanding of the breadth and depth of opportunities in space for businesses – in both space and non-space industries – operating across the region.
The report highlights opportunities in Southeast Asia’s space economy and growth pathways to illustrate how businesses can tap into opportunities arising from key space technologies. For instance, in public health, telemedicine powered by satellite connectivity can expand reach and bring medical expertise to remote and underserved areas; Earth Observation (EO) satellites can revolutionise agriculture by enabling precision farming techniques to optimise crop yields and manage resources; new Global Navigation Satellite System (GNSS) satellites can enable autonomous drilling rigs and haul trucks – increasing efficiency and improving safety on mining sites.
The report dives into the critical industry groups that will benefit from space-driven applications, including the energy, resources & industrials industry; supply chain and transport services; consumer businesses; financial services; and public services and health.
In addition, it provides comprehensive country profiles for each of the Southeast Asian markets, exploring the trends; technology capabilities; achievements; and high-potential adjacent industries of their local space ecosystems.
The release of this report sets the stage for the upcoming Global Space Technology Convention & Exhibition (GSTCE) 2025, taking place from 26th – 27th February at Marina Bay Sands Expo, organised by Singapore Space & Technology Ltd.
Key takeaways:
Specifically in the area of Earth Observation:
"The space economy represents an extraordinary frontier, offering transformative opportunities that transcend industries and redefine how we approach innovation and growth. With Southeast Asia emerging as a pivotal hub for space technologies and data applications, this region is well-poised to harness space-driven insights to address local challenges with global impact.
This report highlights the immense economic potential of space technologies in Southeast Asia. By showcasing detailed country profiles and providing a roadmap for navigating this dynamic ecosystem, we aim to empower business leaders and policymakers to unlock the full value of space. Together with Singapore Space & Technology Ltd, we are dedicated to fostering innovation and building a resilient and thriving space economy for the region," said Eugene Ho, Chief Executive Officer, Deloitte Southeast Asia.
“Southeast Asia is on the brink of a transformative revolution, where space technology and commercial innovation collide to create endless growth potential. At Singapore Space & Technology Ltd, we’re working closely with different ecosystem players to collaboratively enable Southeast Asia’s space industry evolution and showcase the region’s game-changing space capabilities to the world.
Our work is deeply rooted in the idea that space is not just for scientists and engineers – it is the next great innovation frontier that will transform industries, economies, and lives. We are honoured to collaborate with Deloitte to bring the tremendous space opportunities in Southeast Asia to the world,” said Jeremy Chan, Chairman of Singapore Space & Technology Ltd.
“Space to Thrive: Southeast Asia’s Space Industry on the Rise”, a comprehensive report on the Southeast Asia space ecosystem can be downloaded at: https://www2.deloitte.com/sg/en/pages/technology-and-transformation/articles/sea-space-industry-report.html
1 World Economic Forum, “Amplifying the Global Value of Earth Observation,” May 7, 2024, as cited in “Space to Thrive: Southeast Asia’s Space Industry on the Rise”
2 Space infrastructure investment as of 10th Dec, 2024. Space Capital, Space Capital Benchmarking Tool, accessed December 10, 2024, as cited in “Space to Thrive: Southeast Asia’s Space Industry on the Rise”
3 Deals, in this context, refer to investment transactions such as venture capital rounds, mergers and acquisitions, and other types of funding events involving space-focused companies. A deal can involve early-stage investments in startups or larger funding rounds for more mature companies looking to scale, and it reflects the investor interest and market activity within the sector.
4 Invest ASEAN, “ASEAN Maintained Strong FDI Growth and Adoption of Favourable Investment Policies in 2023,” accessed December 19, 2024, as cited in “Space to Thrive: Southeast Asia’s Space Industry on the Rise
5 World Economic Forum, “Amplifying the Global Value of Each Observation”, May 7, 2024.
6 Ibid.
7 Economic value or economic benefit, refers to gross value added. In the context of EO, this is equivalent to the contribution of technology and EO-derived information to gross domestic product (GDP) through increased productivity and avoided costs, such as losses from disasters. Importantly, economic value is not the same as market value, which describes industry revenues or the discounted value of future earnings.
About Singapore Space & Technology Ltd
Singapore Space and Technology bridges technology and communities to harness the power of space for the benefit of future generations.
Established in 2007, Singapore Space and Technology Ltd is a non-profit organisation that champions the Southeast Asia space ecosystem, connecting it to the global space agenda to drive business opportunities. We create platforms in partnership with the private and public sectors to support industry advocacy, drive adoption of space technologies into new sectors, and advance commercialisation of new space enterprises.
Leveraging our deep industry knowledge and connectivity, we bridge the divide between space and non-space sectors to create opportunities today that will shape our tomorrow.
Harnessing the power of space for future generations.
Visit https://www.space.org.sg/ for more information.
About Global Space Technology Convention & Exhibition (GSTCE)
Formerly Global Space and Technology Convention, the show was rebranded for this latest edition in 2025 to Global Space Technology Convention & Exhibition to reflect the equal emphasis on both the thought-leadership conference sessions and the exhibition that showcases cutting-edge space-based technologies. With the increased ‘mainstreaming’ of space technology and the growing awareness of the power of space technologies as an enabler for other innovations, GSTCE is aimed at bringing the world of space to Asia to unleash the power of space for space and space for Earth.
Conceived by Singapore Space and Technology Limited, the inaugural edition of the Convention was held in 2008 and has established itself over the years as Asia’s go-to marketplace for insights, commercial opportunities, public-private partnerships, and funding of new solutions to harness the power of space for future generations.
Held annually, GSTCE has become one of the fastest-growing deep tech conventions in Asia, drawing close to 1000 delegates from 350 companies across more than 50 countries. It is recognised in the space and deep tech industry as the gateway for companies who are interested in mining the breadth of space and deep tech innovations in the region – connecting global players to the region.
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”), its global network of member firms, and their related entities (collectively, the “Deloitte organisation”). DTTL (also referred to as “Deloitte Global”) and each of its member firms and related entities are legally separate and independent entities, which cannot obligate or bind each other in respect of third parties. DTTL and each DTTL member firm and related entity is liable only for its own acts and omissions, and not those of each other. DTTL does not provide services to clients. Please see www.deloitte.com/about to learn more.
Deloitte Asia Pacific Limited is a company limited by guarantee and a member firm of DTTL. Members of Deloitte Asia Pacific Limited and their related entities, each of which is a separate and independent legal entity, provide services from more than 100 cities across the region, including Auckland, Bangkok, Beijing, Bengaluru, Hanoi, Hong Kong, Jakarta, Kuala Lumpur, Manila, Melbourne, Mumbai, New Delhi, Osaka, Seoul, Shanghai, Singapore, Sydney, Taipei and Tokyo.
This communication contains general information only, and none of DTTL, its global network of member firms or their related entities is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser.
No representations, warranties or undertakings (express or implied) are given as to the accuracy or completeness of the information in this communication, and none of DTTL, its member firms, related entities, employees or agents shall be liable or responsible for any loss or damage whatsoever arising directly or indirectly in connection with any person relying on this communication.
© 2025 Deloitte Southeast Asia Ltd.
Press contact(s):
Mok Shu Xian
Tel: +65 6800 4500
smok@deloitte.com
Claudia Gee
Tel: +65 6530 8060
clgee@deloitte.com
Clarissa Sih
Tel: +65 6531 5248
csih@deloitte.com
Estella Toh
Tel: +65 6932 5677
estoh@deloitte.com