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Reaching beyond: A $40 billion Canadian space economy by 2040

Space is a domain of awe-inspiring exploration and discovery. But it’s more than that. Space-based assets and services, especially in the satellite segment, have become critical infrastructure.

From GPS to global communications, precision agriculture to emissions monitoring, and border surveillance to disaster response, we use space to drive the economy, connect people and communities, protect national security, and address climate change. With the number of satellites in orbit projected to rise from 11,000 today to 100,000 before the end of the decade—and with our ability to make effective use of satellite signals, data, and images fuelled by increasingly powerful computing and AI—the importance of the space sector will continue to grow.

Canada has an impressive legacy in space: we were the third spacefaring nation and are rightly proud of groundbreaking achievements including Canadarm and RADARSAT. But we’ve lost position as other countries have moved into space quickly and ambitiously.

That can change. With determination, focus, and the right combination of private-sector innovation and smart public policy, Canada can regain momentum and have a $40 billion space economy by 2040.

Deloitte’s new report Reaching beyond proposes that government take action in six areas to realize this goal: strengthening governance, modernizing the legal framework, improving funding and financial instruments, streamlining procurement, expanding collaboration, and enhancing the availability of data.

The report was developed in collaboration with Space Canada. Download it to learn more.

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