Space to Thrive: Deloitte-SSTL Report Says Increased Adoption of Earth Observation Data Across the Region Could Contribute an Additional $100 Billion to Southeast Asia’s GDP by 2030

VIENTIANE, 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:

• Space goes mainstream: The space industry is shifting from being government-controlled to a decentralised, innovation-driven ecosystem fueled by private collaboration. AI-powered satellite data is unlocking new applications across industries, projected to add $3.8 trillion to global GDP by 2030¹.
• Southeast Asia, a rising hub for space innovation: SpaceX’s reusable rockets and Starlink have spurred US$50 billion in global space investment since 2020, attracting more than 1,000 companies to infrastructure and services like connectivity and Earth Observation². Asia’s space deals surged from 40 in 2020 to 130 in 2023, making it the second-largest market after North America³. Southeast Asia, home to dynamic ecosystems like Indonesia’s over 2,400 startups and Singapore’s top-ranked startup scene, is driving growth, backed by strong government support and investments.
• Ignoring space is a risky move: Space technologies impact life on Earth more than we realise. Satellite failures can disrupt ATMs, navigation, power grids, supply chains, and more. As geopolitics extends to space, businesses ignoring it risk unforeseen vulnerabilities. Embracing space is not an optional move – it is a strategic imperative.
• Southeast Asia as a neutral hub in the space race: Rising geopolitical tensions and COVID-19 disruptions have triggered a "great decoupling" in space tech supply chains. Amid these dynamics, Southeast Asia’s geopolitical neutrality has positioned the region as a key beneficiary of “friendshoring,” attracting 17 per cent of global FDI in 2023, up from 5 per cent in 2016⁴. While major powers pursue domestic space agendas, smaller nations depend on collaboration for satellite launches. This creates a unique opportunity for Southeast Asia to become a neutral hub for global space operations and innovation.
   

Specifically in the area of Earth Observation:

• From Sky to Strategy — Southeast Asia’s Earth Observation potential: Southeast Asia’s investments in satellite technology are laying the groundwork for a downstream boom in Earth Observation (EO). With more satellites producing more data, the region is building a vibrant ecosystem that fuels industries, enhances economic resilience, and bolsters security. As countries pivot from upstream innovations to downstream applications, EO is unlocking transformative opportunities across sectors—turning space-based insights into actionable strategies.
• Southeast Asia could be the launchpad for EO growth: EO is set to soar, with its global economic value projected to jump from US$266 billion to US$703 billion by 2030. Asia-Pacific leads the charge, growing 184 per cent to $315 billion⁵. In Southeast Asia, the value of EO could triple from $15 billion in 2023 to $45 billion by 2030. This increased adoption of EO across the region could potentially add some $100 billion to regional GDP cumulatively⁶. This growth offers immense opportunities for private sector innovation, resilience, and solutions across industries like agriculture and infrastructure.
• Four industries to benefit most from EO growth: Agriculture, mining and oil/gas, electricity and utilities, and government services – are set to capture 90 per cent of the economic benefits in the region driven by increased adoption of EO.
• Southeast Asia’s EO-driven economic value⁷ : While tech-ready industries like insurance and finance lead early adoption, these key sectors will drive long-term growth as they embrace EO technologies.
  

"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.

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