Space in Africa, a consulting and media firm providing data-driven insights for businesses and decision-makers to succeed in the African space industry, has released the 2024 African Space Annual Industry Report.
Africa is experiencing rapid technological advancement, increased investment, and a heightened focus on innovation, positioning it as a compelling destination for space business ventures. With its evolving landscape, the report details the vast opportunities the industry offers those interested in space-related industries.
The African space industry is rapidly emerging as a significant player in the global space economy, presenting lucrative opportunities for investors. Currently valued at $22.64 billion, the market is set to experience substantial growth by 2026, driven by strategic initiatives in satellite manufacturing, infrastructure development, and the rise of NewSpace companies.
African governments and the African Union Commission have demonstrated their commitment to advancing the continent’s space capabilities by allocating $465.34 million to space activities in 2024. Despite a 27.86% reduction from the previous year, this reallocation signifies a strategic shift towards priority areas, including satellite launches and infrastructure projects through 2030. Infrastructure development is at the heart of this transformation, with advancements in Ground Station as a Service (GSaaS) models and satellite manufacturing reshaping Africa’s space ecosystem. Local and international operators leverage GEO, MEO, and LEO infrastructures to improve connectivity and reduce latency in remote regions.
The continent’s commitment to international collaborations is evident across all space industry segments, offering foreign investors many opportunities. In addition, the African NewSpace sector is thriving, with over 500 companies operating across the space value chain. Successful companies such as NewSpace Systems, Cubespace, Simera Sense, and Dragonfly Aerospace have raised significant investments, creating job opportunities, fostering entrepreneurship, and attracting additional investment.
This growth indicates increasing confidence and support for African space ventures, potentially attracting further investment and propelling the region’s space sector forward. Similarly, investment opportunities span various industry segments. The satellite manufacturing sector is growing as more African nations invest in building local manufacturing capabilities. The remote sensing and Earth observation segment is expanding with the rising need for climate monitoring and precision agriculture. GNSS and location-based services are seeing increased demand for smart infrastructure applications. The satellite communication services market, including FSS & MSS Wholesale Services and Satellite TV, is evolving to meet diverse needs and offer localized content.
“For investors, the time to enter the African space market is now, before it reaches maturity. Africa’s unique geographic advantages, untapped potential, and evolving space infrastructure present a compelling case for investment in the global space economy. The continent’s space sector is on the verge of a transformative era, offering early movers the opportunity to benefit from unprecedented growth across satellite manufacturing, infrastructure development, and various space-related services,”” said Mustapha Iderawumi, Senior Analyst at Space in Africa and the report’s lead author.
The 2024 African Space Annual Industry Report provides decision-makers, investors, researchers, and industry experts with insights on navigating Africa’s space industry. It highlights opportunities and prospects across government and commercial sectors in all African space-faring nations. Learn more about the report here.
About Space in Africa
Space in Africa (SiA) is a boutique consulting and media firm that provides data-driven insights for businesses and decision-makers to succeed in the African space industry. SiA offers strategic consulting, market research and analytics, and media and PR services with an in-depth focus on the African space industry. Our domain focus enables us to build relationships, offer our clients market-inspired expertise, and support them in succeeding in Africa. We manage the largest platforms, sharing industry activities and connecting stakeholders in the African space ecosystem. These platforms include news, analysis, opportunities, the African Space Data Hub and the NewSpace Africa Conference – the largest gathering of decision-makers and foreign partners interested in the African space economy. We have built upon these platforms to create tailored strategies and market research for companies and institutions interested in the African space industry. We offer services to clients from across all continents, and our resources are continually used in over 120 countries.