New Report by Deloitte Canada Says Canadian Space Economy Could Be Worth $40 Billion by 2040Friday, January 26, 2024
According to a new report by Deloitte Canada, the country needs a bold public policy strategy to strengthen its position in the space sector—a strategic imperative for a more thriving economy
Vancouver, BC, January 26, 2024--(T-Net)--A new report by Deloitte Canada, in collaboration with Space Canada, states that Canada is well-positioned to benefit from the significant economic opportunities that the space sector presents. However, to do so, the country needs to develop a smart, sustained, and well-executed strategy.
The report, Reaching beyond: A $40 billion Canadian space economy by 2040 , examines the current role of space in Canada's economy and its potential for growth and further contribution to the country's prosperity.
Scott Streiner, Senior Advisor at Deloitte Canada (Credit: Deloitte)
"Space is a domain of awe-inspiring exploration and discovery, but it's much more than that. Space-based assets and services are now critical infrastructure," says Scott Streiner, Senior Advisor at Deloitte Canada. "Strengthening Canada's position in the space sector is a strategic imperative. For the sake of the country's economic competitiveness and productivity, and to help ensure national security and essential services for citizens, Canada needs to bring energy and determination to the new space race. Now is the moment to act—to build on that progress, mobilize our capabilities and resources, and aim for "40 by 40"—a $40 billion national space economy by 2040."
Space activity is growing at an unprecedented rate and becoming critical to modern economies and societies, national security, and climate action. It is a domain of tremendous opportunity for entrepreneurs, investors, and nations. As impressive as Canada's space sector may appear, it accounts for only about one per cent of today's worldwide space economy—despite the country's economy representing approximately two per cent of the global GDP.
The report notes that Canada, which is the third spacefaring nation, has fallen behind as other countries have moved into space quickly and ambitiously. However, it also states that with drive, focus, and a well-executed strategy, Canada can regain momentum and capture a share of the worldwide space economy comparable to its share of the general economy. Since the field is inherently research-driven and has a global impact, its growth could help solve Canada's long-standing challenges for innovation, scaling-up, and productivity.
Brian Gallant, CEO, Space Canada (Credit: Space Canada)
"The space sector represents an immense economic opportunity for Canada. Plus, through space innovation, we can address critical global challenges like climate change and inequality, all while enhancing Canada's defence and security," says Brian Gallant, CEO of Space Canada. "Deloitte's report effectively highlights that we have the experience and ingenuity to seize the benefits from the growing global space sector, and Canada now needs to make it a priority. The Canadian space ecosystem is eager to help lead the journey toward a $40 billion space economy by 2040, all while ensuring advancements in space bring tangible benefits to Canadians and people around the world."
Despite the rise in commercial activity, space remains a domain in which public policies and programs—and choices governments make on purchasing and delivering their own services—have an outsized effect on private firms. To realize the full potential of the space sector, purposeful and effective public policy is required.
The report outlines clear recommendations for a thriving Canadian space sector, including:
Space-based activity will be a keystone of the national and global economy over the next century, and Canada's public and private sectors have the opportunity to be major players. Now is the time to act.
Click here to read the full report.
About Deloitte Canada
Deloitte provides audit and assurance, consulting, financial advisory, risk advisory, tax, and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights, and service to address clients' most complex business challenges.
Deloitte LLP, an Ontario limited liability partnership, is the Canadian member firm of Deloitte Touche Tohmatsu Limited. Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms.
Our global Purpose is making an impact that matters. At Deloitte Canada, that translates into building a better future by accelerating and expanding access to knowledge. We believe we can achieve this Purpose by living our shared values to lead the way, serve with integrity, take care of each other, foster inclusion, and collaborate for measurable impact.
About Space Canada
Space Canada represents Canada's space innovators and ecosystem to convey the value of space technology, research, and investment to domestic and international audiences. Space Canada members are investing billions of dollars here in Canada and have facilities across the country employing thousands of people in Canada and around the world with a strong emphasis on STEM and innovation. The work Canadian space innovators do in orbit and on the ground puts people to work and consistently pushes and expands the envelope of Canada's potential.
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