TEHRAN – The Iranian Space Agency (ISA) has called on universities to propose plans for further cooperation, the ISA director Morteza Barari said, IRNA reported on Monday.

The emerging space economy is one of the important issues, which has global impacts and cannot be disregarded, he said.

Innovation and entrepreneurship is the second issue, which is widely discussed as a result of space technology nowadays, he added.

“According to global research, 20 percent of space economy is related to teamwork and 80 percent belongs to services.”

Several startups active in the field of space industry is forming and the innovative young generation is consider space as a new market, he explained.

According to Morgan Stanley, it is estimates that the global space industry could generate revenue of $1.1 trillion or more in 2040, up from $350 billion, currently. Yet, the most significant short- and medium-term opportunities may come from satellite broadband Internet access.

It estimates that satellite broadband will represent 50% of the projected growth of the global space economy by 2040—and as much as 70% in the most bullish scenario. Launching satellites that offer broadband Internet service will help to drive down the cost of data, just as demand for that data explodes.

SB/MG