Singapore will inject a further S$60 million (US$45 million) over two years to grow its space technology programme amid a “revolution in the development of space”, officials have said.
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Wednesday’s announcement follows Singapore’s commitment in 2022 of S$150 million to research and development in space technologies, which has led to 14 space-related technology patents being filed by local entities, according to Trade and Industry Minister Gan Kim Yong.
Speaking at the Global Space Technology Convention and Exhibition held at the Sands Expo and Convention Centre, Gan said: “Singapore can be a key hub of ideas, innovation and impact for the global space economy, by drawing on our strengths across our business, industry and research ecosystems; focusing on relevant use cases of both economic and strategic value to Singapore; and strengthening our international partnerships.”
Singapore has about 70 space companies, including the regional headquarters of most of the world’s top 10 satellite providers. It is also home to more than 2,000 professionals and researchers.
The space industry worldwide is on the climb, with projections that the global space economy will grow to US$1.8 trillion by 2035 up from US$630 billion in 2023.
Singapore looks set to capitalise on this growth. Aside from the added investment into developing space technology, an agreement was signed on Wednesday between US-based radar satellite company LeoLabs and government-linked ST Engineering’s Geo-Insights.
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The agreement involves exploring the possibility of building a radar and the region’s first space situational awareness centre, which will protect the increasing number of satellites in space from hitting each other and debris in space.
Co-founder and Chief Technology Officer at LeoLabs Edward Lu told This Week in Asia that the centre would allow Singapore to become the regional leader in tracking objects in space, so that it could provide warnings to other countries operating satellites in the region.