INTHEBLACK October 2026 - Magazine - Page 28
F E AT U R E
and built orbital rocket, Eris, in North
Queensland last year, Gilmour Space has
secured A$231 million in private equity
investment to support the next phase
of growth.
The Eris project represents a breakthrough
for Australia as it seeks to carve out
a niche in areas including satellite
manufacturing, launch services, remote
sensing and space-enabled technologies.
THE NEXT CHAPTER
The global space economy is expected to soar
to US$1.8 trillion (A$2.61 trillion) by 2035,
according to the World Economic Forum.
In Australia, the sector already generates
up to A$4 billion annually, with ambitions
to triple in size and create up to 20,000 more
jobs by 2030. The key drivers are partnerships
with NASA and the European Space Agency.
Asian nations are also lining up to play
their part in the space economy. Singapore
has set up a new National Space Agency
(NSAS) while committing more funding to
space-tech research. In Japan, Synspective
is delivering near-real-time disaster
monitoring via satellite constellations,
while China is accelerating low-Earth-orbit
satellite constellations.
Michelle Khoo is the co-leader for
Deloitte’s Centre for the Edge and has played
a key role in building the firm’s space practice
in South-East Asia. She believes the region’s
space sector is entering a more practical,
commercially relevant phase of growth.
Gilmour Space
Technologies’ Eris rocket
during TestFlight1, the first
orbital launch attempt by
an Australian-designed
and built rocket from
Australian soil, which
lifted off from Bowen
Orbital Spaceport in North
Queensland, July 2025.
28 INTHEBLACK October 2026
The Asia-Pacific region is projected
to capture 52 per cent of the value created
by Earth observation technologies in
2030, Khoo says, which is equivalent to
a potential US$315 billion (A$457 billion).
Across South-East Asia specifically, Deloitte
estimates that increased adoption of Earth
observation could contribute an additional
US$100 billion (A$145 billion) to the
area’s GDP by 2030. “In this region, space
is becoming an enabling layer for the wider
economy, with satellite data and connectivity
helping industries make better decisions in
agriculture, energy, logistics, finance, public
services and climate resilience.”
Khoo thinks the next wave of growth
will come from the application of “space
capabilities across non-space industries”.
That opportunity is especially relevant in
South-East Asia, where geography, rapid
urbanisation, climate exposure and fragmented
land and sea environments create strong
demand for satellite-enabled solutions.
For the economic value of space projects to
be realised, she suggests that adoption should
move beyond awareness and pilot projects.
“Satellite data creates value when
organisations can turn large volumes of
imagery into timely, decision-ready insights
and embed them into everyday operations
across sectors such as insurance, infrastructure,
energy, logistics and public services,” Khoo
says. “Achieving this will require more than
access to raw data. It will require deployable
tools, streamlined workflows, geospatial
