NewSpace Africa Industry Report, 2024 Edition

Space in Africa, the leading consulting and media firm providing data-driven insights for businesses and decision-makers in the African space ecosystem, has released the 2024 edition of the NewSpace Africa Industry Report.
The report indicates that African NewSpace companies, operating across six industry segments—satellite communication, Earth observation, satellite component manufacturing, astronomy, capacity development, and satellite navigation—collectively generated USD 309.31 million in revenue in 2023. Earth observation (EO), satellite communication (Satcom), and satellite component manufacturing emerged as the dominant contributors, accounting for the largest revenue share among these segments. These segments also represent the primary employment drivers within the African space sector and host most companies operating in this industry.
In addition, this edition comprehensively analyses 327 active commercial space companies across key industry segments, including satellite manufacturing, earth observation, remote sensing, satellite communications, astronomy and space science, and satellite navigation. These companies serve various industries, including agriculture, connectivity, security, insurance, aviation, mining, health, and education. The report also offers insights into market segmentation, workforce distribution, operational models, geographical distribution, funding structures, and future industry outlooks.
Furthermore, the report highlights growing investor interest in Africa’s NewSpace industry. Companies such as NewSpace Systems, Cubespace, Simera Sense, Apollo Agriculture, and Daka Space Technology have raised significant funding in the past year, with most investments originating from outside the continent. This funding has translated into business expansions, cutting-edge technological offerings, and increased global competitiveness for African space companies.
“Overall, the African NewSpace sector thrives, with over 300 companies operating across the space value chain. These companies create jobs, foster entrepreneurship, and attract significant investments, which signal growing confidence in Africa’s space ventures. This momentum has the potential to further drive the region’s space sector growth, opening new opportunities for innovation and sustainability, says Mustapha Iderawumi,” Senior Analyst at Space in Africa and the report’s lead author.
The NewSpace Africa Industry Report, 2024, is an essential resource for decision-makers, industry experts, and investors. It provides actionable insights on key trends, emerging business models, technical and workforce capacities, revenue generation, and recommendations to enhance competitiveness and unlock business opportunities in Africa’s expanding space sector.
Check here to get the full report.
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.
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