The space sector is no longer a niche industry. "Everything to do with space has doubled in the last ten years", said Adel Al-Saleh, estimating the global market at "just over $600bn", although he felt that this figure was "largely underestimated". Looking at the valuations and order books of certain private players, "we are already well over $700bn in 2025", he affirmed, adding that the growth dynamic is far from running out of steam.
According to the CEO of SES, this acceleration is based on several structural drivers. Historically, satellites have provided critical connectivity for emergency services, security forces and critical infrastructure. Added to this is the massive effort to connect the "more than 3 billion people" still deprived of broadband access, as well as the growing importance of military uses. "Over the last five to seven years, many nations have decided that the future of defence will be determined by your capability in space," he stressed, referring to the central role of satellites in deterrence, detection and force coordination.
Beyond these drivers, Adel Al-Saleh identified three decisive "enablers". The first is "cross-sector innovation and investment in technology", combined with cheaper and more frequent access to space. The second is the influx of private capital. "Space has attracted venture capitalists, large private equity firms, banks and pension funds", a movement amplified by the emblematic successes of certain American players. The third facilitator is the role of governments, as regulators, investors, risk-sharers and end-users of space capabilities.
As a small country, we are big in space.
In this landscape, Luxembourg occupies a singular place. "It all started with a big gamble over 40 years ago," recalled the CEO, hailing a "bold" decision by the public authorities. "As a small country, we are big in space", he said, underlining the Grand Duchy's role as investor, customer and protector of an ecosystem that is now recognised on the world stage. SES, a regular co-investor with the Luxembourg State, has grown up with this environment.
This growth has accelerated recently. "Just seven months ago, we doubled our size," said Adel Al-Saleh, with the integration of Intelsat, justifying the move with a clear imperative: "We need scale." SES now operates nearly 120 satellites, remains "the largest GEO provider", is "the only commercial player in the world capable of providing MEO" and operates in sectors ranging from media to aeronautics, maritime to digital inclusion. This critical mass should enable the group to invest in future generations of technology.
States at the heart of an industry set to triple in size
The market outlook supports this ambition. Citing a McKinsey projection, the CEO said that the space industry could "triple in size by 2035" to reach "$1.8trn”, an estimate that he also considers conservative. "I think we'll pass the $1trn mark in the next two or three years", he said, referring to the visibility of demand and the central question of the ability of players to capture it competitively.
He believes that governments will be at the heart of this next wave. Germany is planning "€35bn" in space investments over five years, while the American "Golden Dome" missile defence project could generate "hundreds of billions" in investments. At a time when many European countries have pledged to increase their defence spending to 5% of GDP, "space will benefit", particularly in terms of detecting and deterring threats.
At the same time, new uses are emerging. "There is talk of putting data centres in space and we are involved in this," said Adel Al-Saleh, pointing to the energy constraints that are currently holding back the terrestrial expansion of data centres dedicated to artificial intelligence. He cited a study by Alphabet, which found that "solar energy in space is eight times more efficient". According to him, SES is already receiving requests to deploy orbital edge computing, in order to process data as close as possible to its source. Other sectors, such as pharmaceuticals, are also exploring manufacturing and R&D in microgravity.
In commercial aviation, in-flight connectivity is becoming standard. Only half of the 47,000 aircraft in service today are connected, while 20,000 new aircraft will enter the fleet in the next few years. "The consumer expectation now is: when I'm connected on the ground, when I get into the air, I'm going to be connected," summed up the CEO.
Too slow, too expensive, not innovative enough
This expansion comes with major risks, however. Adel Al-Saleh warned against the idea that "mega LEO" constellations would be "the only answer in space". While SpaceX, Amazon and China are each planning tens of thousands of satellites in low-Earth orbit, "logically, this cannot be the only answer". Another critical challenge is the historical supply chain. "It's too slow. It's too expensive and it doesn't innovate fast enough", he noted, pointing out that it now takes "five to seven years" to develop a satellite. "We won't survive like that."
In addition to these industrial constraints, there are geopolitical and regulatory issues. A lasting divergence between the American and European regulatory frameworks would, in his view, be "a nightmare" for a global operator, fragmenting operations and reducing network efficiency. He also pointed to a recurring European handicap: "Access to capital", which would partly explain the continent's inability to bring about the emergence of hyperscalers comparable to those in the US.
Faced with these observations, SES's strategy is clear. "We believe in a multi-orbit environment and not in a single orbit, which would be LEO," said Adel Al-Saleh. The group will continue to operate GEO, invest selectively in LEO for targeted applications such as quantum key distribution, but focus its development on MEO, where it already has 30 satellites. "Economically, [MEO] is a more viable approach for SES," allowing platforms large enough to accommodate edge computing or R&D payloads.
Space Campus, the basis for new ambitions
The ambition, however, goes beyond orbital architecture. "Our North Star as a company is to be a space solutions company," said the CEO. This means moving beyond the role of operator to "take control of our supply chain" and "build a manufacturing capability in Luxembourg". "We will move from an operator to an industrial player and we will do it here", he insisted.
This shift requires talent, an ecosystem and public support. Adel Al-Saleh particularly emphasised the structuring role of the future Space Campus, where SES intends to play a central role. The Group's ambition is to be the largest tenant of the Campus and to anchor its new industrial capabilities there for the long term. "We already have a laboratory that will be operational by the end of March", he announced. This development laboratory, located within the space campus, will be equipped with "the latest equipment" and will house engineers responsible for designing and developing, in particular, the quantum key distribution table, a key element of the future Quantum Key Distribution systems carried by SES.
Luxembourg's attractiveness to international talent is another pillar of this strategy. To illustrate this, the CEO cited the recent arrival of the Group's new head of payload development and manufacturing. Previously based in Los Angeles, this expert was persuaded to move with his family to Luxembourg. According to Adel Al-Saleh, he has worked "in all these cutting-edge companies" mentioned throughout the keynote, bringing to SES industrial and technological experience deemed critical to accelerating the Group's transformation.
More broadly, the CEO emphasised the diversity of profiles already present in Luxembourg, with more than 30 nationalities within the SES teams, as well as the importance of links with the University of Luxembourg and specialist European institutions. "Without Luxembourg, without the government, we would not be the company we are today", he concluded, convinced that the future of SES - and part of that of the European space economy - will depend on this collective ability to attract talent, share risk and industrialise space. It will also mean forging partnerships with all those who can contribute to the project.
"As the host country of your company, you make us proud", replied the Prime Minister, 
