Government space budgets set to take off
Image copyright Euroconsult
Space consulting and market intelligence firm Euroconsult has released its Government Space Programmes report for 2021, revealing the impact of fast-growing government space budgets in civilian and defence applications for the next decade and expands its trademark forecast to 2030.
The highlight of this year’s findings is a continued, even accelerated, volume of governmental investment in the space sector, driven by two major drivers: ambitious space exploration programmes by leading space countries and rivalries driving the militarisation of space.
Euroconsult’s Government Space Programmes flagship market intelligence report draws on 36 years of experience to provide an insight into the prevailing strategic space trends among governments.
Despite a year of uncertainty, the space sector has received record government investment totaling over $92 Billion, an 8% increase compared to 2020. Civilian space budgets, totaling $53 billion in 2021, continue to receive more funding than defence space programmes, at 58% of total spending, though the share going to defence, $39 billion in 2021, is increasing. Geopolitical tensions, increasing rivalry between leading space powers and the value of space as the ultimate high ground drive the militarisation of space trend, with leaders increasing their investments in defence space assets and technologies.
This year’s edition of the report takes a close look at the surge of public funding intended to shore up the space industry against the economic repercussions of the COVID-19 pandemic. Government Space Programmes 2021 provides details on national space programmes’ spending priorities as well as provides details on national space programmes’ spending priorities as well as two potential 10 year forecast scenarios, digested into negative and optimistic models.
