Government Investment in Space Forecast to Grow
Governmental investment in space is expected to continue, and even accelerate according to the recently-released “Government Space Programs” report for 2021 from Euroconsult.
Government investment in space worldwide will be driven by two primary factors, according to the report: ambitious space exploration programmes by leading space countries, and rivalries driving the militarization of space. A highly anticipated annual industry study, Euroconsult’s “Government Space Programs” flagship market intelligence report draws on 36 years of experience to provide readers with unrivaled 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 defense space programs, at 58% of total spending, though the share going to defense, $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 militarization of space trend, with leaders increasing their investments in defense 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 Programs 2021 provides details on national space programmes’ spending priorities as well as two potential 10 year forecast scenarios, digested into negative and optimistic models.
In 2021, the United States led the world in government investment in space, according to the report. The U.S. was followed by China, Japan, France, Russia, the EU, Germany and India.
New in this year’s edition, the “Government Space Programs” forecast, its foremost feature, has now been extended to 2030. In addition, “country pages” on the Digital Platform further implement ease of use functionalities by linking directly to official online resources for government space policies, strategies, budgets and legislation. Finally, the report includes more detailed governance organigrammes, illustrating the relationships between government bodies and institutions, to help readers navigate complex decision-making processes and better understand the policy making landscapes and players.
(Infographic provided with Euroconsult news release)