Euroconsult Reports Record Government Space Investment in 2021
Despite the continued effects of the pandemic, governments around the world invested more money into space programs than ever before in 2021, Euroconsult reports.
The consulting company released its “Government Space Programs” market report on Jan. 6, with the finding that the space sector has received record government investment totaling more than $92 billion in 2021, an 8% increase compared to 2020. This growth is mainly driven by leading space countries’ space programs, and geopolitical rivalries driving the militarization of space.
“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,” Euroconsult said, explaining the trend.
Civilian space budgets totaled $53 billion in 2021, making up 58% of total space spending. This is a greater portion than defense, which received $39 billion of funding in 2021.
The United States leads the globe in government space spending, with $54.6 billion of investment in 2021, followed by China with $10.3 billion, Japan with $4.2 billion, and France with about $4 billion. Russia, the European Union, Germany, India, Italy, and the United Kingdom followed.
Euroconsult forecasts total government space spending to reach $115 billion by 2030.