European Space Industry Calls For More Investment To Compete On The Global Stage
3rd Feb 2025
Over the past few months, the European space industry has made quite several significant moves regarding space. However, the industry isn’t calling things off anytime soon as various countries in Europe have plans to do more in space, hence increasing its overall engagement.
The European Space Industry To Invest More In Space
While recently speaking on space Andrius Kubilius, the European commissioner responsible for defence and space says that he wants European countries “to be leaders.” He adds that being leaders in space “will bring super-fast satellite internet, super-precise navigational observation, and in the future, a booming low Earth orbit economy, tourism in space, artificial intelligence, energy, in-space manufacturing, mining [and] colonies.”
Andrius Kubilius sees a lot in the future regarding the space initiatives for countries in Europe. He encourages more competitive moves in the industry as he kicks against leaving “space to the axis of aggressive authoritarians.”
Countries like the US and China are pushing hard in the space industry with various missions and innovations in space. To meet up with the advancements of these countries, Europe is readying a common rule on things like safety, security, and sustainability in the space industry.
These rules might be available on the European Space Act, which will soon be available for review. Andrius Kubilius also emphasizes the need for European countries to invest deeply in European space firms.
A Lot Is Needed To Help Grow The European Space Industry
To compete in the global space industry, European space firms will require a ton of investment. Currently, the ESA (European Space Agency) says that public investment towards the region’s space industry is around £12 billion per year.
This is around 11% of the global public investment in the space industry. For private investments, the European space industry boasts over 16% of global private space investments.
In order for the region to boost its impact in the global space industry, hence becoming a major player, it needs to rack in more investments. Additionally, the region needs to increase its investment in the research and development aspect of the space industry.
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