Home News Governments spend nearly $20 billion in space explorations last year: Euroconsult

Governments spend nearly $20 billion in space explorations last year: Euroconsult

The global consulting firm Euroconsult has shared its latest research paper , “Prospects for Space Exploration”, which suggests that governments have invested nearly $20 billion in 2019 in space exploration, which means 6% increase year-on-year. The research suggested that as many as 31 nations across the globe and space agencies lead this investment along with the US which account for 71% spending.

It is also expected that the funding for space exploration may surge to an average $30 bilion per year till 2029, which will be driven by transportation, moon exploration and orbital infrastructure. In coming decade more than 130 missions are expected compared to 52 missions in last 10 years.

Natalia Larrea Brito, Principal Advisor at Euroconsult and editor of the “Prospects for Space Exploration” research said, “Exploration is the space application of the coming decade. Forecast funding growth of about 50% over the coming decade illustrates government support for large-scale plans that are now materializing, with the Moon as a core focus. Recent announcements – such as NASA’s Plan for Sustained Lunar Exploration and Development and the U.S. Executive Order on Space Resources – reaffirm governments’ ambitions to achieve long-term sustainability in lunar exploration.”

“While the current health and economic crisis may impact near-term investment and strategies, they are less likely to disrupt long-term space exploration objectives. The next decade also promises numerous commercial exploration initiatives. This is having a significant impact on the strategic planning of governments in defining the agenda for space exploration. New public-private contractual schemes are taking shape, reflecting the willingness of space agencies to act as both strategic partner and future customer of commercial services to achieve a cost-effective sustainable model for space exploration, ” he further said.