Market Trends of europe space propulsion Industry
Investment opportunities in the European space propulsion market is driving the demand
- European countries are recognizing the importance of various investments in the space domain. They are increasing their spending on space programs and innovation to stay competitive and innovative in the global space industry. In November 2022, ESA announced that it had proposed a 25% boost in space funding over the next three years designed to maintain Europe's lead in Earth observation, expand navigation services and remain a partner in exploration with the United States. The ESA has asked its 22 nations to support a budget of EUR 18.5 billion from 2023 to 2025. Likewise, in September 2022, the French government announced that it plans to allocate more than USD 9 billion to space activities, an increase of about 25% over the past three years.
- In November 2022, Germany announced that about EUR 2.37 billion were allocated for various space-related activities. In April 2023, Dawn Aerospace was awarded a contract to conduct a feasibility study with DLR (German Aerospace Center) to increase the performance of a nitrous-oxide-based green propellant for satellites and deep-space missions. In December 2022, the UK Space Agency announced EUR 2.7 million for 13 early-stage technology projects. European Astrotech received EUR 54,000 for a propellant loading cart (GSE) to service satellites with electric propulsion systems using xenon or krypton. SmallSpark Space Systems received EUR 76,000 for the development and maturation of SmallSpark’s dual-firing mode propulsion system, the S4-NEWT-A2, which will form part of the architecture of its S4-SLV in-space logistics vehicle and as a candidate system for upper-stage launch vehicles.
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- Investment opportunities in the European space propulsion market is driving the demand
