Ibadan, 2 October 2o23. – Euroconsult has published the fourth edition of its ‘Prospects for Space Exploration’ market intelligence report. The market report positions lunar exploration as the catalyst behind an unprecedented surge in the space exploration sector. This has consequently led to a global Government investment rise to an impressive $26 billion during 2023. Ambitious lunar missions will potentially also boost investment to nearly $33 billion by 2032, a growth trajectory which underscores lunar exploration’s pivotal role in shaping the future of space exploration.
The report also anticipates that Market expansion will continue fueling global investment while Moon exploration should also achieve a remarkable 5% 10-year CAGR, ultimately reaching nearly $17 billion by 2032 over the next decade. The surge in funding will primarily support upcoming human spaceflight missions, necessitating substantial investments in transportation and orbital infrastructure. Additionally, more investments in robotic lunar missions will help pave the way for a sustained human presence on the Moon.
The second-largest space exploration investment stream is human spaceflight in low Earth orbit (LEO), an area that experienced a dip in recent years following the completion of major Government and public-private programs. However, a new investment cycle is on the horizon, peaking at $7 billion by 2030, and this will support the final years of operation and decommissioning of the International Space Station (ISS) as well as increased investments to ensure a smooth transition of post-ISS LEO operations into the private sector.
Natalia Larrea, Director of Euroconsult USA, stated: “We are on the verge of a new era in space exploration marked by a paradigm of collaboration and competition. Establishing a sustainable lunar presence is the main global focus while also maintaining a sustained LEO human presence.”