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A new European analysis of the global aerospace industry suggests it is both growing and changing significantly.
Several takeaways that indicate future trends.
A drop in government spending in space is not proof that the industry is shrinking. In fact, it might be a sign of robust growth, in that it is no longer necessary to depend on coerced tax dollars to finance space projects. Instead, it suggests that because there are increasing profits to be made in space, the government is being replaced by a vibrant private sector. It also suggests that the private sector is finding ways to do things cheaper, which is saving the government money and allowing it to lower its budgets.
The second bullet point above reinforces these conclusions. Even though overall government spending has been stable, more countries have entered the market. More is being done with the same amount of money, and these lower costs are allowing new players to participate. The last bullet point also supports these conclusions. Even though the report notes a significant drop in U.S. government spending on space since 2010, it is very clear to me that the industry has actually prospered in these same years, fueled by a growing private sector.