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The space industry is a dynamically growing industry where even start-ups can play a significant role, said the Secretary of State for Industrial Policy and Technology of the Ministry of National Economy on Wednesday in Budapest.
Speaking at the opening of the “Space Industry Development and Competitiveness – Financing and External Markets” conference, Gergely Fábián pointed out that the global turnover of the space industry will grow from USD 427 billion to more than USD 1,100 billion by 2040, referring to a study. It is one of the fastest growing industries, he stressed.
Gergely Fábián. Photo via MTI/Hegedüs Róbert
Fábián also pointed out that the
Ministry of National Economy’s objectives in the development of the space industry include exploring sources of funding, other subsidies, and ensuring participation in international exhibitions.
Hungary’s ambitions in the space industry are aspiring, and it is necessary to showcase this at various exhibitions and in the European ecosystem, he stressed. He also emphasized the importance of continuous consultation with industry players. He said that “we must listen to the industry.”
Orsolya Ferencz, Ministerial Commissioner for Space Research at the Ministry of Foreign Affairs and Trade, noted that the potential of the space industry will be realized in line with the objectives of the Hungarian Space Strategy in cooperation with the ministry. She pointed out that the Ministry of Foreign Affairs is supporting the process with a broad diplomatic background and by ensuring international cooperation. She also underlined
the importance of participation in exhibitions, as she said that regional countries, such as Poland, have for years had a special national stand at these important events.
Ferencz stressed that the space industry is a crisis-resistant industry, whose importance is growing. She added that Hungary must also become “proactive” in this field. In her view,
Hungary’s EU Presidency is a good opportunity to do so.
Hungary also launched its national astronaut program in the same year in mid-2021, in close cooperation with Axiom Space, Inc. The objective is to send a national research astronaut on a 30-day mission to the International Space Station in late 2024/early 2025. The entire program draws USD 99 million from the state budget, including Hungarian R&D (research & development) activities and science experiments to be conducted in space. The program would create “space heritage” for the entire Hungarian space sector, which is essential for successful involvement in international value chains.
Via MTI; Featured image via Pexels