New growth opportunities for industry
According to the press release, the Bonn Academy of Economics (BWA) sees a great opportunity for German industry in the increasing commercialisation of space travel. According to BWA Academy, a new, market-oriented phase of space travel has begun, which depends heavily on industrial capabilities. This could open up a new area of activity, particularly for the struggling automotive and supplier industries.
According to the press release, German companies possess key strengths that are in demand within the „Space Economy“. These primarily include precision manufacturing, experience in series production, the ability to rapidly scale innovations, and efficient management of complex supply chains. These competencies could enable them to establish themselves successfully in the growing space market at an early stage.
Structural change in the space industry
According to the BWA Academy, European space travel is undergoing fundamental change: moving away from individually manufactured, one-off projects towards industrial series production. The press release states that this transformation is primarily driven by large satellite constellations, similar to those already being implemented in the USA.
According to the press release, the European space industry currently lacks experience in mass production. However, this is precisely where an opportunity lies for traditional industrial companies, particularly from the automotive sector. Forecasts suggest that the European satellite market is growing significantly and could reach a volume of around 3.5 billion euros by 2034. A small but dynamic market with long-term potential.
Outlook for the labour market and the economy
According to the press release, the industrialisation of space could also help cushion the current problems of the German automotive industry. According to information from the BWA Academy, production relocations abroad and uncertainties regarding drive technology policy are currently leading to considerable burdens and job losses.
According to the press release, the space industry offers an opportunity to create new employment prospects and meaningfully develop industrial expertise. Overall, the BWA sees the „Space Economy“ as a long-term chance to actively shape structural economic change and strengthen the competitiveness of German industry.
About the Bonn Business Academy (BWA)
The Bonn Business Academy (BWA) is an organisation that analyses and evaluates economic developments. It produces studies, forecasts, and assessments on current topics such as industry, structural change, and new markets. The BWA's aim is to provide companies and the public with guidance and to identify economic trends at an early stage.
What text: BWA Press Team (Forwarded by Christian F.)