Canadian firms are boldly playing their part in being present in today’s space race.
Canada spends very little on its space program compared to other countries, both in terms of its outlay in dollars and relative to GDP.
The country spent $434 million in 2016, yet by comparison, the US spent nearly $35 billion, China nearly $5 billion, and Russia nearly $4 billion. For 2019, India increased its budget for space by 11 per cent to $1.8 billion
Increasingly, however–and certainly in the case of Canada–private industry is picking up the slack.
The new global space race
Fifty years since the moon landing, the space race has changed from a Cold War, state-funded enterprise to a privately backed industry as companies and venture capitalists race to grab the next great business opportunity, one that some analysts believe could eventually be worth $1 trillion per year.