Germany eyes the attractive Space Market

Germany is trying to get new laws passed and even rope in increased private investment in the growing space market which is all set to reach a figure of $1 trillion per year by 2040s. The push to give Germany a bigger role in the space race comes as the European, the Asiana and the US firms have gained ground in the highly evolving segment. The segment offers contracts from everything from mining to resources of the space.
All the firms which are likely to gain from the rise in spending in future in Germany as Airbus which is also the co-owner of the Ariane Space Rockets of Europe and even Bremen-based OHB. The new laws will also put a cap on various financial and legal liabilities of the private companies in case of any kind of accidents in the orbit. They will also define standards for various space operations and also offer incentives for new projects. The economic ministry of Germany is expected to submit the laws to the Parliament in the same year. The move is initiated as various trade groups and companies in Germany as pressing for the establishment of a regulatory framework for the new attractive market for encouraging private investment.
Germany is seen as the economic powerhouse of Europe and the fourth-largest economy of the world. It also had the seventh-largest national space budget of the world in 2018, amounting to a total of $1.1 billion which is just over half of the amount which has been earmarked by the fifth-placed France. The figure, however, does not include the contributions to the pan-European programs again which is dwarfed by the amount spent by US which is the largest spender at almost $40 billion.
The new Lunar Gateway program by NASA offers a chance for Germany and other nations in Europe for a claim to an important role in the market. The program involves designing and development of small spaceships which will orbit the Moon and also act as a temporary home for astronauts as a work base on the surface of the Moon. The mission will later proceed towards Mars. It is expected that the NASA will be able to finish the Gateway by 2026 while Washington is also preparing to put humans back into space by 2024 which will mean a more aggressive schedule.