Following the news that UK-based firm Magdrive plans to test a novel electric propulsion device in 2024;

James Marques, Associate Aerospace, Defense and Security Analyst at GlobalData, a leading data and analytics company, offers their view:

“Magdrive is developing a compact, energy-efficient engine to allow spacecraft to make minor adjustments whilst avoiding the drawbacks of expensive chemical thrusters. The device – powered by metals found in asteroids earmarked for future mining – has many civilian and military use cases such as manoeuvring satellites, space debris removal, craft rendezvous and even evading anti-satellite weapons.

“The promise of this start-up has already attracted $3.5 million in grant funding from the UK government and the European commission, as well as interest from leading engine-maker Rolls Royce in discussions over future spacecraft propulsion technology.

“The space sector is fast becoming a lucrative market, as novel technologies make access to space and its resources cheaper and faster. GlobalData assesses the military satellite market alone to be worth $13.7 billion by 2031, and as efficient and cheap engines continue to lower barriers to orbit activity, spending will only grow.

“Geopolitics and competition between states will lead to further militarization of space, as seen by the US Space Force and UK Space command. Venture and seed capital is rife in this sector, with GlobalData recording over 45 financing agreements in 2022 so far, such as India’s Bellatrix receiving $8 million for similar technology.”