The European Commission expects Galileo and EGNOS to help secure a bigger share of the space technology market and bring European independence in a sector that is important for its economy and for the well being of its citizens. Its new mid-term review also confirms considerable progress for the EGNOS programme, which increases the accuracy of signals from existing satellite navigation systems such as GPS.
European Commission Vice-President Antonio Tajani, Commissioner for Industry and Entrepreneurship, says, “Galileo will allow Europe to compete in the global space technology market and to impose itself as one of the leading players in a growing sector characterised by increased internationalisation and the entry of emerging economies. We are satisfied with the progress made so far and committed to bringing this project to fruition.”
The global satellite navigation applications market is expected to be worth €240 billion by 2020 and has been growing at a rate of 30% in the past few years. It is estimated that currently 6-7% of GDP of developed countries, €800 billion in Europe, depends on satellite navigation. The EU budget will include €3.4 billion for the European satellite navigation programmes, Galileo and EGNOS, over the 2007–2013 period. It is estimated that €1.9 billion will be necessary for the 2014–2020 period to complete Galileo infrastructure. The operational costs of Galileo and EGNOS together are estimated at an annual €800 million. Read More
