The UK punches above its weight in Space. Britain is a world leader in the application of space data. We have built a global reputation for excellence in satellite and instrument manufacturing, achieving a 5.1% share of the global space economy.
Space has become a seamless part of our everyday lives. Space services underpin industries representing £300bn of annual UK economic activity. The sector has trebled in size over the past two decades, generating revenue in the region of £14.8bn, employing 41,900 people and supporting 117,000 jobs across the UK economy. Around a third of the sector’s value – about £5.5bn – comes from export, one third higher than the UK economy.
Britain is the best place to locate and grow a Space business. Our innovative Space ecosystem is attracting new Space starters to the UK, where they are growing their business alongside established players such as Airbus, Inmarsat, Avanti and Thales Alenia Space UK. One of these is OneWeb, a global telecommunications company, building a network of 900 Low Earth Orbit satellites to provide low latency, high speed, affordable broadband.
The sector has an ambitious but credible vision. By 2030, the UK Space industry aims to capture 10% of the global Space market growing the UK’s revenue from Space from £14.8bn to £40bn. In turn, this growth will enable the sector to recruit and train 30,000 new highly-skilled people across the UK and double the value of GDP from industries supported by satellite services from £300bn to £600bn.
The UK space sector invests £566m in Research and Development (R&D), making the Space industry six times more R&D intensive than the UK average.
Industry, academia and Government continue to work together to secure the space sector's future growth.