Monday, 15 July 2024

UK space industry growth

The UK space sector continues to soar and is currently worth £11.3 billion to the UK economy, growing at over 7% per year, employing over 34,000 people and supporting a further 65,000 jobs in other sectors.

Greg Clark, the Minister for Universities, Science and Cities, announced the latest figures this morning in London as the UK Space Agency (UKSA) published its biennial study into the progress of the UK space sector – ‘The Size and Health of the UK Space Industry’.

“The UK space sector makes an impressive contribution to the UK economy and has consistently done so over the last decade, virtually doubling in size in financial terms since 2006,” he said.

“These figures show that the UK is well-placed to meet our ambitious target of 10 per cent of the global space market by 2030. Co-operation between the public and private sector is the foundation for this continued success.”

‘The Size and Health of the UK Space Industry’ allows the UKSA to track the progress of the sector and serves as a metric against its ambitions and the targets set in the Space Innovation and Growth Strategy.

The latest figures reflect well on the past two years of strategic investment by government in key technological innovations.

Through strategic investment, improved policy and stronger international collaboration in areas with the potential for further growth and high economic return, UKSA is working to build a supportive environment for the commercial space sector and enabling the UK to fully exploit a growing market for space data and technologies.

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