The UK’s space sector is worth over £16bn. The UK currently wields a six per cent share of the global space market and aims to expand this to 10 per cent by 2030 by identifying and developing high-growth markets and increasing exports.
The Space Strategy [PDF] sets out the government’s long-term ambition for the UK to become a leader in space, as the global space economy is projected to grow from £270bn in 2019 to £490bn by 2030. It aims to encourage innovation by British space businesses by unlocking private finance while positioning the UK at the frontier of space research.
The four pillars of the strategy are: unlocking growth in the UK space sector; collaborating internationally to become an “international partner of choice in space activities”; growing the UK as a “science and technology superpower” through collaboration in high-profile space missions and backing space technologies to tackle global challenges; and developing resilient space capabilities...