The UK space industry continues to make progress towards its target of ten per cent share of the global space market by 2030, according to the Space Innovation and Growth Strategy (IGS) update report unveiled at the UK Space Conference today.
The report highlights the industry’s 8.6% year-on-year growth since 2010, noting the industry is now valued at £11.8 billion. The industry-led IGS has already achieved considerable successes by bringing together industry, government and academia to work together against a clear agenda. The update report reviews these successes, provides feedback through case studies, and outlines plans for the next phase of the programme.
Stuart Martin, CEO of the Satellite Applications Catapult, said: “The report’s findings are an incredibly positive step on the road to 2030. Here at the Catapult, we’ve had a close up view and involvement with the industry’s strong upward curve over the past two to three years. This is coupled with the sector gaining much greater profile and awareness across many other industries and academia, as businesses recognise the existing and potential value offered by space technology and applications.”
Andy Green, President of UKspace and co-Chair of the Space Leadership Council, added: “The UK has a vibrant high productivity high growth space sector that punches above its weight. This report shows we are on track to achieve our target of 10% of the Global Space Market by 2030. Space continues to deliver important services that enrich our lives and drive export growth for the UK.”