Space Sector Deal Announcement
Today we welcome the statement of support from Science Minister, Sam Gyimah, for the Prosperity from Space proposal for a Space Sector Deal. The proposal has been written collaboratively by a wide group of contributors from across the space sector, including the Satellite Applications Catapult.
The proposal sets out to Government the current strong position of the space industry as a contributor to the UK economy and outlines its joint ambition and strategy for the future. It comes at a critical time, when the sector is poised to grow exponentially but faces challenges to growth in an increasingly competitive global market.
A Space Sector Deal will demonstrate the support for the space sector from Government, helping the sector to maintain confidence and momentum whilst acting act as a beacon to the industry, inward investors and potential export markets. It will also raise the profile of the space sector, placing it alongside other fast-growing sectors of the UK economy, such as Artificial Intelligence and Life Sciences, which have already received sector deals.
Stuart Martin, CEO, Satellite Applications Catapult said: “Space is a UK success story. Since 2000, coordinated industry and government actions have trebled the size of the sector, and space now supports 14% of UK GDP ? some £250bn. The sector is already recognised as a vital element of UK economic growth, but the announcement today is the start of the next stage of growth and impact for the industry.
“The Prosperity from Space document expertly reflects the views of the industry at a time when we have come so far, so quickly. It also highlights that there is so much more to do. With the support of the Department for Business, Energy and Industrial Strategy, the UK Space Agency and the key players in our industry like UKspace, the support for this proposal truly begins the journey to a new space age for the UK.”