UK Space Industry Sees Annual Expansion

According to a report by the UK Space Agency (UKSA), the UK space industry saw a real-term income growth of 5.1%, amounting to £17.5 billion. This marks the second-fastest annual growth in the last seven years. The UK space industry's growth outpaced the global industry, which grew by only 1.6%, while the wider UK economy contracted by 7.6%. 

The largest contributor to the overall growth was the Applications category, which increased by 7% and generated £843 million in revenue. Ancillary Services also experienced a significant rise of 13%, accounting for an additional £72 million. Space Operations witnessed a modest increase of 4%, equating to an additional £63 million. However, the one division that experienced a drop in growth was Space Manufacturing, which decreased by 6% and lost £134 million in revenue. 

Investment from the UK Government

This growth is boosted by the UK Government's commitment to invest in the space industry. Back in November 2021, the UK government committed to providing funding of £1.84 billion to important space programs. This growth in the UK Space industry shows the number of space organizations within the UK has risen from 1,293 to 1,590. Additionally, this increase in growth has added an extra 1,772 jobs to the current 48,800 jobs within the UK space sector. 

John Hanley, Chair of the UK space trade body, said: “Further growth in the UK space sector, particularly during what was an incredibly challenging time for most UK industries, demonstrates the sector’s resilience and ingenuity. It is gratifying to see the sector growing in areas of the country that have previously been underrepresented." 

The UKSA are planning to facilitate additional investments to sustain this upward trend and deliver more advantages to the UK economy, the scientific community, and the planet at large.