Did you know the UK’s Space & Satellite sector is one of the highest-performing sectors in the UK?
It’s been growing at an impressive rate of 4.5% over the past 12 years – at least 3.5 times faster than the broader economy – with a ROI of 11%. At this current rate, it could reach £25.8bn by 2029 and go on to support close to 100k jobs.
These insights are taken from a recent report by The PSC, titled “Space for Growth: Unlocking the Potential of the UK’s Space and Satellites Sector”. It’s a balanced, impartial view of the UK space and satellite industry and well worth a read.
The report highlighted some key takeaways for us,
1. The UK economy in 2024 depends on space and satellite services.
£364bn (18%) of UK GDP relies on space and satellites, including underpinning critical national infrastructure, defence, healthcare, agriculture, transport, meteorology, financial services, and telecoms. Yet it’s fair to say the public as a whole does not yet appreciate either the importance or size of the space sector to the UK economy and more needs to be done to raise its profile.
2. The UK has distinct strengths that should be built upon.
These include small satellites, sustainability, and emerging areas such as in-orbit servicing, artificial intelligence, and quantum computing. These capabilities, along with a strong academic sector and a proven regulatory framework, make the UK an attractive destination for space business. Conversely, human space exploration and rocket launches, which capture the public’s imagination, are two areas that don’t perfectly align with the UK’s competitive advantage or skills shortages.
3. The vast potential of space and satellite technology remains largely untapped.
This point is close to my heart and the reason why I am so passionate about the work we do at LAB287. It’s all about putting to work the capabilities and potential of data and technologies originating or located in space to
– improve business performance
– transform public services
– solve global challenges
This sector is in its infancy and is only expected to grow – but will be helped immensely by an increasing availability of cost-effective satellite data and the adoption of common industrial standards and processes.
With all this being said, there is one question you need to ask yourself…
Does your organisation have a Space Strategy?
At LAB287, we firmly believe all nations, all organisations, all businesses need a Space Strategy. Space, and the data and services it provides, offers new and unparalleled opportunities. Talk to us to understand how you can benefit.
LAB287 is the UK’s leading specialist in space-enabled organisational transformation. We help government and public sector bodies, as well as businesses in the private sector, to implement change by putting to work the capabilities and potential of data and technologies originating or located in space.
