Britain leaves European rivals trailing in the space race
Britain leaves European rivals behind in space race (despite Virgin Orbit crashing back to Earth)
Britain is second only to the US in the modern space race – despite the Virgin Orbit setback earlier this year.
The UK has attracted 17 percent of private investment in space since 2015, making it the leading destination in Europe, according to a report by the Space Agency and accountant PwC. The only country attracting more investment in space projects is the US.
With earth observation, manufacturing and satellites being the main areas of investment in the UK, the report estimates that private investors have pumped a whopping £7bn into the UK in the last eight years alone.
Mission control: The UK has secured 17% of private investment in space since 2015, making it the top destination in Europe, according to space agency and auditor PwC
The UK’s aerospace industry is estimated to be worth £17.5 billion, with analysts predicting that the global space industry could grow by as much as 11 per cent a year to more than $1 trillion over the next decade.
And despite the fact that the first satellite mission from British soil failed to reach orbit in January, while the Virgin Orbit flop in Cornwall set alarm bells ringing, bigwigs remain optimistic.
Mark Boggett, boss of space investment firm Seraphim Space, said the industry is “already the hidden hub behind our daily lives”, adding that Britain was “only at the beginning of space technology”.
There are approximately 1,500 aerospace companies in the UK, as well as 83 research centres, 64 space test facilities and 53 universities with space research functions.
Joshua Western, co-founder and boss of satellite maker Space Forge, said the growth in this sector is “a testament to the untapped potential of the UK’s space ecosystem”.