UK Space Industry investment is at £16.5 billion reports UK Space Agency
On the 13th of April 2020, the UK space agency published a report that looked at the size and health of the UK space economy. The findings in this report reinforced the argument that the UK space industry will become a key market for SMEs over the coming years with significant growth expected in the commercial space sector.
Between 2019 and 2020, commercial space-related activity produced £16.5 billion worth of income, of which over £836 million was spent on research and development, and of particular note was that commercial space tourism grew by an astonishing 34%. These astonishing figures contrast sharply against a 9.9% contraction within the UK economy arising from the impact of COVID-19.
In the space manufacturing sector, suppliers of materials, components, launch vehicle sub-systems, and ground systems realised revenues approaching £1 billion. Space tourism, launch brokerage services, and space ports attracting an additional £10 million of revenue between them.
Investment and Venture Capital
The argument for SMEs to move into the space manufacturing sector is further highlighted through an overall year-on-year growth of 18% with revenues of £136 million arising from applied research. It is with this context that venture capital is now seeing the UK space industry as fertile ground in which to seed capital investment funds. In 2013 venture capital only accounted for 3.8 million pounds worth of investment however by 2018 this had nearly reached £100 million.
This shift by large financial organisations to back companies that are branching into the space sector is a clear weather-bell for the direction of travel in terms of what is anticipated for future market expansion and growth.
Spaceium Technologies has the strategic vision and the understanding of the market to help your company develop a commercial/space strategy which allows you to tap into these markets. By opening up to the possibilities of commercial space travel, tourism, and habitation; your company can draw down on this investment capital in order to grow your business and stay ahead of your competitors.
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