The UK Space Agency today released the latest Size and Health of the UK Space Industry report highlighting the confidence and expectations in the sector.
The report, based on 2016/17 statistics, highlights that ongoing diversification and growth of emerging downstream applications technology, as well as manufacturing, is underpinning the overall growth of the sector; and offsets the ongoing reduction in revenues in the satellite broadcast groups.
Commenting on the announcement, Mark Nisbett at RSM said:
‘The depreciation of sterling and the increasing growth of space industries in other countries led to the UK slipping to 5 per cent as a percentage of the wider global sector. However, on the flip side the current level of sterling does bring pricing opportunities when selling overseas and makes the UK more attractive as an investment destination.
‘Development of UK spaceport infrastructure is certainly increasing interest in the UK, which when added to the growing ecosystem of support for smaller businesses, is driving growth in the number of overseas companies setting up in the UK.
‘Unsurprisingly the report highlights economic uncertainty as a key barrier, and a Brexit deal being a key enabler for future growth. Interestingly, there has been a 20 per cent increase in the size of the wider UK economy now supported by satellite services, dominated by a significant increase in positioning, navigation and timing services – adding more fuel to the ongoing debate around the European Galileo satellite navigation project, and the UK’s involvement post-Brexit.’