The British space sector has grown over 10% on average over the past two years, despite the recession, and is estimated to be worth £7.5bn, according to a UK Space Agency report.
The document was produced by the Oxford Economics Foundation, and highlights the potential of the industry, which already contributes £5.9bn to the UK economy.
Commenting on the report, Ian Godden, Chairman of A|D|S, said: “The industry has continued to grow despite the financial crisis and it has a positive future delivering even greater numbers of jobs and increased revenue for the UK economy.”
The aim is for the UK space industry to reach a 10% share on the global market, create 100,000 new jobs and produce six times as much revenue by 2030.
“The industry is also aiming to increase its share of the global market in the long run to 10 per cent from the current level of 6% to emulate other UK industrial successes such as civil aviation with a 17% world market share. This strategy will transform the UK industry to a £40bn sector over the next 20 years,” Godden added.
The Space Innovation and Growth Strategy was launched in February 2010, after a six-month period of consultations. It is the result of a joint effort by the government, industry and academia.
It presents 16 recommendations, emphasizing the importance of the Government’s support and of preparing a new generation of space engineers.