Satellite technology is an enabler of economic growth, underpinning many parts of Britain’s economy. Early access to satellite technology is providing our communications and media sectors with a competitive edge in the fast moving global economy.
Today, space is one of the UK’s biggest success stories. The UK space industry adds £7 billion to the economy, supports 70,000 jobs, is growing four times faster than the rest of the UK economy, has the most highly skilled workforce in manufacturing, and enjoys 7% of the global space market – a market forecast to be worth £543 billion by 2020.
Space is a global competitive market that has consistently posted growth rates faster than the Chinese economy. London remains the place to go to finance your satellite business. Britain’s long-held lead in communications satellites makes Britain the most commercial space sector in Europe. City money and UK technology is a winning combination. The British take space from the laboratory to the marketplace quicker than anyone else in the world.