14 July 2015 – The UK space industry’s annual value grew to £11.8 billion in 2012-13, having grown at an average compound rate of 8.6% year-on-year since 2008-09, with a productivity some 3 times the UK average, according to the Case for Space 2015 (C4S 2015) report produced by London Economics.
Launched today at the UK Space Conference, the report indicates that the sector has trebled in size since 2000 and now directly employs 37,000 people, supporting an estimated 115,000 jobs in total.
The study goes beyond the usual industrial impacts to highlight the expansive user benefits and knowledge spillovers across an increasingly diverse range of consumer, commercial and public sector applications, noting that all nine national critical infrastructures rely on space, and almost all sectors of the UK economy would be disrupted in the absence of space services.
Andy Green, President of UKspace and co-Chair of the Space Leadership Council, said: “I am delighted to see that this report confirms that the UK space economy is strong and continues to grow. The UK space sector has the potential to be a great success story, with ambitions to increase its annual turnover to £40bn pa by 2030.”
Richard Peckham, UKspace IGS Director, added: “Of equal importance to the growth and strength of the sector itself, C4S 2015 clearly illustrates the impact of the space sector on the wider economy; almost all economic sectors are supported by satellite services to some degree – many to a significant extent in domains as diverse as transport, urban planning, agriculture and fisheries, as well as being increasingly embedded in consumer products. Space and satellites can make a significant contribution to driving UK productivity at large. The consistent growth rate is thanks in part to continued UK Government support through national space missions, incubator support, and funding opportunities, as well as through membership of the European Space Agency.”