IGS Report indicates UK space industry on target for £40 billion by 2030

Download the Space IGS 2015 Report Update14 July 2015 – The UK space industry continues to make progress towards its target of 10 per cent share of the global space market by 2030, according to the Space Innovation and Growth Strategy (IGS) update report unveiled at the UK Space Conference today.

The report highlights the industry’s 8.6% year on year growth since 2010, noting the industry is now valued at £11.8 billion. The industry-led IGS has already achieved considerable successes by bringing together industry, government and academia to work together against a clear agenda. The update report reviews these successes, provides feedback through case studies, and outlines plans for the next phase of the programme.

Andy Green, President of UKspace and co-Chair of the Space Leadership Council, said: “The UK has a vibrant high productivity high growth space sector that punches above its weight. This report shows we are on track to achieve our target of 10% of the Global Space Market by 2030. Space continues to deliver important services that enrich our lives and drive export growth for the UK.”

Steve Smart, Chair of UKspace, commented: “The cooperation between the IGS stakeholders (UKspace, UK Space Agency, Satellite Applications Catapult, Innovate UK, Knowledge Transfer Network and academia) has been commendable and has established the foundations for building the future growth and productivity. The report lays out significant opportunities to deliver on our sector targets and I encourage all to continue to work together and fully support the recommendations and priorities described in the IGS report.”

Download the Space IGS 2015 Report Update