UK Space Sector Rockets Economy by £1 Billion
The UK’s space industry has blasted its way to a £1 billion boost in economic value. Wales tops the charts for fastest income growth, while Northern Ireland, Yorkshire and the Humber, and the North East lead on new space businesses. Meanwhile, jobs in the North West and East of England soared the most.
UK Space Chief: Confidence Sky-High
Dr Paul Bate, UK Space Agency Chief Executive, said:
“The £1 billion leap in sector income and £635 million investment show rock-solid business and investor confidence in UK space. We’ll keep pushing this momentum, driving benefits across the economy, science, and the planet.”
“With world-class satellite manufacturing and cutting-edge science, the UK is a key player in major space missions. We’ve seen a surge of space firms in Northern Ireland and northern England, income leaps in East of England, West Midlands, and Wales, plus job growth in the North West.
“To keep this orbit, nurturing skills and expertise nationwide is vital.”
Space Sector’s Winning Formula
The biggest money-makers? Space applications like broadcasting and satellite communications, space manufacturing including satellites and scientific instruments, plus space operations and related services. These areas fuelled the latest boom.
John Hanley, Chair of UKspace trade body said:
“Growing during one of the toughest economic times proves the sector’s grit and smarts. It’s brilliant to see expansion in regions underrepresented before. Our new cluster membership will back these fresh space entrants.”
“Space offers massive opportunities for inspiring people, creating jobs, and boosting the UK economy. We must strengthen partnerships to push UK space as a global heavyweight.”
Confidence Defies Economic Woes
The sector’s 5.1% income growth zoomed past global space industry’s 1.6% rise and shrugged off a UK economy shrinkage of 7.6%. Despite cost-of-living crunches, three in five firms expect income growth over the next few years. Over half plan to hire more staff and invest more.
Nearly 75% say UK Space Agency support is crucial to their success.
Who’s Backing UK Space? Private Sector Leads
Space investment hit around £635 million in 2022, spread over 34 deals, mostly from private sources (89%). Acquisitions made up 75% of this cash. Since 2012, deals jumped from 1 to 34, and investors climbed from 1 to 66.
Top dealmakers include Par Equity, Innovate UK, and the Scottish Investment Bank.
Spotlight on Goonhilly Earth Station
Based in Cornwall, Goonhilly Earth Station is a deep-space communications giant. It played a key role in NASA’s Artemis 1 lunar mission by guiding six tiny cubesats. Goonhilly also supports the European Space Agency, the first-ever private lunar lander iSpace Kahuto-R, India’s Chandrayaan 3, and Aditya L1 missions.
The company recently snapped up US COMSAT teleports and created tracking antennas used in Virgin Orbit’s launch from Spaceport Cornwall.
Ian Jones, Goonhilly Earth Station CEO, said:
“Satellite data underpins everything from navigation to climate monitoring—like the modern lifelines of clean water and electricity. But these benefits rely on ground communication services like ours that monitor and command spacecraft.”
