Plans to expand UK space market unveiled
Plans to expand the UK's share of the space market, particularly satellite technology, have been unveiled
Plans to expand Britain's share of the global space market, creating an industry worth £40 billion a year, have been unveiled by a group of Government experts and scientists.
The Space Innovation and Growth Team (Space IGT) outlined its vision to increase the country's share of the space market to 10% by 2030.
The main focus of the expansion will be on potentially lucrative satellite technology, a field the UK already excels in.
The group said that in order to achieve its aims, which could create 100,000 new jobs, the Government would need to increase its space funding to £550 million a year in the next 10 years. Millions of pounds in private investment would also be necessary, it said.
However, the rewards of expanding could be even greater, with the value of the space market set to rise to £400 billion by 2030. In 2008, it was worth £160 billion.
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The Space Innovation and Growth Strategy report states that by increasing the size of its space sector six-fold, the UK will create an multibillion-pound industry. It will also be able to lead major European Space Agency missions and form "substantial" industrial contacts.
Andy Green, chief executive of IT company Logica and chairman of Space IGT, said: "If we get this right, the UK space sector could provide the basis to help energise an economy emerging from recession, an create 100,000 new jobs over the next 20 years in an industry that already provides tangible economic and societal benefits.
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