Currently, there’s rapid growth taking place in the UK space industry. The increased investment has made it possible to develop and expand the aerospace company in the UK.
Did you know that in 2019, the UK space industry had a turnover of $18.7 billion? This happened thanks to the rapid growth experienced over the years with no end in sight. The goal is to control over 10% of the global sector by 2030.
So far, over $700 million has been invested in R&D (Research and Development), making the industry more focused on development. This is 6 times more than the UK average through growth acceleration each passing year. The upward trajectory will soon make the country a leader in small and nanosatellite production.
Understanding the Rapidly Growing UK Space Industry
While looking into aerospace companies in the UK, it’s crucial to understand the sector. The rapid growth is a sign of a bright future to come. As for the market, it’s better to view it from 4 different parts. These parts are auxiliary services, space manufacturing, smaller space components operations, and space applications.
The UK now uses a GNSS system. Its creation was the removal of the space industry from accessing the EU’s Galileo System. In the beginning, the cost of creating the GNSS system was high and had to be scaled down. The previous proposal was for $6.3 billion for the system and other UK space plans.
Plans are underway to create a new and better system with Galileo’s same military and civil abilities. This system will have GPS capabilities operating on a different frequency and from a lower altitude.
The UK commercial sector is part of the growth and generates revenue through satellite production. These satellites are for communications and Earth Observation missions.
The UK is a global leader in manufacturing small and Nanosats. Plans are for the UK space industry to control 10% of the worldwide market by 2030.
This got a boost through the 2020 TSA (Technology Safeguards Agreement) US and UK conclusion of future participations. It meant the US would take part in the UK rocket launch missions.
The conclusion enabled the UK to import different technologies for rocket launches for commercial purposes.
Growth of Drone Technology in the UK
At the same time, there’s increasing use of drones in the UK in different areas, for example, emergency services or leisure. As more people and businesses continue to use drones for more tasks, there’s a foreseen growth in the economy. People will benefit from more public services, which is a plus for society.
The estimates indicate that drone technology will increase the UK GDP to $53 billion by 2030. At the same time, this will create more than 600 thousand jobs.
There’s an uptake taking place in the oil and gas industry thanks to drone technology and service provision sectors.
A growing UK space industry will benefit from drone technology as drones are used more in business. They’ve moved beyond military use as more consumers seek the latest technology to purchase. Aerospace companies in the UK and others companies now have a chance to gain more market ground for applications provision.
The country has over 3000 aerospace companies operating within its borders. The UK has the most number of SMEs of any other European country and provides over 250 thousand jobs. The government has a growing interest in the domestic supply chain and encouraging more aerospace companies in the UK.
Thanks to the TSA agreement between the US and UK, future space technology will be exceptional. The agreement makes it possible for the country to import launch tech for an effective rocket launch. US companies will provide the UK space sector with hardware and make it easier for aerospace companies to launch.
The UK government is working towards UK rocket launch capabilities. Many missions are already in the plans, and some companies specialize in 3D printing in spacecraft to produce more rockets. Estimates indicate that almost 10 thousand satellites are about to launch from the UK by 2025.
Aerospace company in the UK and the growing UK space industry plans to capture 10% of the global small and nanosatellite sector. This happens thanks to the rapidly growing UK investment and focuses on space. Commercial companies are also playing a significant role in this.
Do you have any questions about this topic? Would you please leave a comment below?