UK risks missing out on £40bn space industry

Posted on 18 Nov 2015 by Jonny Williamson

The global space technology and exploration market is worth approximately $314bn a year. Image courtesy of DPC.

The UK could miss out securing £40bn of the world’s space sector and an additional 100,000 jobs if government and industry don’t step up, warns a new report from the Institution of Mechanical Engineers.

The report – Seeking Resolution: Growing the UK Small Satellite Industry – focuses on the UK’s emerging small satellite sector, an area which the Institution of Mechanical Engineers (IMechE) says is being hampered by “restrictive regulations, barriers to investment and fragmented collaboration between stakeholders”.

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The IMechE’s report calls for: The UK Space Agency to…