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Britain’s next big £25bn export market is… space

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UK Space, which is part of the Department for Business, Innovation and Skills, has unveiled a five-point action plan to “make the UK the best place to grow existing and new space businesses”.

It is a call to industry to reach out into the wider UK and the global economy to sell the opportunities that exist in space applications, data and services.

The space industry is one of Britain’s most resilient sectors, growing by an average of more than 7 per cent a year, even through the recession.

It is only a £2bn industry today, however, leaving plenty of opportunity for UK firms to get involved and grow the sector, for example through the growth of satellite manufacturing. New ideas and new markets will boost demand, says the agency, drive technological innovation and further amplify the already healthy growth in the sector.

The new action plan from Space UK will allow the UK to “continue to punch above its weight” in the space market, said Andy Green, co-chair of the UK Space Leadership Council.

“It’s time now that we take a long-term view on our technologies and the bi-laterals we have with other space nations, and make available a pool of funding over, say, the next five years that has some certainty,” he added. “That will give us best value for money; the most bang for our buck.”

Could this be the best new opportunity for entrepreneurs?

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