Description: UK rockets are being put on the map more than ever before. Nowadays, more and more plans are being developed both to launch and develop rockets in the UK. We look at the latest launch and innovation news.
Nobody in the past could have predicted how well the UK space agency would do today. The UK space sector is booming, with increasing government support. By 2019, exports of UK rockets and space-related technology surpassed 5.5 billion, and the industry is growing by the day. It is a cutting-edge sector that currently employs over 40 thousand people in the United Kingdom alone. Moreover, the government is keen to support it because it results in an approximately 15% increase in GDP for the nation. In this article, we’re going to look at plans and investment opportunities that will put UK rockets firmly on the map. Let’s find out more.
New investments
Currently, the UK satellite and space sector is getting continued support in the form of investment opportunities. Here are some of the most recent and important:
- Leicester Space Park sees continuous support from foreign investors. It received adequate funding ever since it launched in 2019 and now is receiving a lot more.
- An HPO scheme has been established, creating a lot of foreign direct investment into new space tech in the UK. This initiative has led to the creation of thousands of skilled jobs.
- Campaign branding is increasing for external space-related events. More money is being put into marketing efforts.
On top of this, the UK government has been working hard to reduce barriers to trade, particularly to support a number of space startups. They have also been working on increasing the number of international partnerships to create new commercially viable opportunities. For a long time, the UK has had an innovative and vibrant space sector, but it has been hindered by the coronavirus. The current Minister for Exports has made it a top priority to prove support for the sector in order to create more exciting opportunities for growth. Because the sector generates most of its income from exports, the government is thinking of ways to help companies increase their exports. For instance, there have been several initiatives to do this, such as the creation of the Space Sector Export Academy, a scheme that will upskill Space SMEs and ultimately generate more exports.
Resilience and Jobs
Despite the recent pandemic, the UK has actually had an incredibly resilient space sector. The government is working to boost this dynamic industry, speeding up growth. They have big plans to establish the UK as a leading player in the space market, with targets set to capture 10% of the global market by 2030. As part of their efforts, they are putting a lot of government support into the sector to create highly skilled work and allow new space startups to flourish. There is also the hope that this will drive forward new innovations in order to help the country in general.
New spaceports
One of the most advantageous things that are fuelling space exploration in the UK is its geography. Scotland is becoming a major player because of its high latitude, making it an ideal place to launch satellites into the lower earth orbit. It is also a country with a number of remote locations where spaceports can be built without disturbing people. The government is directing most of its investment into Scotland’s space industry, and funding is at an all-time high. Soon the investment will provide a number of highly skilled jobs and increase Scotland’s economic prosperity.
At the moment, new regulations are being proposed in Parliament, which will make it easier to launch both rockets and satellites on UK soil. A number of spaceports are being built in Scotland, and there are also plans for sites in Wales and Cornwall. The current transport secretary wants to see these regulations put into practice and be the first European country to launch the most rockets into orbit.
UK rockets on the rise
The UK is becoming a major player in space exploration, creating new space innovations and cutting-edge technology. With added government investment, a landscape that works well for launches, and an increase in foreign direct investment, the space sector is unlikely to stop growing. Mark our words that the United Kingdom will certainly be a contender in the space race for many years to come, creating more and more satellite launches.
What aspect of the British space program is most appealing to you? We’d love to know. Tell us in the comments section below.
