Despite the lingering effects of the COVID-19 pandemic, the industry continues to thrive and its impressive growth highlights how it will support plans for the UK to become a Science and Technology superpower.
National and regional job creation
One of the most significant impacts of the space sector on the UK economy is job creation. The sector directly employs nearly 50,000 staff, and supports a further 126,800 UK jobs across the wider supply chain.
These jobs are spread across the country, creating opportunities in both traditional space hubs like Oxfordshire and Scotland, as well as in emerging areas like Cornwall and the West Midlands.
According to a recent labour market report, the highest unemployment rates estimated in the
UK are in the North East, however, this region alongside Northern Ireland, Yorkshire and the Humber, experienced the largest increase in the number of space organisations, supporting further job creation.
The UK becoming a ‘Science and Technology Superpower’
Another important aspect of the UK's space industry is its contribution to making the country a science and technology superpower. The UK government has set out its ambition to become a science and technology superpower, with the space sector being a key player in achieving this goal.
The space industry has a long history of innovation and research, driving advances in areas such as materials science, robotics, and artificial intelligence. By investing in the space sector, the UK is positioning itself as
a leader in cutting-edge technology and research, attracting talent and investment from around the world.
Space’s impact on the UK economy
In addition to job creation and innovation, the space sector has a significant impact on the wider economy. The report notes that for every £1 invested in the UK space sector, £4 is generated for the wider economy. This is heavily driven by regions including the West Midlands, East of England and Wales.
Education
The space sector's growth has led to a significant increase in the number of highly-skilled jobs, with many requiring qualifications in science, technology, engineering, and mathematics (STEM).
The last year saw a rise in direct higher STEM education pathways for the sector,
to supplement the current primarily indirect pathways where engineers and scientists are trained in related fields and then transfer over. For example, this year, Lincoln College announced a collaboration with Nottingham Trent University to offer degrees from Newark’s Air and Space Institute targeted at training the next generation of space and aerospace talent.
Addressing global challenges
The UK's space industry also plays an increasingly important role in global collaborations, with the country's membership in the European Space Agency (ESA) being a key driver of international cooperation.
The ESA has an annual budget of €6.5 billion, and the UK's membership allows it to participate in a range of projects, from earth observation to deep space exploration.
The space sector has the
potential to address some of the world's most pressing challenges, from climate change to food security, and disaster response to national security. The sector's investments in EO and satellite technologies can help to monitor the planet's environment, providing valuable data for scientific research and policy-making.
The UK space sector plays a crucial role as the government invests in space-based surveillance capabilities to enhance the country's defence capabilities. For example, the UK's Skynet satellite constellation provides secure communications for military personnel around the world, and the UK's Space for Climate programme aims to use satellite data to monitor and predict climate change.
The industry's growth in recent years is a testament to its potential, and as the sector continues to evolve, it will play an increasingly important role in shaping the future, and helping to drive further growth and prosperity in the UK economy for years to come.