Space is now big business. At one end of the market are the big rockets, but all the action is at the other end – those satellites you can handle.
A recent report highlighted just how attractive space technology has become. The report, published by US researcher CB Insights, says about $1.75billion was invested in space technology during the first six months of 2015. Where will all this cash go? CB Insights believes there will be 2000 micro and nanosatellites launched in the next five years.
There is a general belief that the UK doesn’t do space, except for the odd token astronaut. Yet consultant London Economics says the space sector supports the jobs of around 37,000 people directly and generates almost £12billion a year. Its report notes 'as a catalyst for technological advancement and productivity growth, space punches well above its weight with expansive catalytic effects: all nine national critical infrastructures rely on space, and almost all sectors would be disrupted in the absence of space service'. Not bad for an invisible sector.
And, for once, the UK is well positioned to take advantage of the opportunities. Along with microsatellite pioneer Surrey Satellites, there are the likes of Clyde Space and Oxford Space Systems, which has just raised £1.2million in its latest funding round.
The chief executive of the Space Applications Catapult, which has an enabling role, says the success of the UK’s space sector is is encouraging entrepreneurs to take it seriously.
Will the UK’s space sector make it into a high orbit or will it be like one of the early space flights: soaring into the sky, only to return to Earth quickly? Let’s just say things are looking good.
