The UK space industry is poised to make it one of the leading European countries for space innovations. With legislation in place, Great Britain’s space industry development could surprise the world.
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Historically, Great Britain has always been a huge force in the world’s aerospace sector. Only the United States has a bigger global market share, while British activities are accounting for 17% of the world’s aerospace economy.
It’s estimated to be worth $45 billion in annual revenue, with the vast majority of the country’s aerospace output designated for the export market.
Until now, the UK space industry hasn’t seen comparable success, with British commercial space companies lagging far behind the scale of their US counterparts. However, this situation could well be changed in the next decade.
The European Space Agency investment activity seems to suggest it’s keeping its options open as to where the most progress in Europe will come from. It provided funding for space startups in the UK space industry as well as others in continental Europe. It would be no surprise for the UK to launch first.
