75.9 F
New York
75.9 F
New York
Saturday, July 31, 2021

UK space sector report highlights jobs and income growth

- Advertisement -spot_img

The UK’s space sector has seen growth in jobs and income while investing more in R&D, a newly released report has said.

Findings from the latest ‘Size and Health of the UK Space Industry’ report, commissioned by the UK Space Agency and delivered by know.space, show the sector supports a highly skilled and productive workforce that’s growing across the country.

The statistics show that in 2018/19, compared to the previous survey from 2016/17:

  • Income has risen from £15.6 billion to £16.4 billion, representing growth of 5.7% (or 2.8% per annum) in real terms
  • Employment is up by 3,200 from 41,900 to 45,100
  • R&D investment now sits at £702 million, up 18% and 5 times the national average intensity
  • Scotland’s thriving sector sees 31% increase in space companies, up from 132 to 173
  • Gross Value Added is up from £6 billion to £6.6 billion, representing growth of 10.1% (or 5.0% per annum)
  • Over £360 billion worth of wider UK economic activity is now supported by satellites, up from £310 billion

The number of organisations engaged in space-related activity in the UK has increased from 948 to 1,218, which includes 95 new space-related companies established in the UK during the two year period.

Scotland has increased its number of space companies from 132 employing 7,555 to 173 employing 7,703. Other parts of the UK to see a growth in the number of companies and jobs in the space sector are the South East, South West, East of England, East Midlands, West Midlands, North West, North East and Yorkshire and the Humber.

In a boost to the government’s target of investing 2.4% of GDP in R&D by 2027, the survey shows the UK space sector investing increasing sums in new ideas and technologies. R&D spending is up 18% in real terms from £595 million in 2016/17 to £702 million in 2018/19. As a proportion of Gross Value Added (GVA), this is five times the national average.

Dr Graham Turnock, chief executive of the UK Space Agency, commented on the findings: “The UK is already a world leader in small satellite technology and applications, telecommunications, robotics and Earth observation, while British universities are some of the best in the world for space science.

“It is fantastic to see our innovative space sector investing in the future through increased commitment to research and development – and to see more and more jobs being created in this exciting industry.”

The UK Space Agency’s Spaceflight Programme aims to establish commercial vertical and horizontal small satellite launch from UK spaceports from 2022, providing a further boost for the sector. Growing the UK’s launch capability will also help bring new jobs and economic benefits to communities and organisations right across the UK, as well as inspiring the next generation of space scientists and engineers.

The space sector also has an exceptionally skilled workforce, with 3 in 4 (77%) employees holding at least a primary degree, while employee productivity remains 2.6 times that of the national average.

UK Space Agency
www.gov.uk/uksa

Further Articles

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. OTCBBStockNews.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

- Advertisement -spot_img
Lena Berryhttps://otcbbstocknews.com
Lena Berry is the executive editor of OTC BB Stock News. Apart from managing the large team of writers, you will find her writing about various topics.
spot_img

Latest news

- Advertisement -spot_img

Related news

- Advertisement -spot_img
Subscribe to our newsletter.We never spam.