UK space industry delivers £7bn to the economy
8th Jun 2023 | In News | By Michael Tyrrell
In 2022, the UK’s space sector added £7bn in value to the UK economy, while turnover from space organisations reached £17.5bn.
A new Space Sector Outlook from ADS Group in partnership with UKspace highlights the £5.9bn of products and services exported by the sector.
The publication, supported by data from UK Space Agency and know.space, showcases how the development of the sector is allowing the UK to unlock new capabilities and skills with a wide range of uses.
“With applications ranging from protecting the environment, delivering on national security priorities and a potential launch on the horizon, the vital contribution from the space sector to the UK economy highlights considerable new business opportunities in 2023,” said Aimie Stone, chief economist at ADS Group. “Our Space Outlook, published in partnership with UKspace highlights how ongoing innovation is delivering strategic advantage to the UK.”
The publication further highlights that every region of the UK is home to the headquarters of a space organisation, while productivity in the sector is 121% higher than the whole economy average, at £143,000 output per worker.
Kevin Craven, chief executive of ADS commented: “For the UK to continue to be a world leader in the space arena, innovation and expertise must be fully utilised and leveraged to secure UK advantage.
“ADS continues to work closely with our colleagues at UKspace, political stakeholders and industry partners to ensure that space remains a key industrial focus for UK innovation and manufacturing.”
UKspace chair, John Hanley said: “The Space Outlook highlights the employment of 48,800 people in the space sector including 2,300 apprentices. Alongside ADS and as innovation in the sector grows, we’re delighted to see the continued commitment of space organisations to developing the workforces of tomorrow.”
ADS Group is the UK trade organisation representing the aerospace, defence, security and space sectors, with more than 1,200 member businesses.
UKspace is the official trade association of the UK space industry, representing and promoting space to government and other key stakeholders nationally and internationally.
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