UK space industry: the new space age

UK space industry

Source: Rod Hunt

The government wants to expand the UK space industry and launch new spaceports. Property Week asks what the latest space race means for the property industry.

Yet while the UK currently lacks a launch facility, it does have a thriving space industry, which has recently been singled out by government for significant financial support. The UK currently accounts for 6.5% of a global space industry worth an estimated £400bn. The government’s ambition, as stated in its 2017 industrial strategy, is for that to rise to 10% within 10 to 12 years, meaning that the UK industry will be worth more than £40bn.

Better still, last year, the government announced Industrial Strategy funding for a proposed vertical launch spaceport in Sutherland, Scotland, and a new £2m development fund to boost horizontal launch sites such as those planned in Cornwall, Glasgow Prestwick and Snowdonia.

So is the UK space industry finally poised to take off – and how will the property industry satisfy soaring demand for space-related space?

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