![]() Seven are currently planned, which aim to capture some of the aforementioned commercial launch market. ![]() The highlight of the report is the development of multiple UK based spaceports. The report highlights the importance of the UK space industry, which is already worth more than £16 billion and directly supports more than 45,000 jobs. The UK government has recognised the potential growth in this area, and last year published a National Space Strategy. Overall, the worldwide space economy is expected to continue growing by 5% year-on-year, becoming an industry worth $1 trillion by 2040. Elon Musk’s SpaceX represented more than one fifth of global orbital rocket launches last year, while his controversial Starlink satellites account for more than a third of all active satellites. Unlike the Space Race of the 1960s and 1970s, where government activity dominated the industry, private companies have become increasingly interested in capturing some of the market. ![]() In the past decade there has been a significant shift in how the space sector operates. New Space Race promises commercial opportunities and technological innovation in the UK Posted on June 9, 2022
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