Study: Scotland Space business could be worth £4bn by 2030
October 2, 2020
By Chris Forrester
Scotland’s space-related businesses, already expected to be valued at being worth £2 billion (€2.2bn) by 2030, could grow even more according to a study by Scottish Enterprise.
“The rise of the space sector is apparent in the figures from a recent study conducted by Scottish Enterprise that forecast income from the sector could reach over £2 billion by 2030 as well as contribute data solutions to combat climate change,” the Scottish business agency said.
“The industry ambition is to double income to £4 billion over the next ten years and with a rate of growth of 12 per cent year-on-year it is on a steady path due to the commercial responsiveness in what’s described as the ‘new space’ operating environment,” the report added.
The report identified some key growth targets in three areas, the agency said: space applications, manufacturing and operations as well as auxiliary services. Scottish Enterprise supports space companies like Spire Global, Celestia, Clyde Space and Space Intelligence.
Scotland’s Minister for Trade, Investment and Innovation, Ivan McKee, said: “Our ambition is to capture the substantial economic benefits of the emerging global space sector by ensuring Scotland becomes the first country in Europe to provide an end-to-end solution for small satellite manufacture, launch and innovation in satellite data analysis, including critical earth observation and environmental data.”