The UK Government has designated £50m in funding for the space industry under its newly unveiled industrial strategy.
The funds are expected to help develop new satellite launch services and low-gravity spaceflights from UK spaceports.
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It will be provided in addition to the £99m financing already invested in the National Satellite Test Facility at Harwell.
The funding will help UK spaceports to have access to a global market for launching small satellites worth £10bn over ten years, as well as provide low-gravity flights to advance revolutionary science and technologies.
UK Space Agency chief executive Graham Turnock said: “The ambition of our LaunchUK programme is for a home-grown market for spaceflight, which will give businesses across the country access to exciting new opportunities.
“This £50m boost from the Industrial Strategy will help the UK Space Agency continue working with the industry to develop new technologies, infrastructure and services, to establish the UK as a world-leading destination for space launch.”
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By GlobalDataThe UK Space Agency is also working with industry partners to increase the country’s share of the global space market from 6.5% to 10% by 2030.
In order to achieve the goal, companies must be able to pursue new and domestic commercial opportunities that provide an improved location for space launch as well as develop a small satellite industry and offer access to in-demand orbits, among others, noted UK Space Agency.
UK Space Agency is also working together with the country’s Department for Transport, Civil Aviation Authority to help legislate a comprehensive regulatory environment for these activities with the Space Industry Bill, which is currently being discussed at the Parliament.
