The Queen’s Speech has laid out the UK Government's plans for growth in the country’s £13.7bn space industry.
The Space Industry Bill envisages the country to become a destination for commercial space, an important ambition as the UK leaves the EU.
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The government plans to boost the country’s share from nearly 7% this year to 10% by 2030 in the global space sector.
According to the government, the bill will enable small satellite companies in the UK with new options for low-cost 'access to space'.
The legislation aims to deliver a robust economy by generating jobs and putting British business, engineering and science at the forefront of the technology.
It also intends to protect the growth of the space industry, which has been expanding at 8% per annum over the last ten years.
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By GlobalDataADS chair Paul Everitt told BBC: "By paving the way for a UK spaceport and our own rocket and satellite launches, this commitment has the potential to generate significant further growth.
"Our sectors look to the future with confidence, but this is no time for complacency. The government must put renewed energy into industrial strategy, which has delivered real results."
ADS is the trade body for the aerospace and defence firms.
A major concern for the aerospace firms is to have access to trained staff. Engineers can currently come to the UK without restriction but for future growth, frictionless movement of the talent needs to continue from the EU to the UK.
UKSpace chairman Richard Peckham was quoted by BBC as saying: "The UK space industry faces an incredibly challenging time as the country navigates its way out of the European Union.
"For the UK industry to thrive in this new environment, it is essential that the whole sector: government, academia and industry, continue to work in partnership with a steady focus on innovation and growth, with government ready to procure and promote British products and services."
