PwC UK report says the UK leads the European race for Space Investment

Investment experts PwC Uk, a company with offices in Southampton and Reading, released the 'Expanding frontiers: The down to earth guide to investing in space' report which revealed that the UK leads the European Space investment race.

The report, made by PwC in collaboration with the UK Space Agency, highlights that expected global space sector growth is up to 11 per cent per year over the next decade. This is on top of the near doubling of venture capital investments in revenue-generating space companies in the UK between 2015 and 2022.

Encouraging growth in the Space Industry is doubly welcome news for UK space companies, as the report revealed that the UK was a particularly attractive market for venture capital firms. UK space organisations have received investments from at least seven of the most active global investors, and nine of the largest UK-based venture capital firms, including University of Cambridge Enterprise, Octopus Ventures, and Molten.

Director of Investment at the UK Space Agency Craig Brown said: ''This report shines a light on the breadth and depth of space investment opportunities. From today’s satellite communications to the future of orbital assembly, space has taken on an increased significance as a deeply embedded part of the global economy that is poised to grow at up to 11% per annum to 2030.

''As the number of satellites above us increases dramatically, there are even greater opportunities to capitalise on the wealth of data they collect and on the international efforts spearheaded by the UK to keep the space environment safe and sustainable for generations to come.''

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Figures from the recent Size and Health of the UK Space Sector report, which is what the data in the Expanding Frontiers report follows, show that £635 million was invested in UK-based space companies through 34 identified deals - acquisitions accounted for three quarters of the total investment value.

Space sector income increased by more than 5 per cent into 2021, outpacing both the growth of the global space industry in the same period (1.6 per cent) and the general UK economy, which contracted by 7.6 per cent.

Joshua Western, CEO and Co-founder of Aerospace Manufacturer Space Forge, which raised Europe’s largest ever seed round for a space tech company in December 2021, said: ''We’ve spear-headed new investment into the UK space sector from homegrown and valued international partners. The growth in our company and this sector is testament to the untapped potential of the UK space ecosystem.

''We are excited to be part of a dynamic and rapidly expanding industry that makes a significant contribution to the UK economy.''

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