The London Space Innovation Centre was established at City, University of London in 2020. It acts as a hub for coordinating and promoting multidisciplinary research, education and enterprise projects in space-related fields.
It also facilitates collaboration between academia, industry, and the public sector with a focus on connecting the space sector in London with other sectors and industries.
The global space sector is vibrant and is expected to continue growing strongly with estimates forecasting $1 trillion in annual revenue by 2040.
The sector has made great progress in a relatively short period of time and is now an essential aspect of the engine of the global economy. It has revolutionised capabilities in areas such as climate observation, communication, navigation, national security and tourism.
Space is a great British success story and it is thriving. There is a strong partnership between government, academia, and industry. Space-related organisations are growing in number and generating large economic output.
The sector currently has 6.5% of the global space market and has set itself the target of 10% by 2030. This target requires at least 30,000 new jobs in a sector currently employing 38,000 and underpins approximately £350 billion of the UK's GDP.
The space sector has high productivity representing about 2.7 times the national average. The UK government has already pledged significant investment in the sector due to its profound importance to underpin social and economic wellbeing.