Scotland to target £4bn share in global space market, aiming to lead Europe

Scotland to target £4bn share in global space market, aiming to lead Europe

Richard Lochhead

Innovation Minister Richard Lochhead will tell a gathering of potential investors meeting in Edinburgh today that Scotland’s cutting edge space industry can lead Europe.

He will set out Scotland’s ambitions, which include capturing a £4 billion share of the global space market, to the UK Space Agency’s Space Investment Forum. Businesses could employ 20,000 within a decade in sectors from manufacturing small satellites to supporting rocket launches.

SaxaVord Spaceport in Shetland is in line to host the UK’s first vertical launch later this year. Customers for small satellite launches have signed up from the US and Europe.

Mr Lochhead said: “We have big ambitions to be Europe’s leading space nation. The sector could be worth £4bn and employ 20,000 people, that’s why space is one of the key industries the Scottish Government has pinpointed as an economic priority.

“Recent developments mean we are, quite genuinely, on the cusp of something new and exhilarating. We are ideally located for launching satellites into orbit and projects at SaxaVord and Sutherland are progressing well.

“Our biggest city, Glasgow, hosts a thriving satellite manufacturing hub and our space supply chain is working flat out to grasp the transformational opportunities presented.”

He continued: “These range from developing zero emissions rocket launches to using data generated from space to tackle climate change. Space opens a window that allows mankind to observe our world with ever greater clarity.

“Scotland has set some of the most ambitious targets for cutting emissions anywhere. The space industry can propel our green and growing economy to new heights.”

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