Technologist for Space Exploration, Tony Antonelli. This important one-day event delivered transferable and actionable learnings for leaders and managers of ambitious cross-border teams and companies looking to increase impact in their own sector.


THE EXPANSION OF THE UK SPACE SECTOR In the context of international management and cross- border growth, headline data in the PwC/UK Space Agency report shows the UK is the most attractive destination for private investment in space after the US, outperforming its European competitors. The UK receives 17% of global space investment and


has been the leading destination in Europe – and second internationally behind the US – since 2015. Nine of the largest UK venture capital firms have invested in space since 2015, mainly in Earth observation, manufacturing and satellite connectivity. Craig Brown, Director of Investment at the UK Space


Agency, said: “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.” Today, the sector is diverse, increasingly global and


growing across its downstream (spacecraft-derived data, applications and services), midstream (space operations and management) and upstream (space manufacturing and launch) activities. The UK’s success in attracting international


investment is due to a dynamic industrial base of over 1,500 space companies, says PwC, which has grown on average 23% per year to date. This includes established companies like BAE Systems, Surrey Satellite Technology Ltd (SSTL), Oxford Space Systems and Inmarsat alongside a rapidly growing number of space- tech start-ups. They are built on the UK’s talent pool and attractiveness to international talent, world-leading infrastructure and universities, and access to export markets. Across the UK there are 83 research centres, 64 space-test facilities and 53 universities, including those in the space tech clusters of Harwell, Leicester and Glasgow, “which builds more small satellites than anywhere outside California.” The sector offers a thriving ecosystem of opportunities


for cross-sector learning, with further growth predicted, as the added value of satellite and other space-related technology is harnessed in sectors as diverse as education, healthcare, manufacturing and communications.


SOLVING TODAY’S CHALLENGES FROM SPACE Report co-author Matt Alabaster, partner at PwC Strategy & UK, said the report “shines a light on the substantial contribution that the space industry can make to solving some of our biggest global challenges, from decarbonising our economies to increasing food security and improving access to healthcare,” as well as the scope of the opportunities for supporting services and businesses. “Our analysis shows that there are opportunities


for investors of all stripes; the industry contains asset- light and technology-driven businesses, as well as infrastructure assets and supporting services businesses, all of which stand to benefit from the significant growth


25


of the global space industry.” PwC’s analysis highlights the important role of


the space sector in sharing learnings that will support transitioning to a zero-carbon economy. It estimates that more than 50% of the world’s climate variables are only measurable from space. Satellite communications are also helping the healthcare sector to reach remote regions and supporting more data-driven healthcare. In agriculture too, satellite imagery is being used to inform changing land use patterns that optimise decision- making, harvest volume and food security. Among the pioneers of UK space tech is Joshua


Western, CEO and Co-founder of Space Forge. This highly innovative British aerospace manufacturing company is headquartered in Cardiff, Wales. It focuses on harnessing the benefits of microgravity for specialist manufacturing of pharma and semiconductors and uses carbon-negative technology. “The growth in our company and this sector is


testament to the untapped potential of the UK space ecosystem,” says Joshua Western. “We’ve spearheaded new investment into the UK space sector from homegrown and valued international partners. We are excited to be part of a dynamic and rapidly expanding industry that makes a significant contribution to the UK economy.” “Space is already the hidden linchpin behind our


everyday lives, with nearly one-fifth of the UK GDP underpinned by space-derived data, applications and services,” said CEO of Seraphim Space, a global leader in space-tech investment, Mark Boggett. “The UK plays an important role globally, positioned second only to the US in terms of private investment in space with a 17% market share that will continue to grow as the number of UK and European space start-ups swelled by 50% last year.


“Seraphim is at the forefront of this exciting industry,


generating attractive returns by investing in s space- tech companies that benefit society. As UK space tech ascends, we stand ready to contribute significantly to this exciting landscape: investing in future UK space companies that are set to become global leaders. This is merely the dawn of space tech, and we are thrilled to be part of this exhilarating journey.”


Below: Astronaut Tony Antonelli at the Relocate Global Innovation Festival for Global Working


THINK GLOBAL PEOPLE SPACE


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