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<p>The UK Space Agency publishes regular assessments of the size and health of the
UK space sector. In 2014/15 it was worth at least £13.7 billion and has grown at an
average 8% per year over the last decade - three times faster than the average non-finance
sector over the last five years. Global small satellite launch and servicing could
exceed £25bn in revenues over 20 years.</p><p>The Government is committed to grow
the UK’s share of the global space market to 10% by 2030. As part of this, the Space
Industry Bill will lay the foundation for a new commercial market for small satellite
launch and sub-orbital spaceflight in the UK. Manufacturing, engineering and other
businesses around the country stand to benefit from new value chains for launch vehicles
and components, spaceport infrastructure, and related services in the skills, logistics,
finance and tourism sectors. Low cost and reliable access to space will also help
to grow the UK’s world-leading small satellite sector. Our regional LaunchUK events
are demonstrating strong industry interest, including in Northern Ireland’s important
specialist manufacturing sector.</p><p>More information is available in the Impact
Assessment for the Modern Transport Bill (now the Space Industry Bill), published
at <a href="http://www.legislation.gov.uk/" target="_blank">http://www.legislation.gov.uk</a>.</p>
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