On 7 March 2024, the UK Government unveiled its Space Industrial Plan at the Space-Comm Expo, which was attended by Access Partnership. The document outlines a bold strategy to advance the nation’s space industry and solidify its position as a global leader in the field. It outlines key missions, actions, and initiatives aimed at boosting investment, enhancing regulations, and fostering close collaboration between government and industry.
Advancing national space capabilities
Improving the delivery of national space capabilities is a top priority. The plan identifies five initial goals to receive focused support: Space Domain Awareness, In-Orbit Servicing/Assembly/Manufacturing, Space Data for Earth Applications, Position/Navigation/Timing, and Satellite Communications Technology. Additionally, a National Space Capability Development Plan will be completed by autumn 2024 to map out roadmaps for all 22 national space capability goals.
Transforming government-industry partnerships
Transforming the government-industry relationship is central to the plan. It aims to build longer-term strategic relationships with key space companies of all sizes and create conditions for increased diversity and competitiveness among medium and large companies. New initiatives include strategic engagement models, business development tools, a supplier code of conduct, and a “front door” process for defence space needs.
Sustainable regulatory environment
To enhance regulations and sustainable practices, the plan envisions a world-leading regulatory regime that enables innovation while promoting sustainability. Key actions include publishing a Space Regulatory Review in 2024, launching industry-led sustainability standards, and delivering new financial incentives for responsible space operators. It is hoped these actions will contribute to a regulatory environment that provides clarity, certainty, safety, and sustainability.
Boosting investment and financing
Increasing investment and access to finance is another critical component. The government will implement a Private Investment Framework for Space to attract and channel funding into specific capability areas. The Unlocking Space for Investment programme will support SME access to capital, while efforts will be made to establish London as a global space finance hub through joint action with the finance sector.
Increasing adoption of space services
The plan seeks to drive greater adoption of UK space services across various markets and sectors. Initiatives involve funding studies that combine satellite data with other technologies, working with government suppliers to unlock innovative space solutions, promoting open data access, and facilitating joint funding calls with other sectors.
Next steps
By outlining a series of initial new activities scheduled for 2024, the plan marks the beginning of a concerted effort to implement ambitious missions and propel the UK’s space industry to new heights. Collaboration between government and industry will be crucial in achieving these objectives and securing the UK’s position as a space innovation powerhouse.
If you’re interested in hearing more about how the UK’s Space Industrial Plan will affect your business, please get in touch with Declan Dundas at [email protected] and Chrystel Erotokritou at [email protected].
