It is estimated that the global space industry could generate revenue of over $1 trillion in 2040. The UK space sector also employs 47,000 people, supporting around 190,000 jobs in the supply chain. With a long way to go, the UK space industry is still a key player on the world stage. With its first rocket launch since 1971 taking place later this year in Newquay, the industry is thriving. The startup and SME landscape in the industry has skyrocketed in both value and scale, making way for increased opportunities for funding and technical support. 

Elon Musk & SpaceX

Over two decades ago, Elon musk burst out of Silicon Valley and has since captivated the world with his business stunts. In 2003, Musk founded electric vehicle manufacturer, Tesla and has since become the CEO, leading all product, design, engineering and global manufacturing of the companies EVs and battery and solar energy products. 

Founded in 2002 by Musk, SpaceX exists to revolutionise the aerospace industry and make affordable spaceflight a reality. It has since gained worldwide attention for a series of historic milestones, including its Falcon 1 being the first privately developed liquid fuel rocket to reach orbit and re-flying Falcon 9 rockets and Dragon spacecraft in 2017. Now, as Lead Designer at SpaceX, Musk oversees the development of rockets and spacecrafts for missions into orbit and outer space. 

Musk has revolutionised the private space sector with his claim that humans must be an interplanetary species to combat the threat of asteroids and potential human catastrophes, including nuclear war. A key blocker to this according to Musk is the lack of reliable, reusable rockets which would significantly reduce the cost of human spaceflight. His experience has attracted millions of dollars of investment from NASA to continue development of rockets and spacecrafts to transport cargo to the International Space Station (ISS).

Adding SMEs into the equation

In today’s world, it’s feasible for even small startups to make a monumental impact with innovative space technologies. Governments have made a noticeable effort to create the conditions for a robust private sector space presence with investment in R&D of foundational technologies and purchasing the goods and services of these space ventures. Stakeholders across industry and public sector have been brought together to shape standards and define best practices in the hope that space will be a sustainable and reusable environment for today, and tomorrow's generations. 

Last month, the Department of Business, Energy and Industrial Strategy launched a huge space technology funding boost which will also help slash carbon emissions, enhance the country’s security and turn the UK into a science superpower. The government also announced the appointment of David Morris as Space Chief, whose biggest priority is bringing SMEs into the supply chain and bringing them closer to working with the Government.

There are thousands of SMEs contributing to bigger space and defence companies, and it's vital to support them. Ranging from suppliers who build components, to the critical centres in universities working on new concepts and attracting funding, SMEs can grow into the next SpaceX. SMEs need recognition through contract procurement with the government, which is what the All-Party Parliamentary Group (APPG) for Space was set out to achieve.

Morris’ key job then is to identify and support SMEs in the UK space sector, and bring them together with the government.

Not too long ago, SpaceX was considered a startup itself, now 16 years after it unveiled its first spacecraft, Dragon, SpaceX continues to take the space industry by storm. The UK space industry can learn from the likes of Elon Musk and SpaceX. However, SpaceX isn’t the only company making huge changes in the industry.

This decade is different

It’s clear the space economy is booming. Having undergone an enormous change over the last 10 years, greater opportunity has been created. Startups not only have better access to funding, but also increasingly easier access to technology. Visions for a thriving space economy have existed since the 1960s and so far have been generally unmet. This decade is different. Finally, the industry can benefit from private capital, risk tolerance and a motive for profit, with plenty of private companies looking to send people to space. The industry has truly begun seizing the opportunity.