6-7 March 2024

Farnborough International Exhibition & Conference Centre

Research Results: The UK space industry calls for a larger focus on skills gap to support growth

Research Results: The UK space industry calls for a larger focus on skills gap to support growth

12th February 2024

Professionals within the UK space industry have called for more government support and a closer look at how the sector is going to solve the skills shortage issue.

Taking part in Space-Comm Expo’s annual industry survey, respondents shared their insight on how the industry is evolving, the biggest challenges and upcoming opportunities.

Growth is still high on the agenda for the industry, with 87% of those surveyed anticipating a revenue growth of up to 50% in the next 12 months, with the majority expecting their revenue to increase steadily between 11 and 20%.

When asked what’s keeping them up at night, the skills shortage across the industry was high on the list, followed closely by the lack of financial support and investment and the need to fix the supply chain issues troubling the industry. However, the overall tone is positive, with the industry feeling optimistic at the increased investment and focus on the vast industry skills gap promised by the government moving forward. In addition, they are hopeful that lowered barriers of entry to the market from start-ups and SMEs will support new technology, components and innovations entering the market.

According to the respondents, made of space professionals from the manufacturing, communication and finance sectors of the industry, the biggest trend over the next 12 months is the development of partial to fully reusable launches. Not only is this more sustainable for the environment, but will mean lower launch costs, enabling the businesses developing the technology to keep testing without starting from scratch and allow more scientists to learn and test new ideas.

With the borderless nature of space, defence is becoming a much larger discussion point across the industry. While a majority of those surveyed (67%) are currently involved with the defence sector or moving into it, only 6% of respondents feel defence’s role in space is clearly defined. One thing that was clear, there is a demand from the space industry to work closer together, with more than 60% of the professionals that took part in the survey believing that a higher level of collaboration between the space and defence industries is needed.

The place for space to do business, Space-Comm Expo, taking place 6-7 March 2024, brings together decision-makers across the supply chain to further the commercial space sector with future-altering partnerships and hear from world-renowned experts on the immediate opportunities and challenges, including the above, facing the industry.

Don’t miss out. Click here to register for your free place for you and your team.

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