Britain is the second most popular destination for space investment after the United States | WUGT News Business


Britain is the second most popular destination for space investment after the United States

Britain is the second most popular destination for space investment after the United States

PwC and UK Space Agency have released a new report that sheds light on the importance and growth of global space industry. It shows that Britain is the second most attractive country for space investment.

Posted by on May 19, 2023 616

Recent news has shown impressive developments in Artificial Intelligence (AI). Demis Hassabis, CEO of Google DeepMind, said that "artificial general Intelligence" (AGI) with human-level AI could be available soon.

The British government is focusing on technology to keep the economy competitive in the increasingly competitive global order. The British government has stated that they want to cement Britain's position as a global science and technology superpower by 2030.

The British government has announced its intention to create an "expert task force" in order to ensure Britain's competitiveness in global AI development. It will also ensure AI development is safe by acting as "a worldwide standard-bearer for AI security".

The space sector is also on the agenda. According to Craig Brown of the UK Space Agency, a report produced by PwC and the UK Space Agency "sheds light on the breadth of space investment opportunities".

The space industry is becoming increasingly important globally, with a global value of $469 billion, mainly due to the commercial market. The global space ecosystem is expected to grow by up to 11% annually until 2030. According to the executive summary, however, "earth-observation, satellite communications, and connectivity" is expected to grow faster than in other areas.

Around 5000 satellites are active and contribute to the international economy of space. By 2030, however, a dramatic increase in the number of satellites is expected. The global economy will only become more dependent on space systems and satellites.

According to estimates, the space industry contributes PS370 billion (18% of British GDP) per year. This includes "government, noncommercial (universities and other research institutes), and commercial organizations. The space sector is therefore a key element of the British economic system. The British economy is important in the global space industry.

The report by PwC & UK Space Agency shows how Britain is a leading destination for space investment. Private capital investment in the space sector has risen by 21 percent annually on average since 2015. Britain is second to the US in receiving 17 percent of these investments.

Seraphim Capital's headquarters is located in Britain, which is a "leading fund" for space. Their mission is "to identify, support and grow SpaceTech companies in the early stages of their life cycle from inception through to exit".TypeOne VC is a US-based space and deep tech investment fund with offices in Britain. TypeOne VC envisions a "future civilization that is not just self-sufficient, but also interplanetary".The British economy is also attractive to venture capital firms.

The British government published its "National space strategy" paper in 2021. The paper articulated an objective to build "one of most innovative and attractive spaces economies in the world".

The government considers innovation in space technology to be of great importance for the future prosperity and quality of life of Britain. It also sees it as a "growingly important arena of competition among states".

In the Integrated Review Refresh 2023, an update to the IR2021 document, Russia is mentioned as having conducted a "direct-ascent antisatellite missile test (ASAT)" in November 2021. According to the National Space Strategy (NSS), anti-satellite weapons are one way that Britain's "potential rivals" "are developing capability that will put our people and equipment at risk, as well as our information networks".

In order to promote responsible space activities within the international system the British government has committed to not test "direct ascent (DA-ASAT), missiles" in October 2022. Anti-satellite weapons can cause space debris, which can put the functioning of the space system at risk. According to the Foreign, Commonwealth & Development Office (FCDO) and UK Space Agency, testing anti-satellite weapons "can be definitively regarded as irresponsible".

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