The race to dominate the space economy is no longer the stuff of science fiction, but the defining economic and technological challenge of the 21st century.
Recognizing that space is more than just exploration, it also powers life on Earth itself, countries around the world are investing billions of dollars to secure their place in orbit.
From satellites that enable global banking and weather forecasting to data that helps farmers manage crops and scientists track climate change, space technology is now powering the systems that keep the world running.
Against this backdrop, a new report from the House of Lords UK Space Committee warns that the UK must act decisively or risk losing its advantage.
The report, entitled ‘Space economy: act now or lose’, calls for urgent government action to ensure the UK becomes a world leader in this fast-growing global market, estimated to be worth more than $1 trillion within the next decade.
The message is clear. Space is an important and rapidly growing field that supports our economy, national security, and future prosperity.
If the UK wants to shape the rules, reap the benefits and inspire the next generation of innovators, it must act now to cement its place at the forefront of the space economy.
Lower costs, higher possibilities
Once a world of astronauts and distant rockets, space now supports everyday life on Earth.
From GPS navigation and global banking to weather forecasting and climate monitoring, satellite technology is a critical backbone of modern civilization.
Dramatic reductions in launch costs and advances in satellite design and data utilization have opened unprecedented opportunities for innovation, industry, and security.
The report highlights that the space economy offers significant growth potential for the UK. Future breakthroughs could include manufacturing medicines in microgravity, building solar power plants in orbit, and using satellite data to develop greener, smarter cities.
UK space industry: strengths and challenges
The Rhodes Committee has praised the UK’s existing space sector as a “success story” built on world-class engineering, scientific excellence and innovative start-ups.
But he warns that ambition alone is not enough. Despite the National Space Strategy 2021, which outlines plans to make the UK a major space power, progress has been inconsistent.
To maintain momentum, the Commission calls for a coherent national strategy, underpinned by clear leadership, investment and reform.
It argues that with a unified vision and smart funding model, the UK can not only compete in the global space economy, but also lead.
Key recommendations from the report
The committee’s key recommendations include:
Strategic Direction: Publish a detailed and fully-funded plan for national space capabilities. Leadership: Appoint a dedicated Space Minister and Space Champion to coordinate efforts across government and industry. Investment reform: A shift from short-term subsidies to long-term procurement strategies that attract private investment. Regulatory innovation: Developing agile and forward-looking space regulation to help the UK remain globally competitive. Skills and Talent: Create a Space Skills Task Force to fill the growing space skills gap. Sustainability and Safety: Leading international efforts to tackle orbital debris and ensure long-term access to space. Global partnerships: Put space cooperation at the heart of UK foreign policy to strengthen our partnerships and market reach.
strategic imperative
Leading the space economy is a matter of national resilience, scientific progress, and economic strength.
Sovereign launch capabilities, satellite infrastructure, and international partnerships are now essential to national security and global competitiveness.
The report calls on the UK government to clarify its position on key initiatives such as the EU’s Galileo navigation system and define commercial opportunities for UK-based launch vehicles and spaceports.
The UK faces a pivotal moment as countries around the world accelerate investment in orbit.
Committee Chair Baroness Cathy Ashton added: “Only the most strategic and forward-thinking countries will be able to reap the economic and scientific benefits of this new space age.
“With the right leadership, coordination and investment, the UK can be there. Space is transforming the world and our report finds a lot of positives. The UK must play a role in leading that change or risk being left behind.”
We urge you to act before it’s too late
The message from Congress is clear. It means the UK has the expertise, ambition and industrial base to lead the space economy. But to seize that opportunity, we must act now through bold leadership, strategic investment, and international cooperation.
If we do, the benefits will extend far beyond orbit, strengthening our economy, strengthening our national security, and inspiring future generations to look to the stars.
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