UK urged to seize space economy opportunities | Cryogenics & Cryogenic Solutions

The UK should act now to secure its place at the forefront of the new global space race, says a UK government-commissioned report out today.

The report, by the cross-party House of Lords UK Engagement with Space Committee, is called The Space Economy: Act Now or Lose Out. It states that space and satellites are transforming lives, and dramatic falls in launch costs, coupled with rapid innovation in satellite design, have opened a new frontier which promises economic, scientific, and security benefits for a range of sectors, including industrial gases, which are crucial to every single space launch.

Among the recommendations to the government are:

• Provide clear strategic direction by publishing detailed, funded delivery plans for national space capabilities
• Prioritise multi-use technologies by investing in systems that serve both national security and commercial growth
• Appoint a dedicated government minister for the sector and a champion to drive cross-government co-ordination and industry engagement
• Reform funding by moving from small grants to long-term procurement that attracts private investment
• Lead in future space regulation by developing agile, forward-looking rules to keep the UK competitive and trusted globally
• Address the space skills gap and establish a Space Skills Taskforce to train the next generation of talent
• Strengthen international partnerships to ensure UK space co-operation is part of foreign policy development
• Champion sustainability and safety by leading global efforts to tackle space debris and protect orbital environments

The report notes that space technology underpins daily life on Earth today, from GPS satellites guiding transport networks and smartphones, to banking systems relying on satellite timing to secure global transactions, to weather satellites supporting farmers. Climate scientists and urban planners use space data to track emissions and design sustainable cities.