The UK is leading the race for space investment in Europe, accounting for 17% of the sector’s global funding.
Globally the UK’s space sector only receives less private money than the US.
“We’ve spear-headed new investment into the UK space sector from homegrown and valued international partners,” said Joshua Western, CEO and co-founder of Space Forge.
“The growth in our company and this sector is testament to the untapped potential of the UK space ecosystem.”
Almost all (95%) of all space investment last year was into revenue-producing businesses.
PwC estimates the world’s space activity will increase up to 11% annually until 2030.
Craig Brown, investment director, UK Space Agency, said: “From today’s satellite communications to the future of orbital assembly, space has taken on an increased significance as a deeply embedded part of the global economy that is poised to grow at up to 11% per annum to 2030.”
The country’s space activity is worth £17.5bn says the report, with the biggest investor in 2022 for UK space companies being space fund Seraphim Capital.
Spaceport Cornwall at the start of the year, played host to the UK’s first satellite launch but ended early as a result of a dislodged fuel filter.
Rocket firm Orbex is currently building another spaceport in Sutherland, Scotland.