From the Enlightenment to world-changing inventions, Scotland often punches above its weight. So it is of little surprise - but also lots of pride - that our nation is playing a leading role in the global space sector, currently generating £180 million in income per year.
The global space market is expected to hit US$1 trillion by 2040 and Scotland's space sector is on a remarkable trajectory to capitalise on this new physical and economic frontier. With over 150 companies employing more than 8,000 people, the industry has already become a critical driver of innovation, economic growth, and job creation.
However, as global competition intensifies and the technological challenge increases in complexity, the continued success of Scotland's space industry should not be taken for granted.
The sector has enormous growth potential, but it is also a capital-intensive industry. Refining and scaling technical innovation to be commercially viable is an expensive undertaking in any industry. Add building and launching rockets to this and the costs can be sky high.
To maintain and build on the momentum of Scotland’s space industry, sustained, long-term investment is essential. There will be hurdles to overcome. A great degree of patience - and patient capital is required.
The Scottish National Investment Bank is looking forward to attending the premier global space industry event, Space Comm Expo, on September 11 & 12. This event is to the commercial space sector what the Cannes Film Festival is to the film industry - a premier, unifying moment for key players to come together - and this year it takes place in Glasgow.
This is more than just a showcase. It is an opportunity to reaffirm Scotland’s commitment to staying at the forefront of global space technology and attracting the global investment needed to match our ambitions.
As Scotland’s development bank, the Scottish National Investment Bank exists to provide patient, long-term capital for businesses and projects that support the development of a fairer and more sustainable economy. As an impact investor, we can take a longer term, innovative view on emerging and developing sectors such as this one . We have been an early and sustained investor in Forres-headquartered orbital launch company, Orbex. In layman’s terms, Orbex builds and launches rockets carrying satellites into space. But the company is unique in developing environmentally sustainable rocket technology, using renewable biofuels to power its rockets. This was one of the key elements of interest and alignment to the Bank. Orbex’s approach aligns to our mission to scale up innovation to improve our economy as well as our mission to support our net zero transition.
By harnessing our skilled workforce, world-class research institutions, and a collaborative funding ecosystem, Scotland has emerged as a leader in areas such as small satellite technology.
The technologies being developed in Scotland's space sector have the potential to address some of the most pressing challenges facing our planet. As we welcome the global space community to Glasgow, let’s reaffirm our commitment to leading in space technology. With the right investments, Scotland can continue to push innovation and sustainability, on the global stage.
Nicola Douglas is Executive Director at the Scottish National Investment Bank
Agenda is a column for outside contributors. Contact: agenda@theherald.co.uk
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