Space

Driven by technological advancements, private sector investment and new government policies, the UK Space Sector has grown by 300% in the past decade and is now worth nearly £17bn per year. This period of rapid transformation offers both opportunities and challenges for businesses across all sectors, as the implications of space recognise no boundaries and touch everyone.

• Opening up new markets and revenue streams in areas such as Earth Observation data, satellite communications and even space tourism.
• Increasing efficiency and productivity across various industries, including logistics and transportation, agriculture, and disaster response.
• Driving us towards a more sustainable future, through monitoring climate change, developing novel renewable energy sources and managing waste and pollution.
• Playing an increasingly vital role in UK Defence, providing secure military communications, missile warning and tracking, navigating and positioning data for military operations and satellite-based intelligence, surveillance and reconnaissance (IST) capabilities.

• Increased cybersecurity threats requiring mitigation through protecting critical space infrastructure from cyberattacks.
• Addressing the growing problem of space debris which threatens to impact satellites and services.
• Navigating an uncertain and evolving regulatory landscape for space activities.
• Attracting and retaining skilled professionals within the space industry.

At KPMG UK, we are well positioned to leverage the expertise and connection into our deep network of partners provided by our global firm, making us leading advisors on international best practice, provision of global market insights, and facilitation of international collaboration. Backed by years of experience, we can offer a different, but highly credible, perspective on the sector’s challenges. We can help you:

1. Stay informed
2. Assess your space readiness
3. Develop a Space Strategy
4. Partner with experts

Over the next few years, a new era of space capability will emerge in the UK from the combined investment of private industry, small start ups, and public government interest in space operations for civil and security purposes, driving down costs, opening up new opportunities and making operating in space more accessible than ever.

Space infrastructure already enables some of the our key services, such as GPS navigation, satellite communications, and remote sensing, which will be advanced by new space technologies, alongside the development of innovative new application areas.

KPMG UK’s Space team are at the forefront of this evolution, backed by our Global expertise, to help businesses navigate the evolving landscape and capitalise on emerging capabilities. The UK’s National Space Strategy focuses on developing capabilities over 5 key areas.

All sectors in the United Kingdom will increasingly be impacted by space capabilities including Earth Observation Data and Communications. KPMG will be at the forefront of helping clients to exploit these capabilities. The scope of possibilities is vast and space technology can be used in unconventional sectors, with prominent examples including: Crop futures traders know the growth of all crops daily, remotely tracking the status of off shore windmills, manufacturing perfect silicon crystals, alloys and pharmaceuticals in orbit.

KPMG must help its clients from all sectors navigate the risks and opportunities that are presented by the development of the UK’s space capabilities.

With the space sector offering vast opportunities in all sectors, the commercial possibilities are equally as big, with the financial perspective offering opportunities and challenges in the era of space commercialisation for businesses throughout the value chain. With a quickly expanding number of startups, with offerings such as commercial space launch services, geospatial intelligence and satellite communications, venture capital firms will play a big role in providing funding and backing for firms looking to establish themselves in the sector and drive commercial opportunities across the space industry. As these firms grow, they will need support with transformation, risk and strategy advice, alongside the core finance and tax services at which KPMG specialise.

Space offers presents collaboration prospects for all partners in space ecosystems, but especially for aerospace primes as they share technology, clients, and payload delivery systems. The difficulties of space exploration mean that ride-sharing is common place, and will only become more prevalent as companies join forces and create multi-functional systems. The Space Primes also present KPMG with vast opportunity, particularly in collaborating and creating partnerships opportunities. Their broad range of services offers KPMG a breadth of opportunities for support as they grow their space capabilities, especially as they invest heavily in new technologies, companies, and regions.

With Defence and National Security a large focus of space activities, it is important for MOD and government departments to remain at the forefront of space development, both in terms of governance and technology. The additional challenge for public sector agencies is preserving national interests and safeguarding critical capabilities. KPMG already assisted in establishing the UK Space Command agency within the RAF, and can offer experience in transforming new strategies to maximise the value that can be obtained from the opportunities that space can offer.