Space industry can become Britain’s ‘economic engine’: Lockheed Martin

Lockheed Martin said Britain’s space industry has the potential to fuel faster economic growth, with the US aerospace company planning to work with UK firms and universities to meet growing demand for rocket launches and satellites, reports Bloomberg.

“Space is just going to continue to increase in terms of the demand signal,” said Lockheed Martin Space President Robert Lightfoot on Wednesday during an interview at the Farnborough International AirShow. British companies could “fill the void” in parts of the space sector’s global supply chain, which is still struggling to meet demand after Covid.

Lockheed has already invested GBP15 million ($19.4 million) into Northumbria University in Newcastle, northeast England, for research and technology in an effort to spur the UK’s space workforce. Lightfoot didn’t rule out Lockheed tying up with other universities in the country.

The defense giant plans to launch demonstration missions from SaxaVord Spaceport in the Shetland Islands, Scotland, with ABL Space Systems in the near future. Lightfoot said the spaceport provides a chance for the company to develop business in the north of the country.

“We’re looking at different companies, different universities to build that infrastructure,” he said. “I want space to be an economic engine for the UK.”