The UK space sector could soon expand due to recent forecasts that the global market will reach £400 billion by 2030, the Space Innovation and Growth Strategy 2010 – 2030 report has predicted, which c

The UK space sector could soon expand due to recent forecasts that the global market will reach £400 billion by 2030, the Space Innovation and Growth Strategy 2010 – 2030 report has predicted, which could interest hedge funds.

Richard Peckham, chairman of UKspace and business development director for Astrium Limited, has claimed that this will encapsulate a wide variety of different industries.

He described the sector as being divided between the upstream sector - hardware and software used in space infrastructure such as satellites - and downstream developers, who work on the applications which are used by these.

Key areas that could be stimulated by the forecast sector growth include the electronics, software and IT sectors.

Mr Peckham advised hedge funds that the majority of growth will be witnessed by the downstream, which typically remains between five and ten times bigger than the upstream industries.

In 2007, the UK space sector achieved revenues of £5.9 billion and contributed £5.6 billion to UK GDP.