pwc -释放航天领域的商业增长 下一章的战略考虑 Unlocking commercial growth in the space sector Strategic considerations for the next chapter

2026

Unlocking

commercialgrowthinthespacesector

Strategicconsiderationsforthenextchapter

2PwCUnlockingcommercialgrowthintheUKspacesector|Executivesummary

Executivesummary

TheUKspacesectorisataninflectionpoint.

Spacedemandisrising,primarilydrivenbythedefencesector,arenewedfocus

onnationalsecurityandtheneedfor

sovereigncapabilities.However,thereisariskthatthispullsfocusfromcommercial(non-defence)growthopportunities,1

particularlyinthenearterm.Commercialspacerevenuesremainfarfromthe

totalmarketorenabled2revenuefigurescommonlyquoted,3wideningthe

credibilitygapwithinvestors.Atthesametime,AIdisruptionisexpectedtoshakeupthespacevaluechainandpotentiallygeneratemoredemand.ThismayincludeplainEnglishpromptsdeliveringpowerfulgeospatialanalyticsinfamiliartools.

TheneedforchangewashighlightedintherecentHouseofLordsEngagementwiththeSpaceCommitteewhich

recognisedthatthespacesectorhasto‘actnoworloseout.’4

Againstthisbackdrop,wepresent

suggestionsforacceleratingthegrowthoftheUKcommercialspacesector.

Weconsiderfourcriticalquestionsforthesector.

1.Commercialspacesector:spaceproductsandservicessolddirectlytopayingcustomersonamarketbasis.Itexcludes

activityfundedmainlythroughdefenceorcivilgovernment

budgets,evenwheretheunderlyingcapabilitiesaredualuse.

2.Enabledrevenue:therevenuecreatedinothersectorsthroughtheuseofspace-basedservices.Thisisdistinctfromtherevenuecaptureddirectlybyspacecompanies.

3.Refertoouranalysisinquestion1,primarilybasedontheWorldEconomicForumreport“Space:The$1.8TrillionOpportunityforGlobalEconomicGrowth”

/docs/WEF_Space_2024.pdf

4.

https://committees.parliament.uk/committee/773/uk-

engagement-with-space-committee/news/210034/government-

needs-to-take-action-if-uk-is-to-be-a-winner-in-new-race-for-

space/

5.Zombiefirms:companiesthatsubsistratherthangrowor

createmeaningfuleconomicvalue.Inthispaper,thetermreferstofirmsthatmaytieuptalentandcapital.Seequestion3below

6.

https://committees.parliament.uk/writtenevidence/140511/html

UnlockingcommercialgrowthintheUKspacesector|ExecutivesummaryPwC3

Keyquestionsandactionstounlockcommercialgrowth

1

2

3

Whereisthecommercialspacemarketreallygoing?

•Defence-leddemandisreshapingcommercialbusinessmodels

•Thetrillion-dollarheadlinemarketsizeorenabledrevenuestoryisnottherealrevenuestory.Thisresultsina

forecastversusrealitygap

Action:Adoptrealisticmeasuresofcommercialhealth.Trackprofitability,commercialcontractvolume,renewalsandexports.

Shouldwerethinkhowspacereachesitscustomers?

•Customersbuyoutcomessuchasfasterinsuranceclaimsorverifiedemissions.Theydonotbuysatellites

•Adoptionhappensinsidethetoolsandplatformsthatbuyersalreadyuse

Action:Focuseffortsonembeddingspacecapabilitiesintoexistingsystems.Prioritiseintegrationintocorebusiness

systemssuchasrisk,assetmanagementandcompliancetools.Designforintegration,notdemos.

Isindustryfragmentationunderminingscale?

•Fragmentationconstrainsgrowthandtheproliferationofsmallfirmsmaylimitthesector’sabilitytoscale

•Zombie5firmsaresubsistingratherthangrowing,potentiallytyinguptalentandcapital

Action:Pursuemarketconsolidationandalliancestrategy.Forexample,mergersandacquisitions,cross-sector

partnershipsandverticalintegration.

4

WillAIeatthespacesector’slunch?

•AIisreshapinghowspaceservicesarebuiltand

delivered.Itcanspeedupdesignandoperationsandenableon-orbitprocessingthatsendsactionable

informationratherthanrawpixels

•Bigtechisenteringfast,bundlinggeospatialAIinto

cloudplatformsandassistants.Demandmaygrowbutcompetitionwilltightenforfirmswithoutstrongdata

rightsoraccesstoendusers

Action:SetaclearAIstrategy.Decidewheretopartnerandwheretocompete.Protectdatarightsandcustomerrelationshipsandbuildtrustedoutputsthatplugdirectlyintoexistingtoolsandworkflows.

Thefollowingsectionsdiscussthesequestionsindetailandarebasedonouranalysisofkeymarketsignals.Weconcludethat,tounlockgrowthinthecommercialspacesector,itiscriticaltochangethenarrative.

Commercialspacerevenueshouldbeclearlydefinedtogivearealisticstartingpointratherthanrelyingontrillion-dollarmarketpotentialheadlines.Ourcalculationsshowthatcommercialrevenueisonlyaround6%ofUKspacesectorrevenue(refertoquestion1,below).Tracking

commercialsectorhealthusinguniversallyunderstoodmetricscoulddirectefforttothemostimpactfulareas.

Addressingtheforecastvsrealitygapwillenable

commercialspacefirmstobuildcredibilitywithinvestors.Firmsarelikelytoincreasetheirchancesofhittingtheircommitmentsiftheybasethemonarealisticappraisalofmarketopportunitiesandchallenges.

Howcustomersbuyiskey:theybuyresultsratherthan

satellites.Commercialspacefirmsthatfocusontechnologyinisolationmayfinditdifficulttogrow.Itisoftenthe

customer-centricratherthanthemostadvancedsolutionthatwins.

Scaleiscriticaltogrowth.TheUKspacemarketishighlyfragmentedwithonly1.6%offirmsscalingoverthelast10years.6PursuinginitiativesthatdrivemarketconsolidationcouldunlockgrowthandenabletheUKtocompete

internationally.TheUKcouldalteritsspacedefenceprocurementapproachtomaximisethechancesofitactingasacatalystformarketconsolidationand

commercialgrowth.

AIisbothanopportunityandathreattocommercialspacefirms.Ontheonehand,prompt-drivengeospatialanalyticsmaylowerdownstreambarriersandincreaseoverall

demand.Ontheother,customersmayincreasinglyboltonspaceservicestotheirexistingbigtechrelationshipsand

edgeoutsmallspecialists.AclearstrategytoaddressthepotentialimpactofAIonsolutionsandcustomerbuying

behaviourwillbekeyforcommercialspacefirmstoprosper.

Theintentionofthepaperistoshareourperspectiveandstimulatediscussiontobenefitthecommercialspace

sector.WethanktheUKSpaceAgencyfortheirreviewandsuggestions.

01

4PwCUnlockingcommercialgrowthintheUKspacesector|Contents

Contents

01

Question1

Whereisthecommercialspacemarketreallygoing?

02

Question2

Shouldwerethinkhowspacereachesitscustomers?

03

Question3

Isindustryfragmentationunderminingscale?

Question4

04

WillAIeatthespacesector’slunch?

5

11

17

23

Question1

Whereisthecommercialspacemarketreallygoing?

6PwCUnlockingcommercialgrowthintheUKspacesector|Question1UnlockingcommercialgrowthintheUKspacesector|Question1PwC7

•Isthetruescaleand

commercialhealthofthe

‘newspace’economy

distortedbyheadline

figures,marketperceptionsandpublishedreports?

•Ifthisdistortionispresent,whatistheimpactonthecommercialspacesector?

Whatdowemeanbythecommercialspacesector?

Thecommercialspacesectorcomprisesspaceproducts

andservicessolddirectly

topayingcustomersona

marketbasis.Itexcludes

activityfundedmainlythroughdefenceorcivilgovernmentbudgets,evenwherethe

underlyingcapabilitiesaredualuse.

Thissectionlooksatthe

globalpicturefirst(market

signalsAandB),followedbytheUK(marketsignalC).

MarketsignalA:Therealitybehindtrillion-dollarheadlines

Theglobalspaceeconomyisforecasttoreacharound$1.8trillionby2035.7

Demandisanticipatedfrommultiplesectorsincludingagriculture,insurance,

supplychainandenergy.Buthowdoesthecommercialrealityforspace-sector

firmsstackupagainsttheseheadlines?

Totestthis,wewillusestatisticsfromtheWorldEconomicForum(WEF)2024SpaceInsightReport:8

$630billion:estimatedrevenueofthetotalspaceeconomyin2023.

$300billion(48%)ofthisis

enabledrevenue,whichWEFreferstoas‘reach’.

•Enabledrevenueistherevenue

generatedinothersectorsthroughtheuseofspace-basedservices.

Thisislikelytobedistinctfromthevaluecaptureddirectlybyspace

companies.Forexample,alogisticscompanymayderivesubstantial

valuefromsatellitenavigationdatabutthisdoesnottranslateinto

proportionalrevenueforthe

spacesector.Otherexamples

includesmartphoneapplications,fintechapplicationsand

rideshareplatforms.

$330billion(52%)isbackbonevalue

•Backbonerevenuerepresentsthepartoftheeconomythatdoes

showupinthespacevaluechain.

•$205billioncommercialbackbonerevenueistheremainderafter

removingstate-sponsoredcivilanddefence;$59billionand

$66billionrespectively.

Thefollowingtablebreaksdownthat$205billionintofinerdetail:

Category(Commercial)

Revenue

$Bn(2023)

Notes

Communications

133

103consumersatelliteTV&radio

Positioning,navigationandtiming(PNT)

47

40PNTreceiverhardware

Earthobservation

2

Others

1

Servicesandenduserequipment

183

Vehiclesandsatellitemanufacturing

17

Launchsitesandoperations

2

Groundhardwareandoperations

2

Others

1

Infrastructureandsupport

22

Total

205

Table1.WEFspacerevenuein2023

However,thisfigureispotentially

misleadingintermsofthesizeofthespaceindustry.Itmaybeappropriatetoremovetwofurtherelementswhenconsideringthecommercialspace

opportunity.NotethatthisisPwC’sinterpretationandnotafindingoftheWEFreport.Ifwesubtract:

Communications—satellite,TVandradio:$103bn

•BroadcastTVandradioarein

structuraldeclineduetocord-

cuttingandstreaming.9Revenuesremainsignificantbutmaybe

bookedbyterrestrialservice

PwChasledmultipleindustry

engagementsovertheyears.These

engagementshaveconsistently

highlightedalimitedunderstanding

ofwhatthetrillion-dollarspace

economyfiguresrepresent,asseen

inFigure1(indicativeonly).Thislimitedunderstandingislikelywidespread

andmayapplytoasignificant

proportionofkeystakeholdersacrossgovernment,investorsandeven

withinthespacesector.

Sowhat?Thislimitedunderstandingrisksunderminingindustrycredibilityifhugeheadlinefiguresareused

indiscriminately.Investorandsectorconfidencecanbeerodedifthe

industrycontinuestopromotea

trillion-dollar“enabledrevenue”

narrative,whilstthevalueofactualsalestonon-spacecommercial

customersremainslow.

Towhatextentdo

government,investors

andoperatorsshare

aclearunderstanding

ofwhatthetrillion-

dollarspaceeconomy

figuresinclude?

providersratherthansatelliteoperators.Forspacefirms,thesegmentofferslimitedgrowthandshrinkingstrategicvalue,withcapacityincreasingly

repurposedforbroadbandconnectivityorphasedout.

PNT—receiverhardware:$40bn

•Receiverrevenuemostlyrelatestodevices(e.g.smartphones),soitisnotreceivedbyspacefirms.

Limitedunderstanding-64%Generalunderstanding-18%Mixedunderstanding-18%Strongunderstanding-0%

Figure1.Snapshotpolltakenduringoneofourpublicspacewebinars,202510

$62billionisthecommercialspacerevenuefigureweareleftwith.Thisrepresents~10%ofthe$630billionheadlinefigure.Ofthis,themuch-

toutedearthobservation(EO)sectorisonly$2billionwhichis0.3%oftheheadlinefigure.

Thisanalysisindicatesthatcommercialspacerevenueisafractionofthe

headlinefiguresthatareoftenquoted.Italsoillustratesthatthepictureisacomplexone.

Aligningambitionwithaddressable

revenueandclosingtheexecution

7.

/docs/WEF_Space_2024.pdf

,page4

8.

/docs/WEF_Space_2024.pdf

,page48

9.

.uk/siteassets/resources/documents/research-and-data/

multi-sector/media-nations/2025/media-nations-2025-uk-report.pdf

10.Spacewebinarcoveringquestion1hostedbyPwCandtheUKSpaceAgencyonNovember25th,2025.Estimatednumberofpollrespondents:c.20(indicativeonly).

gapwillbecriticaltosustainingsectorcredibilityandattractingthecapital

requiredforscale.

8PwCUnlockingcommercialgrowthintheUKspacesector|Question1

MarketsignalB:

Mismatchofinvestment,forecastandreality

Thecommercialspacesectorisa

morechallenginginvestmentprospectthanitwasjustfiveyearsagoin2021.Forcontext,considerthisquoteon

thespace“SPAC”11boom:

“

Thepeakyearwas2021,when28transactionswithcombineddiscloseddealvolumesof€8.6bnwere

launched.Sincethen,

dealvolumeshavefallento€2.3bnover21dealsin2022andjust€727mover23dealsin2023.12

11.SPAC:SpecialPurposeAcquisitionCompany,oftenformedtoraisecapitalthroughanInitialPublicOffering(IPO).Severalspacecompanieshaveused

SPACstolist.

12.

/insights/mergermarket/spacetech-hype-falls-to-

earth-but-sector-could-still-fly-high-snapshot/

13.

/content/news/satellite-based-earth-

observation-market-strong-growth-and-fierce-competition

14.

/insights/mergermarket/spacetech-hype-falls-to-

earth-but-sector-could-still-fly-high-snapshot/

15.

/2023/10/12/investing-in-space-a-reality-check-on-

spac-frenzy-revenue-projections.html

16.

https://www.espi.eu/wp-content/uploads/2025/06/Space_Venture_2024.pdf

17.

/finance/2025/02/28/rocket-lab-q4-record-

revenue-neutron-delay-and-a-new-constellation-sat-offering/

18.

/the-trillion-dollar-question/

19.Wenotethat,althoughthedefencesectormaybeattractiveatfacevalue,firmsthatdonothaveanestablishedroutetothedefencemarketmayface

challengessuchasprocurementrulesandtimelines

20.PwCSpaceCFOSummitin2025,note–20attendees,smallsamplesizelimitstheinferencesthatcanbedrawn

Inthespacesector,thereappearstobeageneralmismatchofinvestment,forecastandreality.

Wediscusseachinturnbelow.

01Revenueandinvestmentmismatch

Arelativelylargenumberoffirmsarecompetingforrelativelysmallslicesofcommercialspacerevenue.13Thismaybe

particularlytrueintheareasofearthobservationandlaunchservices.Thisfollowsawaveofinvestmentpremisedon

addressablemarketexpansionthathasnotyetmaterialisedatscale,aswellasdeclininginvestmentactivity.14

02Forecastrevenue:Oncebitten,twiceshySomesignificantspacecompanieshavebeenunableto

hittheirrevenueforecasts15andthe2021–2023investmentdropactsasa“realitycheckforphenomenasuchas

theSPACboom.”16Theforecastversusactualcredibility

issueremains,eventhoughcertainfirmshavedelivered

groundbreakingtechnologyandachievedrecordrevenue.17Ourmarketengagementindicatesthatinvestorsarenow

moredisciplined.Theyplacegreaterweightoncrediblemarketsizing,realisticadoptiontimelinesandevidenceofgo-to-marketexecution.Vision-lednarrativesno

longersuffice.

03Theforecastingcredibilitygap

Industrystakeholdersmayoverestimatethenear-termsizeofcommerciallyaddressabledemandand

underestimatethefrictioninvolvedinadoption.18Amongstthe20spaceCFOsweengagedduringourSpaceCFO

Summitin2025,thereweremanyexplanationsformissedforecasts.Theseincludedoverestimationofmarket

readiness,underestimationofsalescycles,weakgo-to-marketdiscipline,over-relianceongrantfundingandtheoperationalcomplexityofscalingspace-enabledservices.

Sowhat?Commercialspacerevenueishardto

realise.Defenceismuchmoreattractive,givenrecentgeopoliticaleventsandspendpatterns.19ReturningtoourCFOsummit:20

ofrespondentsidentifieddefenceastheprimarydriverofindustryrevenuegrowthoverthenextthreeyears

95%

However,thisriskssideliningthecommercialspacesector.Firms,worndownfromattemptstosecurefundingand

deliveragainstaggressivecommercialrevenueforecasts,focusinsteadonthelowerfrictiondefencesector.

UnlockingcommercialgrowthintheUKspacesector|Question1PwC9

MarketsignalC:UKcommercialreality

Inmanyways,theUKspacesectorisasuccessstory.

Whenwelookatspacesectorrevenueasaproportionofgovernment

investment,theUKhaspunched

aboveitsweightincomparisonto

peercountries.Forexample,using

OECDfigures21theUKhasaratioofaround25:1forspacesectorrevenuetogovernmentinvestment,whereasFranceandGermanyhave5:1and

1.5:1respectively.

ThesefiguresarefromUKSpace

Agency’s‘SizeandhealthoftheUKspaceindustryin2024’22

•£18.6bnsectorincome

•55,550employees

•£454bn,18%oftotalUKGDP

issupportedbysatelliteservices

AsmaybeexpectedgiventheanalysisinmarketsignalA,ourinterpretationisthatthesefiguresdonotnecessarilyindicateasignificantcommercial

spacesector.Table2belowbreaksdowntheUKspaceindustryincome,

excludingDTH(DirecttoHome)broadcasting,whichaccountsfor£8.9bnofthe£18.6bn.DTHbroadcasting,whilesignificanttospaceincome,isnotasourceofgrowth.In2023/24,“DTHoccupiesasimilarshareofUKspaceindustryincomeasreportedfor2016/17.”23

Capability

2022/23(£m)

%share

SatelliteCommunications(incl.broadcasting)

4,161

43%

Defence/Military

1,583

16%

Positioning,Navigation,Timing(incl.GNSS)

1,146

12%

Generictechnologies/componentsthatenablespacecapabilities(e.g.AI)

869

9%

EarthObservation(incl.Meteorology)

857

9%

Others

1,093

11%

Total

9,708

Table2.UKspaceindustryincome2022/23(SizeandHealthoftheUKSpaceIndustry2024)

Table2indicatesthat:

•Directcommercialrevenueislimited.Ifweapplyasimilarapproachto

MarketsignalA,roughly£1.1bn24ofthe£18.6bnsectorincome,or

6%,canbeconsideredcommercialspacerevenue

•Earthobservationremainsmodestinscale,at£0.9bn.Enterpriseclientpull-throughinkeyverticals(energy,finance,agriculture)appearsearly-stageandweunderstandtherearefewongoingcommercialcontracts.

21.

/en/publications/the-space-economy-in-figures_fa5494aa-en/full-report.html(note-institutionalspacebudget:space-relatedcommercialrevenues)

22.

.uk/government/publications/size-and-health-of-the-uk-space-industry-2024/infographic-size-and-health-of-the-uk-space-industry-2024

23.

.uk/media/6874f724b1b4ebc2c2e4656f/LE-UKSA_-_Size_and_Health_of_the_UK_Space_Industry_2024_-_Final_Summary_Report_S2C11072025.pdf

(note-table2isanaggregationofTable6onpage27)

24.Fromthetablereferencedinthefootnoteabove,thisfigureisthecombinationofearthobservation,meteorology,spacetransportationandspaceexploration.

10PwCUnlockingcommercialgrowthintheUKspacesector|Question1

Conclusion

Thecommercialspacesectorissmallrelativetoheadlinefigures,butitismorelikelytoattractfundingandgrow

ifexpectationsarealignedtotherevenuethatfirmscan

realisticallydeliver.Whiledefencedemandisrisingand

strategicallyimportant,commercialgrowthwillrequire

realisticexpectationsandcredibleforecasting.The

gapbetweenperceptionandcommercialrealityshould

beaddressedthroughmorecredibleforecastsand

transparent,standardisedmeasuresofcommercialhealth.Governmentdemandwillcontinuetoplayanimportant

role,butshouldsupportratherthanmarginalisethegrowthofcommercialrevenue.TheUKmarketonitsownis

unlikelytosustainmultiplescaledcommercialspacefirms.ThissuggeststhattheUKshouldfocusitscommercial

sectoreffortsondevelopingandexportingservices

whereithascompetitiveadvantages.Thiscouldincludedata-intensiveandtrust-dependentsolutionssuchasriskassessmentininsuranceorfinancialmarketanalysis.

Toaddressthesemarketdynamics,thecommercialspacesectorshouldconsiderthesequestions:

•Whatistherealisticfive-yearcommercialrevenueopportunitybyvertical(e.g.insurance,commodities,agriculture,utilities,logistics)andwhichtypesofspacefirmsarebest

positionedtocaptureit?

•Howshouldgovernmentpolicyandsectorreportingevolvetotrackrealcommercial

health?Shouldtheyusemetricslikeprofitabilityorcontractrenewalandexports,ratherthanfirmcountorenabledrevenue?

•Ifinvestorandpolicyfatigueisrising,howcanthesectorimproveitsforecasting

credibility,sharpenprioritisationandembedgo-to-marketexecutiondisciplinetodelivermeaningfulcommercialtraction?

•IftheUKmarketalonecannotsupportmultiplescaledcommercialspacefirms,what

exportmarketsandglobalsupplychainsshouldUKcompaniestargettoachievegrowth?

•Candefencesectordemandbeusedasaspringboardtogrowandscalethecommercialsectorthroughagovernmentpurchasingapproachthatfavourssolutionswithongoing

commercialandexportpotential,ratherthanone-offdemosorbespokesolutions?

02

Question2

Shouldwerethinkhowspacereachesitscustomers?

12PwCUnlockingcommercialgrowthintheUKspacesector|Question2UnlockingcommercialgrowthintheUKspacesector|Question2PwC13

05Consultancy

Consultancyandsystems

integratorsthatshapedemand

upstream(problemframing,

investmentjustification)andmaycontroldeliverydownstream

(implementationandprocurement).

•Examples:PwC,engineering-ledintegratorsininfrastructure,energy,defence

•Benefitsmayinclude:

enhancedbrandperception,

abilitytoshapethesolutionandstayingembeddedindelivery

01Cloud

Cloudplatformdistributionpartners(cloud,GIS,enterprisesoftware).

Herespacecapabilitiesare

embeddeddirectlyintosystemswheredecisionsaremade.Ourunderstandingisthatthesehugeplayerscanboltspaceservicesontoexistingrelationships.

•Examples:AWS,MicrosoftAzure,Esri

•Benefitsmayinclude:lowerfriction(e.g.integrationandprocurement);fastertrial,

adoptionandscaling.

02OEM

OEMintegratedmodelswherespaceservicesareembeddedintophysicalproductsandinfrastructure.This

makestheservicesdefaultratherthanoptionalfortheassetlife.

•Examples:Airbus,Boeing(aviation),Apple

•Benefitsmayinclude:highvolumes,longcontractsandlowchurn

MarketsignalA:Customersbuyoutcomes

Customersbuyoutcomesratherthansatellites.Understandingtheoutcomescustomersneed,andwhytheyneedthem,isfundamentalacrossallsectors.Examplesoftheseneedsincludefasterclaimssettlements,highercropyields,feweroutages,verifiedemissions,assuredconnectivityandimproved

compliance.Resultsshouldbedeliveredseamlesslyinthetoolsandplatformscustomersalreadyuse.Theyarelessinterestedinsatellitespecificationsanddataformats.

03Industry

Industry-specificbrokersanddistributors.Thesetrusted

•Iscommercialscalein

space-enabledservicesconstrainedbygo-to-

marketexecutionratherthantechnicalreadiness?

•Docustomersbuy

businessoutcomestheycanembedinexisting

platformsandprocessesratherthansatellites?

•Arespacecompanies

thatprioritiseclientsandprovenroutestomarketmorelikelytoscale?

intermediariesmaybundlespace-enabledinsightsintotheirexistingservices.

•Examples:Aon,SwissRe,AXAClimate

Thiswasechoedinoneofour

recentpolls.Whenweaskedwhat

wouldgrowenterpriseuseofspace-enabledservices,thetoptwoanswerswere“greatercommercialmaturity

ofsuppliers”and“improvedcustomerrelevance.”25

Armedwithadeepunderstanding

ofcustomerneeds,which

establishedplatformsshouldfirms

inthecommercialspacesector

target?Wehighlightfivebelow

(indicativeonlybasedonourmarketperspective):cloud,spaceoriginal

equipmentmanufacturers(OEMs),

industry,intelligenceprovidersand

consultancies.Benefitsaredescribedfromtheperspectiveofacommercialspacefirm.SeealsoQuestion4(AI).

Customersmakedecisionswithintheirtoolsandprocesses.Theyareunlikelytohavetheluxuryofstartingfrom

scratchwhentheystarttointegratespacedataintotheirbusiness.

•Benefitsmayinclude:lower

customeracquisitioncost,

enhancedbrandperceptionas

spaceisembeddedintoregulatedsectorswheretrustisparamount

Customersgenerallyprefertobuy

spaceservicesfrompartnersthey

alreadytrust,usingplatformsthey

alreadyuse.Ifcustomersdothis,ourexperienceisthatoneormoreofthefollowingbenefitsmayaccrue:

•Procurementcyclesareshorter

•Integrationriskislower

•Time-to-valueisfaster

•Adoptionscalesmorequickly

Theintegrationofspacedatainto

business-criticalplatformsiskey.

Theseincludeenterpriseresource

planning(ERP),geospatialinformationsystems(GIS),risk,assetmanagementandtrading.Ifwelookoutsideof

spaceto,say,fintech,itappearsthatunderstandingclientneedsandbeingembeddedintheirworkflowscan

deliverbetterresults,evenwithlessadvancedtechnology.

Sowhat?Spacefirmsthatdeliversolutionsthatmeetcustomerneedsandareembeddedinsideexistingplatformsarelikelytohavethe

recurringrevenuerequiredtoscale.Theoppositemaybetrueforspacefirmsthataremorefocusedon

technologyinisolation.

04IntelligenceprovidersDataandintelligenceprovidersthataggregateanddistributedataat

scale.Embeddingspace-deriveddataintotheirfeedsmayenhancetheirproductofferings.

•Examples:Bloomberg,Refinitiv,S&PGlobal

•Benefitsmayinclude:low

customeracquisitioncosts,scaleandrepeatablerevenue

25.Spacewebinarcoveringquestion1hostedbyPwCandtheUKSpaceagencyonNovember25th,2025.Estimatednumberofpollrespondents:c.20(indicativeonly).

14PwCUnlockingcommercialgrowthintheUKspacesector|Question2

MarketsignalB:LessonsfromSaaSandfintech

TheSaaS(softwareasaservice)andfintechmarketshavesimilaritiestospace.Theyarealsodata-intensive,trust-sensitiveandintegration-heavy.OurviewisthatthegrowthtrajectoriesofSaaSandfintechmay