August 27, 2019
Since the Apollo 11 mission 50 years ago, space technology patents (i.e., those pertaining to spaceflight, satellite, and space exploration technology) have experienced “consistent global growth”.
Globally, there has been a 69 per cent increase in published space technology patents since 2014. Canada has led the charge with 4,891 published patents over the past 5 years, while the US and UK each had 2,763 and 104 published patents during the same period, respectively.
The international space economy is projected to reach a value of £400 billion by 2030 and the European Patent Office estimates that the space technology product market, consisting of communication satellites, navigation satellites and Earth observation, is worth up to £112 billion.
Stephen Blake, partner at Marks & Clerk, highlighted the ongoing importance of innovation and patents in this area, noting that “[i]n a highly competitive global market, innovation is more important than ever. Patents are vital to this – ensuring research and development investments are protected, and providing incentives for future research.”
Authors: Amanda Bertucci and Shadi Varkiani