Guidance

The Space Advantage: Enabling Business Transformation in Financial Services and Transport & Logistics  (Insights report)

Updated 5 March 2025

The Space Advantage 

Enabling Business Transformation in Financial Services and Transport & Logistics 

Insights from the UK Space Agency’s Unlocking Space for Business programme, supporting companies to deliver benefits through satellite solutions 

In association with delivery partners PwC and Satellite Applications Catapult

1. Foreword  

Dr Paul Bate – CEO, UK Space Agency 

In today’s rapidly evolving technology landscape, staying ahead of emerging opportunities and understanding the forces that drive change are essential for businesses to grow. The UK Space Agency is committed to catalysing investment to advance space-based technology and maximise growth in the UK space sector, while championing the power of space to inspire people, offer greener, smarter solutions and support a sustainable future.  

This report ‘The Space Advantage: Enabling Business Transformation in Financial Services and Transport & Logistics’ aims to provide a comprehensive analysis of how satellite solutions can support a wide range of UK businesses through showcasing accessible insights from our Unlocking Space for Business programme. It highlights how satellite solutions enable growth and enhance competitive advantage and sets out how support can be accessed for businesses interested in exploring these opportunities. 

The global space sector is worth £377 billion^{[footnote 1]} and projected to grow a further 11% per annum to 2030^{[footnote 2]}. With satellite services supporting at least £364 billion of UK GDP1, the Unlocking Space for Business programme has engaged more than 350 organisations in the financial services and transport & logistics sectors, aiding their understanding and exploiting of business benefits through the use of satellite solutions.  

Leveraging 300 tangible global case studies and value proposition materials, the programme has showcased the power of satellite solutions in solving companies’ greatest challenges, and the potential of emerging technology, such as AI and Machine Learning, to drive revenue growth, enhance operational and financial efficiency, improve customer retention and address environmental obligations.  

Following the delivery of 42 tailored workshops to 27 end-user organisations, the programme has awarded over £5 million of funding to support 23 new satellite solution projects and pilots covering a range of business opportunities including nature investment monitoring, renewable energy resilience, risk scoring for maritime insurance and connected transport services and crowd monitoring.   

The UK Government is committed to increasing investment in space innovation and technology; a total of £1.7 billion has been allocated to the UK Space Agency from 2022-25.^{[footnote 3]}  Unlocking Space for Business forms part of a wider Unlocking Space programme, which is focused on growing the UK space sector through championing the benefits of space to government, business, defence and investor groups, catalysing investment into the UK’s high potential space sector.  

As you navigate the insights presented here, we hope that this report serves as both a source of knowledge and a catalyst of strategic thinking. We believe the insights we have shared will inform you and your business’ understanding of the current landscape as well as help to guide future business decisions. 

2. Executive summary 

Unlocking Space for Business: A transformative opportunity for sectors 

The Unlocking Space for Business (USB) programme has demonstrated how satellite solutions have transitioned from being perceived as futuristic innovations to increasingly becoming essential components of modern business operations. Over 350 UK businesses engaged with the USB programme to exploit how satellite-enabled innovations can address key sector challenges in financial services and transport & logistics.  

This insights report aims to further support businesses in these sectors that are exploring opportunities to benefit from space solutions. It has been developed through engagement and discussion with businesses and the space sector as part of the USB programme. It reflects the views and interpretation of UK Space Agency, PwC and Satellite Applications Catapult. Separately, the Space Agency has commissioned an independent evaluation, which will be available on GOV.UK. 

From niche to necessity: A shift businesses can’t ignore 

Historically focused on military, scientific and weather applications, satellite products have evolved into a key enabler of commercial innovation, with a global market size of £320 billion.^{[footnote 4]} As further illustration, Government satellites made up 95% of launches between 1957–90 but just 11% between 2016–23.^{[footnote 5]} This has been increasingly recognised, for example by the Harvard Business Review article ‘Your Company Needs a Space Strategy Now’, which commented that “space is becoming a potential source of value for businesses across a range of sectors”.^{[footnote 6]} 

Earth observation, satellite connectivity and communications, and satellite navigation and timing, are now underpinning technologies for many business applications – from improving supply chains and market intelligence, to understanding and mitigating the impacts of climate optimising supply chains. 

Closing awareness gaps: Turning satellite solutions into business value 

While many businesses in the UK are mature users of satellite solutions, some have only recently discovered their potential – including a quarter of workshop participants of the USB programme, who were unaware of these capabilities before taking part.^{[footnote 7]} By showcasing over 300 global case studies from leading companies, the programme provided evidence of the immediate benefits these solutions can deliver, sparking new interest and encouraging businesses to act on opportunities that some had previously never considered. 

Catalysing new use cases: How UK businesses are leading the way 

With over £5 million provided in Government funding, the USB programme enabled 23 UK business-led projects to adopt satellite solutions that sought to address real-world challenges.^{[footnote 8]} These initiatives have sought to improve operational efficiencies, enhance customer outcomes and strengthen financial metrics, and serve as proof points for other organisations looking to create competitive advantage. 

Rapid innovation: Expanding the value and opportunities of satellite solutions 

The convergence of satellite technology with emerging advancements such as artificial intelligence (AI), blockchain and quantum computing is opening further possibilities. These integrations make satellite solutions more accessible, actionable and affordable for businesses. The UK Government’s commitment to technology adoption, particularly the AI Opportunities Action Plan, will continue to equip businesses with the tools and resources to innovate and enable transformative impact across industries.^{[footnote 9]} 

Government support: The call to action for UK businesses to lead globally 

With the UK Government investing in space innovation and technology, businesses are presented with a unique opportunity to lead on a global stage. As the pace of technological advancement accelerates, organisations that delay adopting satellite-enabled solutions risk being left behind in a competitive, data-driven market. The time to explore and capitalise on these transformative opportunities is now. 

Services that incorporate data from satellites are becoming ever more important and affordable…[and are] vital to the UK’s growth objectives.

UK Space Agency Annual Report 2023–24^{[footnote 10]} 

Key facts and figures: the extraordinary impact of space solutions on Earth 

Unmatched insights from space to Earth 

• 10,000+ active satellites power business intelligence, risk management and operational efficiency worldwide^{[footnote 11]}
• 77% reduction in satellite communications data costs since 2019, making services more accessible and cost-effective for businesses of all sizes^{[footnote 12]}
• 800 petabytes of Earth observation (EO) data collected, growing by 100 petabytes annually — equivalent to 700 years of HD video^{[footnote 13]}, ^{[footnote 14]} 

Empowering business activity 

• £320 billion of UK GDP (15.3%) is supported by satellite navigation capabilities, benefiting businesses through reduced transport time and cost savings^{[footnote 15]} 
• £3.1 trillion in global economic benefits from Earth observation applications expected between 2023-2030, across sectors such as financial services, supply chain  and agriculture^{[footnote 16]}
• 425 million users projected to be connected via direct-to-device satellites by 2033, transforming global connectivity and closing the 4% mobile internet coverage gap^{[footnote 17]}, ^{[footnote 18]} 

Advancing climate and sustainability 

• 17 UN Sustainable Development Goals are supported by space products, particularly in addressing Climate Action (Goal 13)^{[footnote 1]} 
• 2 billion tonnes of CO₂e has the potential to be reduced through Earth observation data applications, equating to 3.8% of global annual greenhouse gas (GHG) emissions today — more than the 3.6% GHG produced by the aviation and shipping sectors ^{[footnote 16]}, ^{[footnote 19]} 
• £18 billion of economic opportunity from extreme weather and disaster risk mitigation using Earth observation is expected by 2030^{[footnote 16]} 

Satellite imagery is playing a key role in how S&P Global supports clients with assessing exposure to growing climate physical risks such as extreme weather events. This information is critical for analysing the evolving business risks and building resilience.

S&P Global (credit rating and financial data agency) 

3. Satellite technologies  

The space industry has long been considered a ‘hidden utility’ — critical for military operations and weather forecasting, yet largely invisible to the public. Today, satellites have evolved far beyond these traditional roles, becoming indispensable tools that underpin our daily lives and enable business transformation.  

While businesses and Chief Technology Officers are now familiar with the power of cloud computing, digital transformation, and the growing importance of data, this report helps explore the sources and unique advantages of space technologies. Three key satellite capabilities — particularly when combined and are integrated with other tools like AI, customer data and socioeconomic data — unlock tangible advantages and new opportunities for innovation. 

Earth observation  

Offering unique and actionable intelligence from above on physical, chemical and environmental changes on Earth, using diverse sensor technologies.  

Value drivers for business:  

• change detection: track short or long-term shifts, like deforestation or urban expansion, with historical 30+ year data available 
• remote monitoring: gather intelligence on remote or large areas without stepping out the office - saving time and reducing operational costs 
• consistent insights: capture data with a reliable, standardised approach, enabling comparisons over time and across geographies 

Example technology options: 

• optical intelligence: capture high-resolution, visible-light images for detailed and precise analysis of Earth’s surface, much like a traditional camera 
• thermal intelligence: detect emitted heat radiation to assess temperature variations and thermal anomalies such as energy inefficiencies or fires 
• radar intelligence: gather all-weather, day-and-night insights of surface structures and floods, using pulses that penetrate clouds and darkness 
• hyperspectral intelligence: detect subtle chemical and environmental changes by analysing a wide spectrum of light, revealing patterns invisible to the eye 
• atmospheric intelligence: measure changes in atmospheric composition, providing insight on pollutants, greenhouse gases, and weather patterns 

We recognise the growing applications of satellite data in insurance, especially as data capture and resolution improves. Beyond exposure management, we’re now exploring innovative ways to apply satellite imagery to help our customers manage risks and solve business challenges.

RSA (multinational general insurer) 

Satellite connectivity and communications  

Providing seamless connectivity for people, assets and operations across the world — especially where traditional infrastructure falls short. 

Value drivers for business:  

• global reach anywhere, anytime: monitor and communicate with key assets across the UK and overseas, including for autonomous and remote operations 
• enhanced experience: offer travel customers and staff uninterrupted access to the internet for business, safety and entertainment purposes 
• operational resilience: enable business continuity and communications during extreme weather or infrastructure outages 

Example technology options: 

• fixed systems: high-bandwidth connectivity for permanent operations, offices or  remote infrastructure 
• portable devices: flexible solutions for remote areas or temporary activity like disaster response or construction 
• on-the-move devices: uninterrupted connectivity for vehicles, ships, or aircraft 
• handheld devices. voice and data communication for individuals in remote or  challenging environments 
• IoT dongles: small, distributed systems for real-time data transmission in supply chains, energy, and agriculture 

With our transport network ever more reliant on digital technology, there are huge opportunities from increasing satellite connectivity. Intelligent Transport Systems UK members, and the wider industry, are enthusiastic about the potential that satellite technology can play – supporting everything from more efficient operations, to asset monitoring and route optimisation, to name just a few.

Intelligent Transport Systems UK (trade body representing the UK’s transport technology industry) 

Positioning, navigation and timing (PNT)  

Space-derived navigation and timing signals (e.g. GPS), that have been delivering critical location, movement and time synchronisation data for over 50 years.  

Value drivers for business:  

• pinpoint accuracy: track vehicles and devices for location-sensitive applications like logistics and fleet management 
• global resilience: enable uninterrupted navigation and tracking even in challenging environments where older satellite or ground-based systems may not always work 
• trusted timing signals: underpin essential operations that require constant and accurate timing synchronisation for business operations, such as energy grids or trading platforms 

Example technology options: 

• traditional satellite navigation signals: relies on global navigation satellite systems (GNSS), such as GPS, for cost-effective tracking, general navigation and mapping. Accuracy can sometimes be interrupted in certain scenarios, caused by dense urban areas with tall buildings, natural features like mountains or heavy foliage, or interference caused by severe weather or intentional signal disruption
• enhanced satellite navigation services: combines advanced satellites, ground transmitters and software applications to deliver highly accurate, reliable and resilient navigation. These services support high-precision applications like autonomous vehicles and real-time asset tracking

While GPS has long been the cornerstone of modern transportation, we are now exploring the exciting potential to elevate our navigation and location services. This includes more accurate real-time optimisation and the collection of valuable data to identify patterns, enhancing our logistics operations.

Wincanton (supply chain solutions partner) 

Complementary non-satellite data and technologies 

Satellite solutions unlock further end-to-end use cases and impact when combined together, as well as with other data and technology sources, enabling a more complete picture on digital operations to solve business challenges. 

Value drivers for business:  

• holistic insights: merge different types of intelligence together to create a more comprehensive dataset for decision-making 
• big picture meets local detail: combine broad macro and historic trends with specific site or customer information 
• advanced analytics: powerful tools like AI, computer modelling and simulations use these combined datasets to identify patterns and predict outcomes 

Example technology options: 

• geospatial mapping data: location-based data representing physical landscapes, built environments and economic activity 
• drone and aerial imagery data: high-resolution visual and sensor data collected from airborne platforms, providing detailed surface and environmental insights 
• ground-based sensors: Internet of Things (IoT) devices and physical measurement tools capturing environmental, industrial and operational data for ground truth validation 
• AI-driven analytics: advanced data processing powered by artificial intelligence, enabling automated analysis, pattern recognition and predictive insights 
• customer, financial and economic data: quantitative and qualitative insights on consumer behaviour, demographics, market trends and financial conditions 

The unique perspective provided by space data, combined with expanded connectivity and complementary datasets – such as ground-based measurements, IoT sensor networks, and historical records – is driving the development of advanced modelling solutions. These models deliver significant commercial advantages, for example by providing predictive insights for infrastructure resilience that enable proactive maintenance and cost optimisation.

Satellite Applications Catapult (technology and innovation company helping businesses realise the potential from space) 

4. Applications for business 

Challenges that businesses are seeking to address using satellite solutions, identified through the USB programme.

From financial services to transport & logistics, satellites are enabling businesses to tackle some of their toughest challenges and unlock new growth opportunities. Satellite-enabled solutions are no longer futuristic — they are enabling transformation today, including delivering real-time insights, improving operational precision and supporting sustainability goals. 

The following is a list of business benefits and associated challenges that are being addressed, as identified through the USB programme: 

Driving revenue growth: 

• limited customer-specific insights leading to missed opportunities and untailored pricing strategies 
• technology gaps needing to be closed to bring new commercial solutions to market 

Enhancing operational and financial efficiency: 

• unreliable forecasting and manual inspection processes leading to inefficiencies and delayed action 
• frequent travel and on-site visits to remote locations driving up costs and operational complexity 

Improving customer retention: 

• generic customer strategies and experiences posing challenges to engagement and loyalty 
• disruptions and delays in resolving customer issues damaging customer trust and satisfaction 

Addressing environmental obligations: 

• complex and often unreactive mitigation strategies being taken for climate-related risks 
• resource-intensive and fragmented processes for environmental monitoring and compliance 

Satellite data is highly applicable for asset managers covering a broad range of investment use cases and these will only grow in number as barriers to accessing and customising that data are reduced.

Man Group (global alternative investment management firm) 

Examples of use cases identified from the USB programme 

This section showcases case studies of projects funded by the Unlocking Space for Business programme, using four business benefits to illustrate how UK businesses are leveraging satellite solutions to solve or create opportunities from key industry challenges — from enhancing autonomous vehicle navigation, to streamlining carbon credit verification and mitigating infrastructure risks.  

Case studies 

Driving revenue growth: 

• enabling more precise autonomous vehicle solutions led by GMV 
• underpinning verified quality carbon credits transactions led by Octopus Investments and Treeconomy 

Enhancing operational and financial efficiency: 

• assessing subsidence-related insurance claims led by Admiral, Satsense and Optera 
• monitoring events which impact light-rail infrastructure led by OneBigCircle 

Improving customer retention: 

• enhancing visitor travel for sporting events led by Sports City Management Co., Transport for Greater Manchester and You. Smart. Thing 
• empowering clients with actionable wildfire risk insights led by Assimila and AON 

Addressing environmental obligations: 

• monitoring environmental changes to better quantify climate and nature-related risks led by WieldMore and Earth Blox 
• enhancing nature and climate-related risk management led by Foresight and Frontierra 

It’s been inspiring to see the momentum building around the ‘Space Advantage’ — with more businesses using data-driven insights from satellite solutions to drive growth, efficiency, and sustainability.

PwC (multinational professional services firm) 

4.1 Driving revenue growth 

Example applications that businesses in the UK are pursuing, supported by the USB programme.

Enabling the deployment of reliable autonomous vehicle navigation solutions 

Business challenge 

As transportation shifts toward greater intelligence and autonomous features, highly accurate and resilient navigation is critical for the safe and efficient movement of people and goods.^{[footnote 20]} 

However, traditional navigation signals are vulnerable to interference from tall buildings, dense urban environments and bad weather, which can lead to positioning errors and safety concerns.^{[footnote 21]}

With 40% of new cars in the UK expected to have some self-driving capabilities by 2035^{[footnote 20]} , and the market size for connected and autonomous vehicles projected to be £42 billion that year^{[footnote 22]}, businesses are exploring technology options that can enhance the accuracy and assurance of positioning data, to unlock this commercial market. 

The satellite advantage – case study 

Space company GMV, collaborated with the UK’s national mapping agency Ordnance Survey (OS) to improve the accuracy and reliability of satellite navigation and positioning data. This helps to unlock new markets and customers, through supporting safety-critical applications such as autonomous driving and drone-delivery services. 

The project integrated satellite positioning data from the GMV’s network with ground-based data from the Ordnance Survey Net network, which consists of 115 continuously operating satellite navigation reference stations across the UK. This integration has enabled: 

• safer and more accurate navigation solutions for autonomous vehicles, helping to unlock new customers and drive revenue growth 
• greater trust in autonomous transport, helping other businesses to adopt new technologies 
• ability to also benefit other industries such as agriculture, construction mapping and mining 

This enhanced positioning performance supports the project’s goal of providing a high-value, safe, and accurate navigation service for autonomous transport applications.

GMV (technological business group offering consultancy and engineering services for diverse sectors) 

Underpinning the sale and purchase of verified high-quality carbon credits 

Business challenge  

The carbon credit market is growing rapidly, with two-thirds of UK businesses expected to meet sustainability targets through carbon offsetting.^{[footnote 23]}  

However, a challenge remains in ensuring the credibility and accuracy of carbon credits. Validating these credits is especially important given that 99% of carbon offsetting purchases by UK organisations are currently made overseas, amounting to up to £200 million annually.^{[footnote 24]} 

With new Government principles for voluntary carbon markets and nature integrity introduced in 2024, businesses require transparent, verifiable data to assess and invest in high-quality carbon credits confidently.^{[footnote 25]} 

The satellite advantage case study 

UK investment manager Octopus Investments partnered with green tech company Treeconomy to embed satellite-derived insights into investment decisions related to nature-based carbon projects.  

Octopus’ Nature Capital Strategy is focused on generating high-integrity carbon removal credits^{[footnote 26]}, which aligns with Treeconomy’s experience in using satellite capabilities to measure, report and verify (MRV) services for carbon and nature projects. By utilising investment underwriting principles and satellite imagery, this project helps investors: 

• monitor, measure and verify land-use changes transparently and cost-effectively  conduct due-diligence processes more accurately with alternative data sources 
• confidently invest in sustainability projects, accelerating funding for critical climate projects 

By integrating Earth observation technology into the diligence process, we will gain unique insights that will allow our strategy to become increasingly robust and data-driven.

Octopus Investments, Investment Manager part of the Octopus Group 

4.2 Enhancing operational and financial efficiency 

Assessing subsidence-related insurance claims risk

Business challenge  

The intensity and frequency of extreme weather is increasingly resulting in more climate-related disasters and related insurance claims.^{[footnote 27]} 

One major consequence to extreme weather including drought is subsidence, where shifting ground causes buildings to sink. This has been forecasted to drive insurance payouts to £1.9 billion annually by 2030.^{[footnote 28]} 

Understanding and managing subsidence risk is complex, involving multiple factors like local geology, weather patterns, and human activity. Traditional risk assessment methods to date have been costly and difficult to scale. 

The satellite advantage case study 

Home insurer Admiral, in collaboration with ground movement specialist SatSense and engineering consultant Optera is using satellite-derived imagery data to remotely monitor and assess subsidence risks across UK properties. The potential impacts are significant, given Admiral’s portfolio of over 1 million home insurance customers and 10+ years’ experience in handling subsidence claims.^{[footnote 29]} 

The project uses synthetic aperture radar (SAR), an advanced satellite technology which sends radar signals to the Earth’s surface and measures how they bounce back. This detects small shifts in the ground — down to millimetres. By comparing SAR data from different periods, Admiral has worked with SatSense and Optera to: 

• identify high-risk areas by tracking ground and building movements over time, spotting subsidence issues before they escalate 
• improve risk prediction using satellite data to detect cyclical ground shifts, validated against historical claims for accuracy 
• boost efficiency and cut costs by enabling faster, more precise claim resolutions and reducing the burden of subsidence management 

In the event of a subsidence claim, we will have data on historic movement in the years leading up to the claim from the satellite records. This reduces the ground monitoring time and has the potential to reduce the severity of the claim by detecting it earlier.

Admiral (international financial services group) 

Monitoring infrastructure-impacting events for light-rail 

Business challenge  

The UK’s rail system delivers over £22 billion in benefits to the UK economy, environment and society each year, with £8 billion attributed to decreased congestion.^{[footnote 30]} 

Maintaining these networks, which often span large and remote areas, requires continuous monitoring, inspections and repairs to ensure the safe and efficient operation of the railway system. Flooding, erosion and vegetation overgrowth can threaten infrastructure, yet traditional site inspections are time-consuming, expensive and carry safety risks from trackside activity.^{[footnote 31]} 

The satellite advantage case study 

Rail software company OneBigCircle is transforming rail safety and efficiency, through a satellite imagery-powered solution that detects vegetation overgrowth, land movement and flood risks across the UK’s critical railway infrastructure.  

Using hyperspectral Earth observation sensors which capture a wide range of details on the ground — beyond what the human eye can see — the system can detect subtle environmental changes that signal potential hazards. This satellite imagery is combined with AI, machine learning and ground-based videos to provide real-time monitoring, risk assessment and event triage for rail operators. This approach therefore seeks to: 

• enhance safety by reducing the need for frequent on-site inspections by maintenance teams and personnel 
• improve efficiency in monitoring and managing rail infrastructure 
• reduce maintenance costs while strengthening the long-term resilience of the UK’s rail network 

Our lesson learnt from working with suppliers is to explore as many providers as possible, as there are so many offerings out there and allowance for this exploratory activity can have massive benefits in the data you purchase.

OneBigCircle (rail software company) 

4.3 Improving customer retention 

Enhancing visitor travel routing for sporting events 

Business challenge  

97% of UK cities saw average congestion levels increase in 2024, costing the UK economy £7.7 billion due to lost time and fuel.^{[footnote 32]}, ^{[footnote 33]}

A major contributor of non-recurrent traffic is event-related travel, including concerts and sports games, which account for more than half of all congestion.^{[footnote 34]} 

This is a regular occurrence in the city of Manchester, which places significant strain on public transport and road networks during football matchdays, making it difficult to predict and manage crowd movement efficiently. 

Poor planning can lead to negative fan experiences, lost revenue, and reduced future attendance. 

The satellite advantage case study 

Venue manager Sports City Management Company has partnered with local government-body Transport for Greater Manchester to address the matchday congestion challenge and deliver on innovative and inclusive transport solutions. 

By combining satellite imagery, satellite navigation data and customer data, machine learning is unlocking a better understanding and prediction of travel patterns that were previously not available.  

Through the innovation of merging data types, this solution can enable event planners, transport operators and city officials to: 

• enable smoother visitor experiences - by reducing congestion, minimising delays and improving overall journey efficiency 
• sustainable and inclusive travel, by encouraging smarter mobility solutions that promote public transport and reduce environmental impact 
• better event planning, helping organisers make data-driven decisions that enhance safety and reduce disruption 

The anticipated return on investment is expected to be demonstrated by increased use of the public transport network for Transport for Greater Manchester (TfGM). This is being achieved through the deployment of innovative journey-planning technologies that encourage sustainable travel behaviours.

You. Smart. Thing. (travel management and visitor travel planning platform) 

Empowering clients with actionable wildfire risk insights 

Business challenge  

Wildfires and other climate-related disasters are becoming more frequent and severe, driving up insurance claims and financial losses.^{[footnote 27]} For insurers, accurate risk assessments are not just about mitigating losses — they are important for earning and retaining customer trust. 

Europe’s wildfires in 2023 were among the worst this century, costing an estimated £1.8 billion in economic losses.^{[footnote 35]}, ^{[footnote 36]} Yet, insurers have historically lacked a widely accepted wildfire risk model, making it difficult to consistently and effectively forecast and mitigate potential losses.^{[footnote 37]}

As climate risks grow, businesses and individuals will demand deeper insights and proactive mitigation. Insurers who meet these needs will strengthen customer loyalty, reduce churn, and become trusted partners in risk management. 

The satellite advantage case study 

Earth observation provider Assimila, partnered with insurance broker Aon, to develop a satellite-powered solution that enhances their customer’s wildfire risk assessments and pricing offerings. 

By combining historical and real-time Synthetic Aperture Radar (SAR) satellite imagery with climate data and predictive analytics, this solution reveals wildfire risk insights that were previously undetectable for clients. Unlike traditional imaging, SAR can penetrate cloud cover and smoke, capturing critical ground changes before, during, and after wildfires.  

In the absence of a widely accepted wildfire risk model, insights from this Wildfire Severity Index enable insurers, brokers and risk managers to: 

• enhance tailored pricing and risk management strategies, to enable more customer-centric underwriting decisions 
• improve the unique customer service offering, creating an edge against competitors with better-informed clients  
• help customers action more effective risk mitigation plans 

As traditionally unmodelled or under-modelled perils have an increasing to impact on the insurance industry, the need for innovative analytical solutions is increasing. By leveraging advanced technologies including satellite data and collaborating with key stakeholders, we seek to provide actionable insights to help clients navigate emerging risks more effectively and empower them to make better business decisions.

AON (global insurance broker) 

4.4 Addressing environmental obligations 

Monitoring environmental changes to better quantify climate and nature-related risks  

Business challenge  

Regulators are tightening environmental disclosure requirements, with institutions like the European Central Bank expecting companies to report on climate and environmental risks.^{[footnote 38]} 

While the TNFD^{[footnote 39]} is not yet mandatory, over 500 companies and financial institutions accounting for £14 trillion AUM are already reporting on nature-related impacts.^{[footnote 40]} 

Traditional risk assessments remain costly and fragmented, especially across multi-region and multi-sector portfolios. Without scalable, data-driven insights, financial institutions risk falling short of ESG commitments and regulatory obligations. 

The satellite advantage case study 

UK-based investment manager WieldMore partnered with climate analytics company Earth Blox to develop an environmental risk evaluation system, that provides a comprehensive view of risk modelling for businesses in the energy, agriculture, and logistics sectors. 

The tool integrates satellite data — including natural event risk maps and regional heat maps — with terrestrial datasets such as emissions records. By combining these data sources with AI-driven predictive models, the tool enables businesses and other investors to: 

• strengthen nature-related risk assessments and make more informed decisions with faster response to evolving risks 
• enhance ESG compliance, addressing growing regulatory demands and sustainability goals, lowering the risk of penalties or non-compliance 
• improve financial risk analysis, by incorporating environmental dependencies into traditional risk models 

We recognise that satellite imagery and analytics could enhance traditional financial data by integrating real-time physical risk assessment.

WieldMore (independent investment management firm) 

Enhancing nature and climate-related risk management and reporting 

Business challenge  

In 2023, there was a 44% increase in companies declaring climate transition plans, demonstrating how businesses worldwide are under increasing pressure from regulators, investors and customers to effectively measure and manage nature-related risks.^{[footnote 41]}

In the UK, the Government has mandated climate-related financial disclosures aligned with the TCFD^{[footnote 42]} recommendations. These regulations require many companies to report on their governance, strategy, risk management, and metrics related to climate change.^{[footnote 43]} 

To comply with these evolving requirements, businesses need efficient methods to identify, mitigate, and report on nature-related risks within their investment processes.  

The satellite advantage case study 

Foresight Group, an investment manager focused on building a sustainable future, partnered with environmental geospatial consultancy Frontierra to develop an advanced platform that integrates nature and climate risks into due diligence and asset management processes. 

This platform leverages satellite data, geospatial analysis, and proprietary algorithms to assess climate and nature-related risks at both site and portfolio levels. By integrating 35 climate risk indicators and 15 nature-related metrics — including biodiversity data, asset-level insights, and advanced geospatial models — it delivers deeper, more reliable assessments where standardised datasets fall short. 

This solution is able to help Foresight Group and other investors: 

• conduct more accurate risk assessments, leveraging diverse datasets for improved nature and climate risk evaluation 
• strengthen proactive ESG compliance and decision-making on risks 
• improve financial disclosures, aligning with evolving regulatory standards 

By integrating geospatial Earth observation data into the due diligence and ongoing risk management process, we hope to gain unique insights that will allow our strategy to become increasingly robust and data-driven.

Foresight (investment manager focused on real assets and capital for growth) 

5. Supplier ecosystem 

With over 1,700 organisations in the UK space sector^{[footnote 1]}, a diverse supplier ecosystem is enabling solutions for sectors like transport, financial services, and beyond. Businesses can access their services directly, via brokers or through data and technology aggregators, all working to maximise value and flexibility for users. 

Upstream solutions (431 companies*): 

• satellite manufacturing: design and construct satellites that deliver critical analytics and business services 
• launch and in-space logistics: manage satellite deployment and operational longevity 
• satellite operations: provide ground-based technologies to maintain satellite performance and interpret data

*Number of suppliers active in the UK space ecosystem that have registered with the Space Capabilities Catalogue (C~1,000 organisations), with examples of suppliers actively engaged through the USB programme. This is a non-exhaustive list illustrating the range of businesses operating in each vertical.

Downstream solutions: 

Earth observation: 

• satellite hardware and data providers (19 companies): Collect, process and package Earth observation data for actionable insights. For example: AAC Clyde Space, Surrey Satellite Technology Limited, Planet, BAE Systems, GHGSat, ICEYE, Telespazio, Horizon
• specialist insight providers (137 companies): analyse satellite data to create targeted, sector-specific solutions for decision-making. For example: Spottitt, Earth-i, Map Impact, Reseau Consulting, Tradeinspace, Earth Blox, Fathom, Asterra, NV5, Optimal Cities, SimAnalytica, Assmila, SatSense, Watermarq, LiveEO, Escrow-Tech, Geospatial Intelligence, Airnode, Deep Planet, Environment Systems, Geocento, Sparkgeo, VE3, Treeconomy, BolgiaTen, EOLAS, Frontierra, Ordnance Survey, Omanos Analytics, Space Intelligence 

Satellite connectivity and communications: 

• satellite network operators (19 companies): enable satellite-based communications, including IoT, broadband and 5G infrastructure. For example: Eutelsat Oneweb, Lacuna, Stellarsat, Orbconnect, Avanti 
• value-added services and resellers (138 companies): enhance and/or repurpose satellite derived data and products to provide tailored business solutions. For example, AstroDynamic, GMV, CGI, NSSL Global, Pan Galactic, MLS Solutions, KISPE 

Positioning, navigation and timing: 

• location-based service and equipment providers (103 companies): offer technologies and devices that deliver flexible navigation, mapping and timing services. For example: Albora, Teleplan, GMV, Rethink PNT, Xona Space Systems 

More information is available through the Satellite Applications Catapult’s Space Capabilities Catalogue.

Emerging innovations 

Innovation is transforming sectors, and satellite technology is at the forefront of this change. Emerging technological advancements like AI, blockchain and quantum computing are merging with satellite solutions to deliver ever-increasing business value. These innovations make satellite offerings more accessible, efficient and impactful to real-world business needs. 

What’s happening?

Reusable rockets have already dropped the cost of launching satellites by over 90% in the past decade, accelerating new planned satellite deployments.^{[footnote 44]} 

• the business impact: affordability - increased competition is driving down costs, making satellite solutions more affordable for customers of all sizes; satellite communications data costs have already decreased 77% since 2019.^{[footnote 12]} 

What’s happening?

A once concentrated sector is continuing to expand, with over  1,700 UK suppliers and new satellite capabilities being offered, such as AAC Clyde Space’s EO services.^{[footnote 45]}, ^{[footnote 46]} 

• the business impact: choice - the number of UK space sector suppliers is expected to grow further, following an 11% increase since 2022, offering a wider range of tailored satellite solutions.^{[footnote 1]}

What’s happening?

Satellite systems are increasingly integrated with major technology platforms and cloud services such as AWS and Microsoft Azure.^{[footnote 47]}

• the business impact: compatibility - greater integration with mainstream cloud platforms will enable easier access to satellite-derived intelligence, such as Planet’s agriculture collaboration with AWS.^{[footnote 51]}

What’s happening?

AI is automating the analysis of vast satellite data volumes, for example NVIDIA and Spire’s advances on time-critical weather predictions.^{[footnote 48]} 

• the business impact: efficiency - AI-driven modelling of complex scenarios will continue improving, enabling increasingly real-time use cases, for example ICEYE’s rapid assessments of flood damage for insurance clients.^{[footnote 52]} 

What’s happening?

Blockchain and quantum encryption are improving security of satellite data and communication flows across the world for financial industries.^{[footnote 49]} 

• the business impact: security - more secure, tamper-proof data exchanges are expected, through efforts like J.P. Morgan’s development of a blockchain-enabled Kinexys for transactions via space.^{[footnote 53]} 

What’s happening?

Companies are expanding global satellite coverage, like Planet Labs and OneWeb, with increasingly large service volumes becoming available.^{[footnote 50]} 

• the business impact: scalability - large scale solutions will provide increasingly global portfolio insights, supporting sectors such as mining, oil and gas which already have a 60% EO adoption rate including for remote operations.^{[footnote 16]} 

6. Summary of USB-supported projects 

The Unlocking Space for Business programme has provided funding to a range of feasibility study and pilot projects, which trial new satellite-enabled solutions to address real-world challenges. A summary of all projects has been outlined below. 

Financial services 

Climate risk, resilience and response: 

• Assimila and AON: Supporting insurers better understand scale of wildfire risk using EO data  
• Ordnance Survey: Using location to unlock EO for informed financial decision making 
• Foresight and Frontierra: Advancing EO insights for nature and climate risk management and reporting 
• Level E Research: Utilising EO to assess the impact of environmental events on an investment 
• Frontier and Sharp Sky Analytics: Integrating satellite imagery into residential property roof assessments 
• Equitix and Sust Global: Building models with EO data to understand financial impact of changing wind resources 
• Admiral and SatSense: Assessing subsidence-related insurance claims risk using satellite radar data 
• WieldMore and Earth Blox: Integrating EO data with financial models to assess impact of climate and nature risks 

Sustainable business opportunities and compliance: 

• Treeconomy: Conducting automated analysis on vegetated natural capital assets with EO 
• EOLAS Insights, Craft Prospect and Omanos Analytics: Mapping the natural world and predicting environmental risks with EO 
• SafeEarthSolutions: Measuring and monitoring biodiversity using EO data for the housing market 
• Space Intelligence: Developing nature insights for due diligence processes and risk reporting with EO 
• Citigroup and Earth Blox: Measuring nature-related impacts and dependencies of corporate facilities with EO 
• Octopus Investments and Treeconomy: Using EO to support data-driven investment decisions for nature-based carbon projects 
• SafeEarthSolutions: Unlocking investment into nature credits through EO-enabled financial products 

Transport & logistics 

Smart asset monitoring: 

• BolgiaTen: Tracking marine trade vessels with EO to identify unusual shipping behaviour 
• Craft Prospect and Surrey Satellite Technology Limited: Developing AI-powered maritime software to detect ships using EO data 
• National Oceanography Centre, National Network of Regional Coastal Monitoring Programmes, Shipping Strategy and Peel Ports Group: Producing tidal elevation maps to enhance shipping channel management using EO 
• OneBigCircle: Producing condition maps of UK rail to identify hazards with EO data 
• Shipping Strategy: Assessing short-term risk factors of maritime incidents using EO insights 

Connected transport services: 

• GVL: Enhancing on-board connectivity for light-rail using satellite connectivity and PNT 
• GMV: Enabling more accurate satellite navigation signals for novel mobility applications 

Human activity monitoring: 

• Sports City Management Co.: Reducing congestion for fan travel to Manchester City’s Etihad Campus using EO 

USB delivery partners 

UK Space Agency 

At the UK Space Agency we boost UK prosperity, understand the Universe, and protect our planet and outer space. We play a major role in delivering the Government’s National Space Strategy. We nurture a thriving space ecosystem — a network of investors, scientists, engineers, integrators, academia and research labs — and a sector that generates an annual income of £18.9 billion employing 52,000 people across the country. Our staff include scientists, engineers, commercial experts, project managers and policy officials who: 

• catalyse investment to advance space-based technology and maximise UK space sector growth 
• deliver missions and capabilities that responsibly meet national needs and advance our understanding of the Universe 
• champion the power of space to inspire people,  offer greener, smarter solutions and support a sustainable future 

Craig Brown : Director of Investment

Lydia Green: Head of Unlocking Space Programme

Laura Bealin-Kelly: Unlocking Space for Business Senior Project Lead

Satellite capabilities 101: 

Watch bite-sized learning and development videos designed for new or potential users of satellite solutions within the financial services and transport & logistics sectors. These videos explore topics relating to the procurement and integration of types of satellite data and services, and discuss specific uses cases for business: 

• Satellite solutions 101 for financial services  
• Satellite solutions 101 for transport & logistics 

USB insights for suppliers and integrators: 

Discover the five key learnings for suppliers and integrators on how to support end-users to fully realise business benefits from satellite solutions. These learnings and insights emerged following extensive USB programme engagement with end-user businesses.  

Coming soon.

Other UKSA programmes: 

The Business Applications and Space Solutions Programme (BASS), in partnership between the UK Space Agency and European Space Agency (ESA), is a commercially focussed space applications programme that delivers innovative uses of space assets and data.  

Find further details on open funding opportunities from the UK Space Agency, the space sector, academic, education and community partners. 

PwC 

PwC is one of the leading professional services networks in the world, operating across 157 countries with more than 295,000 people, and providing services to 84% of Global Fortune 500 companies. Our purpose is to build trust in society and solve important problems through delivering the highest quality support to our clients across Advisory, Deals, Risk, Tax and Audit services. Our Global Space Practice has dedicated teams across the world supporting public, private and investor organisations across the space sector on a diverse range of strategic and operational agendas. 

Faye Melly: Space Practice, Partner 

Andy Lison: Space Practice, Partner​ 

Dan Osrin: Space Practice, Senior Manager​ 

Satellite Applications Catapult 

Satellite Applications Catapult is part of a network of 9 UK Catapults, dedicated to boosting growth in strategically important areas of innovation across three missions; Sustainable Earth, Autonomous and Connected Earth and Beyond Earth. We focus on Increasing Market Adoption by stimulating market demand for satellite services within end-user sectors. We provide Business Support to high-potential space sector companies through access to our facilities, technical experts and helping them commercialise their ideas. We play key roles in Collaborative and Commercial R&D projects, taking risks others may not. 

Gordon Sweny: Head of Business Consulting 

Joe Kingswood: Lead Business Strategy Consultant 

Gemma Ball: Private Sector Strategic Account Director 

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7. Based on engagement with end-user businesses through USB programme initiatives  ↩

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9. Department for Science, Innovation & Technology, AI Opportunities Action Plan, January 2025, https://www.gov.uk/government/publications/ai-opportunities-action-plan/ai-opportunities-action-plan  ↩

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18. GSMA, The State of Mobile Internet Connectivity 2024, October 2024, https://www.gsma.com/r/wp-content/uploads/2024/10/The-State-of-Mobile-Internet-Connectivity-Report-2024.pdf?utm_source=website&utm_medium=button&utm_campaign=somic24  ↩

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24. BusinessLDN and Arup, UK businesses urged to join forces to tackle carbon emissions, July 2024, https://www.businessldn.co.uk/news-publications/news/uk-businesses-urged-to-join-forces-to-tackle-carbon-emissions  ↩

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26. Octopus Investments, Octopus Investments launches its natural capital strategy, May 2024, https://institutional.octopusinvestments.com/insights/octopus-investments-launches-natural-capital-strategy/  ↩

27. S&P Global, The Mounting Cost of Climate for Insurers, January 2025, https://www.spglobal.com/en/research-insights/special-reports/climate-risk-for-insurers  ↩ ↩²

28. PwC, Continued extreme heat could see subsidence insurance payouts increase to £1.9bn by 2030, 2023, https://www.pwc.co.uk/press-room/press-releases/continued-extreme-heat-could-see-subsidence-insurance-payouts-in.html  ↩

29. Admiral, Our milestones, 2024, https://www.admiral.com/about-us/our-milestones  ↩

30. WPI Economics, Beyond the tracks: Rail’s contribution to the UK, November 2024, https://wpieconomics.com/publications/beyond-the-tracks-rails-contribution-to-the-uk/   ↩

31. Nichols, Network Rail Maintenance - Comparator Study Report, July 2022, https://www.networkrailmediacentre.co.uk/resources/agnys-5sz9i-osl4t-a60f8-3hmbi  ↩

32. TomTom, 2024 Traffic Index, January 2025, https://www.tomtom.com/traffic-index/  ↩

33. INRIX, 2024 Global Traffic Scorecard, January 2025, https://inrix.com/scorecard/  ↩

34. Giuliano and Lu, Analyzing Impacts of Major Events: A Case Study of the Los Angeles Memorial Coliseum, February 2021, https://www.metrans.org/assets/upload/psr%20speaker%20series%20coliseum%20project-0.pdf  ↩

35. AON, Climate and Catastrophe Insight, January 2025, https://www.aon.com/en/insights/reports/climate-and-catastrophe-report  ↩

36. Reuters, Europe’s wildfires in 2023 were among the worst this century, report says, April 2024, https://www.reuters.com/world/europe/europes-wildfires-2023-were-among-worst-this-century-report-says-2024-04-10/  ↩

37. Harvard Business Review, The LA Fires Could Change the Insurance Industry, January 2025, https://hbr.org/2025/01/the-la-fires-could-change-the-insurance-industry  ↩

38. European Central Bank, Guide on climate-related and environmental risks, November 2020, https://www.bankingsupervision.europa.eu/ecb/pub/pdf/ssm.202011finalguideonclimate-relatedandenvironmentalrisks~58213f6564.en.pdf  ↩

39. The Taskforce on Nature-related Financial Disclosures  ↩

40. TNFD, Over 500 organisations and $17.7 trillion AUM now committed to TNFD-aligned risk management and corporate reporting, October 2024, https://tnfd.global/over-500-organisations-and-17-7-trillion-aum-now-committed-to-tnfd-aligned-risk-management-and-corporate-reporting/  ↩

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42. The Taskforce on Climate-related Financial Disclosures  ↩

43. OECD, Global Corporate Sustainability Report 2024, March 2024, https://www.oecd.org/content/dam/oecd/en/publications/reports/2024/03/global-corporate-sustainability-report-2024_d8e1e8b4/8416b635-en.pdf  ↩

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45. Space Capabilities Catalogue, SAC, 2024, https://sa.catapult.org.uk/space-capabilities-catalogue/#1  ↩

46. SatNews, AAC Clyde Space secures the company’s 1st customer for the Cyclops EO constellation, July 2024, https://news.satnews.com/2024/07/09/aac-clyde-space-secures-the-companys-1st-customer-for-cyclops-earth-observation-constellation/  ↩

47. Microsoft, Introducing Azure Orbital: Process satellite data at cloud-scale, September 2020, https://azure.microsoft.com/es-es/blog/introducing-azure-orbital-process-satellite-data-at-cloudscale/  ↩

48. Planet Labs, Planet Data Leveraged to Understand Agricultural Land and Quickly-changing Environments, October 2023, https://www.planet.com/pulse/planets-data-leveraged-to-understand-agricultural-land-and-quickly-changing-environments/  ↩

49. Spire, Spire Global to Enhance AI-Driven Weather Prediction in Collaboration with NVIDIA, March 2024, https://spire.com/press-release/spire-global-to-enhance-ai-driven-weather-prediction-in-collaboration-with-nvidia/  ↩

50. Insurance Journal, Tokio Marine Invests in Satellite Imaging Specialist ICEYE, Enters NatCat Collaboration, February 2022, https://www.insurancejournal.com/news/international/2022/02/09/653285.htm  ↩

51. Forbes, Quantum Security In Space: Satellites Bring QKD Closer To Earth, August 2024, https://www.forbes.com/councils/forbestechcouncil/2024/08/09/quantum-security-in-space-satellites-bring-qkd-closer-to-earth/  ↩

52. J.P. Morgan, Kinexys by J.P. Morgan launches blockchain in space, 2024, https://www.jpmorgan.com/technology/news/blockchain-in-space ↩

53. Spaceflight Now, SpaceX launches final Gen. 1 OneWeb satellites on 100th orbital flight of 2024, October 2024, https://spaceflightnow.com/2024/10/19/live-coverage-spacex-to-launch-final-batch-of-gen-1-oneweb-satellites-on-falcon-9-rocket-from-vandenberg-sfb/  ↩