The UK produces nearly half of the small satellites and about a quarter of the world's telecommunications satellites, according to the space agency.
The government is planning a spaceport in Sutherland in the Highlands, 30 miles from John o'Groats, and one at Newquay, a similar distance from Land's End in Cornwall.
The UK Space Agency has approved funding to develop a new launch site for small satellites in Sutherland, Scotland. The state estimates that commercial vertical and horizontal launch demand is worth a potential GBP 3.8 billion to the United Kingdom economy over the next decade. Lockheed Martin was awarded $31 million for two United Kingdom projects: Establishing vertical launch operations in Sutherland and a development program slated for Reading to deploy a new "delivery vehicle" to deploy as many as six small satellites.
Cosmic Girl will carry a LauncherOne rocket under its wing to a launch range over the Atlantic and release the rocket at around 35,000 feet for onward flight into space, carrying a satellite into Earth orbit. HIE will also work with a consortium of other firms, including Lockheed Martin.
Space agency chief executive Graham Turnock said this great news is all part of the "kickstart of an exciting new era for the United Kingdom space industry, and this is only the beginning of our LaunchUK campaign".
British companies already produce almost half of the world's small satellites and a quarter of the world's telecommunications satellites.
The UK Government is driving the commercial space age and Scotland is leading the way. However, business secretary Greg Clark and the UK Space Agency chose A'Mhoine, an area previoulsly best known for Mull-A-Mhouine single malt and otters, as the most viable for launching vertical take off rockets.
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With the new spaceport, "the United Kingdom will become Europe's first one-stop-shop for building, launching and operating satellites", the agency said.
"The global space sector is set to grow very significantly in the coming years, and we want to ensure that our businesses are ready to reap the economic benefits that will be generated", she said. "In Spire, Scotland already sports Europe's most advanced and prolific satellite manufacturing capability, and with a spaceport right next door, enabling clockwork-like launches, we can finally get our space sector supply chain to be truly integrated", he said in the statement.
"Rockets are effectively controlled explosions, very well controlled, " he said.
"So there's a natural exclusion zone of around 4km from the site where the pad will be located, and you don't want to have any people or anything in the area".
Jamie Stone, Lib Dem MP for Caithness, Sutherland and Easter Ross, described the announcement as an "incredibly exciting prospect" for north Sutherland.
"Not only that, but it will become a considerable tourist attraction for many years to come".
HIE chief executive Charlotte Wright said: "The decision to support the UK's first spaceport in Sutherland is tremendous news for our region and for Scotland as a whole. If it continues we could see an erosion of our position".