Europe is pouring billions into space. Can Glasgow's satellite industry keep up?

Meanwhile, Finland's aerospace firm ICEYE specialises in synthetic aperture radar (SAR), satellites, which can produce images of the Earth's surface through cloud and darkness. Macdonald says these have been used in the war in Ukraine, where satellite imagery can provide intelligence - for example, spotting a Russian vessel in a Crimean port - when conventional optical cameras cannot.

In June, ICEYE announced a funding round worth more than €1bn, valuing the company at more than €10bn. The Finnish state has also increased its stake and now owns around 12% of the company.

Finland's Minister for European Affairs, Joakim Strand, said the geopolitical situation had highlighted the importance of domestic ownership in what he called a "key strategic sector".

Governments want guaranteed access to satellite communications, especially when their country is facing a crisis. Some want the satellites - and the ability to build them - within their own borders.

That can have consequences for Glasgow.

"The recent increases in space spending elsewhere in Europe matter," says Gabriele Piazza, an economist at the London School of Economics who researches government procurement of advanced technology.

Space is not a normal market. Where the contracts go can help determine where companies invest, where engineers work and where expertise builds.

"Since capabilities build on themselves, firms with a large customer at home gain an advantage that lasts," Piazza adds.

Meanwhile, as well as Clyde Space's 2018 acquisition by AAC Microtec, Glasgow-founded Alba Orbital has moved its headquarters to the US, while retaining a Scottish base and team. Spire has expanded its manufacturing operation into Munich.

The Scottish government maintains that Glasgow still builds more small satellites than anywhere else in Europe. So, this is not an industry in decline.

But the bigger challenge, Smith says, is helping companies that start in Scotland to scale here.

"I wouldn't want it to be overly negative," says Macdonald. "It's more just like there are warning lights flashing that other parts of Europe are investing much more aggressively, and moving much more quickly, than we have."