The UK’s advanced engineering and manufacturing industry has thousands of supply chain companies, with a thriving manufacturing industry and investment in automation and technological advances that potentially adds £275 billion to the national economy each year.
The UK currently homes over 100,000 manufacturing companies, boosted by government aims for public and private sector investment in R&D to reach 2.4% of GDP by 2027.
Since 2007, the UK has committed £1.8billion as funding support for investors in new projects matched by similar amounts from business’ funding and partners. The growth potential in this sector is illustrated as 71% of companies with an annual turnover of £10million are interested in the automation industry.
The scope for future growth in this sector is shown by the predicted Industrial Revolution, known as Industry 4.0. The UK is ranked a leading country in the process of Industry 4.0 which is set to use technology to transform productivity.