Generating over £31 billion a year in revenue and employing 95,000 people, the UK has the largest aerospace industry in Europe and the second largest in the world, with a 17 per cent share of the global market.
International partnerships are a key component to the industry’s success as nearly 90 per cent what the sector produces is exported. Europe and North America are outlined as the priority markets offering the strongest demand for UK aerospace products.
Emerging high-growth strategic markets in the Middle East and India present both challenges and opportunities for the UK sector, as it needs to ensure considerable investment in order to maintain its current leadership position. Furthermore, while the UK is well placed to adapt to environmental regulations and considerations, which are the most significant drivers of technology within the sector, again securing investment for building a highly skilled workforce and investment in research will be crucial. Funding squeezes the exit from the European Union will further heighten the need for the industry to make its voice heard to policy decision makers, thus greater collaboration within the industry and with the Government is essential.