Investing an additional £1.2 billion into the manufacturing processes could add as much as £60.5 billion to the UK economy over the next decade, according to research from Barclays
The ‘Future-proofing UK manufacturing’ report indicates that investing in automation technology will help to increase the international competitiveness of the UK’s manufacturing sector through increased manufacturing productivity and efficiency.
Barclays’ report said that as a result of additional investment the manufacturing sector will be worth £191bn in 2025, £8.6bn more than currently projected and a 19.6% increase on current amounts.
Mike Rigby, head of manufacturing, Barclays said: “This report highlights the importance of investing in robotics and automation for manufacturers as a potential solution to the on-going ‘productivity puzzle’.”
The research found that 58% of British manufacturers surveyed reported that they have already invested in automation and of these, 65% felt that they are more productive as a result.
76% reported that they believe there are opportunities for further investment in their business with parts manufacturing, assembly and packaging identified as areas of the business with the greatest potential for future investment in automation technology.
Rigby said: “By investing an additional £1.2bn in automation technologies over the next decade, the UK manufacturing sector is forecast to create an additional £60.5bn of economic output.
“To reap these rewards we need to address some of the barriers to investment including the need for more user-friendly and flexible technology, addressing skills barriers within the sector and supporting manufacturers to access the funding and information already available to them for robotics investment.”