Exporting to Great Britain
Sectoral opportunities in Great Britain
There are a number of sectors in Great Britain that could potentially offer some opportunities to Northern Ireland companies:
Life and Health Sciences
According to the UK鈥檚 Office for Life Sciences, in 2020 the UK Life Sciences industry generated a turnover of 拢88.9bn (Office for Life Sciences, Bioscience and Health Technology Sector Statistics 2020).
Two key sectors exist within the UK Life Sciences industry, namely: Biopharmaceuticals and Medical Technology.
Engineering
The value of the UK Civil Engineering sector was estimated to be 拢55.3bn in 2022 up from 拢50.2bn in 2019 and is estimated to grow by 4.75% by 2025 (Statista, UK Civil Engineering Industry Outlook, February 2022).
The UK Electrical Engineering sector was valued at 拢21bn in 2020 and is expected to reach a value of 拢23.bn by 2026 (IBISWorld, 鈥淓lectricians in the UK鈥, March 2021).
The UK Mechanical Engineering sector generated approximately 拢40.9bn in revenue in 2020 and was forecast to grow by 15% up to the end of 2022 with growth over the period from 2020鈥2025 forecast to reach 23% (Statista, 鈥淩evenue of the Mechanical Engineering industry in the UK from 2006 to 2020鈥, April 2021).
The UK Precision Engineering industry market size is estimated at 拢6.8bn in 2022 (IBISWorld, 鈥淧recision Engineering in the UK - Market Size 2010鈥2028鈥, February 2022) having grown by an average 0.2% between 2017 and 2021 and was forecast to increase by 17.2% in 2022 from 2021 levels.
Aerospace, Defence and Security
According to International Trade Administration (September 2021), the UK Aerospace industry is the second largest the world behind the US, with approximately 16% of global market share. There are currently more than 3,000 aerospace companies in the UK with key indigenous players including BAE Systems, Cobham, GKN, Meggitt, QinetiQ, Rolls-Royce, and Ultra Electronics. 97% of domestic aerospace production is exported.
The UK has a reputation as a centre of excellence for the production of engines, wings, structures, aircraft systems including landing gear and helicopters. In addition to manufacturing the UK has a thriving Maintenance, Repair and Overhaul (MRO) sector, which provides services to the huge numbers of military and civil aircraft that fly through or from the UK each year.
Construction
According to the IBISWorld 鈥淪ector Trends 2022 - Construction Sector in the UK鈥 report, revenue for the UK Construction Sector grew 3.9% per year on average between 2015 and 2020 to 拢219.4bn.
The UK construction industry was hit hard by the COVID-19 pandemic in 2020, with overall output declining by over 35% year-on-year in April 2020 (鈥淐onstruction industry in the UK - statistics & facts鈥, Statista, February 2022). The only sectors with positive growth were infrastructure and public new housing (鈥淐onstruction statistics, Great Britain: 2020鈥, Office of National statistics, October 2021).
Technology and creative
The Technology Sector is defined as including ICT, Data Analytics, Telecommunications and Cyber Security. The UK is the largest ICT market in Europe offering major opportunities in cybersecurity, 5G/telecoms, Software/SaaS & Cloud Services, Fintech and IOT and Smart Cities.
The Digital and Creative Sector is extremely broad and encompasses a diverse range of activities; from telecoms to advertising and computer programming through to broadcasting. However, the distinction between 鈥榙igital鈥 and 鈥榗reative鈥 is constantly evolving and becoming significantly less clear. Most creative activities now rely on, or incorporate, digital technologies. In turn, creativity and design disciplines are also becoming increasingly important to digital projects.
Professional Services
The professional and business services sector plays an important role in 91香蕉黄色视频ing jobs and growth in the UK, making up 13% of all UK employment, 25% of all businesses and adding 拢190bn in 2020 to the economy (Allianz Insurance 鈥 Review of Professional Services Sector, April 2021.
According to the IBISWorld 鈥淪ector Trends 2022 - Professional, Scientific and Technical Activities Sector in the UK鈥 report, including Scientific and Technical Activities takes the total sector value to 拢241.4bn in 2020, indicating that the Professional Scientific and Technical sub sector was the fastest (1st) growing sector over that 5 year period to 2020.
Food and Drink
The UK Food Production market generated approximately 拢105bn in 2020 (Food and Drink Federation). According to IBISWorld Meat Processing in the UK trends 2017-2022 industry revenue is expected to have grown at a compound annual rate of 0.9% over the five years to reach 拢8.9bn in 2022.
The UK Grocery Retail sector was valued 拢205bn in 2020, 拢211bn in 2021 and is anticipated to grow to 拢229bn by 2026 (Statista, 鈥淢arket value of grocery retail in the United Kingdom (UK) from 2004 to 2026鈥, February 2022, Statista, 鈥淢arket value of grocery retail in the United Kingdom (UK) from 2004 to 2026鈥, February 2022 and IGD).
Space
UK sector income has risen from 拢14.8bn in 2016 to 拢16.4bn in 2019, representing annual growth of 2.8% in real terms, with R&D investment at five times the national average, according to the UK Space Agency May 2021 鈥楽ize and Health of the UK Space Industry Report鈥. The industry is dominated by 鈥榙ownstream鈥 activities such as direct to home broadcasting.