Prime Advantage Advisory

Prime Advantage Advisory


EngineeringEngineering – Sector Overview

The field of engineering comprises a range of disciplines; Prime Advantage specialises in precision, mechanical and product engineering. The UK is world-leading in respect of engineering and the sector’s credentials around the globe are second-to-none.

The sector in the UK is vital to the country’s economy, generating £455 billion to GDP in 2014, accounting for 27% of the total GDP. The range of disciplines are well represented by businesses across the country and the sector continues to grow, despite the challenging economic climate of recent years.

Perhaps one of the biggest barriers to growth for firms is the sourcing of people: the UK is suffering a skills shortage and ill-preparedness of graduates coming out of STEM education. Without adequate manpower resource, the sector risks stagnation so investment in people is a key area of concentration for any business wanting to develop. To put the risk of stagnation into context, there will be 2.56 million job opening in companies through to 2022; if the UK fills this demand, there is the potential for companies to generate an additional £27 billion per year from 2022.

Other opportunities for the sector lie in the international market, where skills and expertise are in demand. The potential to do business in foreign markets can deliver much sought after additional growth for the sector.

Engineering Sector Expert

Lee Billingham Partner Energy and EngineeringLee Billingham

To find out more about Lee’s views and insights on the Engineering Sector read his blog.