Investing an additional £1.2 billion into the manufacturing robotics 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.
The report says that the pharmaceutical and food manufacturing industries have the most to gain from further investments in automation with the research showing a more than 10% increase in output between 2016-2020 and close to a 25% rise between 2020-2025 for both sectors.
This will be driven by the two sectors’ comparatively large existing base in terms of size and take up of automation technology and by the relative ease of application of automation technology to both sectors according to Barclays.
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’.
“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.”