Aerospace sector expected to grow in next five years

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NEW research has revealed 93 per cent of aerospace professionals expect their industry to increase its 20 per cent share of the EU market within the next five years.

Invest in Hampshire, which encourages firms to set up in the county, conducted the research.

Of those surveyed, more than half said they expected this growth to be by at least five per cent.

Aerospace is a major employer in this area with EADS and Astrium both having bases locally.

According to the study, more than a quarter of aerospace professionals felt the UK’s wealth of skills would be the biggest driver of growth.

A further 15 per cent felt government support – such as enterprise zones – would be a key catalyst for driving market share and 13 per cent said the same about private sector innovation.

The UK has 2,600 aerospace companies across, with 100,000 people directly employed in the industry.

According to a report by Solent Local Enterprise Partnership last April, 5,400 people in Portsmouth work in the industry, amounting 2.1 per cent of the total number of workers nationally.

Within the LEP area, 9,800 people work in the industry.

Speaking on behalf of Farnborough Aerospace Growth Forum, Rob Watson said: ‘The findings highlight widespread confidence in the potential for the industry to continue its strong growth pattern.

‘The sector has been one of the fastest growing in the UK economy over the last five years and has contributed greatly to local economies and employment.

‘This growth is sure to continue with strong global export demand and a sustained requirement for civil and commercial and defence aircraft. ‘The newly-established Farnborough Aerospace Growth Forum will help facilitate such expansion, with access to resources that can help companies to grow via financial support, industry advice and export guidance across the world.’