GENERAL NEWS
The ‘ true impact ’ of manufacturing in the UK
Manufacturing is having a far greater impact on the UK economy than first thought according to a major new report , ‘ The True Impact of UK Manufacturing ’, unveiled at MACH 2024 in Birmingham , UK , this April . It shows that the UK industry is worth £ 518- billion and supports 7.3 million UK jobs directly and across the supply chains / communities in which it operates . This represents nearly a quarter of total UK GDP ( 23 %) and is far greater than the direct contribution of 8.2 % that is usually quoted by economists .
Carried out by Oxford Economics and the Manufacturing Technologies Association ( MTA ), the in-depth report also shows that ‘ making things ’ accounts for 34.5 % of all UK goods and services exports , whilst the median wage is £ 31,300 ( 11 % higher than the national median wage ).
“ The findings are even more impressive when you consider the sector has had to navigate a myriad of challenges outside its control in recent years , including changing relations with the European Union , the COVID-19 pandemic , unprecedented increases in energy costs and global supply-chain fragility as well as international conflicts ,” commented the Manufacturing Technologies Association ( MTA ).
MTA ’ s Chief Executive Officer , James Selka , is now urging the sector to build on this report by exploring ways in which it can address the skills shortage and develop successful programmes , such as the High Value Manufacturing Catapult Centres , to
Additive manufacturing at MACH 2024 . Robotics at MACH 2024 .
increase wealth creation by commercialising more ideas and innovations in the UK . “ Our report has been designed to take a ‘ deeper dive ’ and looks at the direct , indirect and induced impacts of manufacturing , which is a far more comprehensive overview of what we make , the complex nature of our supply chains and the economic benefit gained from the spending of wages by those employed in our sector ,” commented Selka .
“ We are also a part of the economy that invests heavily in new technologies , with nearly half ( 47 %) of total R & D investment made by manufacturers . At the MACH exhibition in April , over 500 companies showcased the latest in automation and robotics ; additive manufacturing ; latest software ; advanced CNC machining and measurement and inspection solutions .”
The MTA is now calling on a well-integrated
James Selka , CEO , MTA . commitment across the UK to help industry realise its potential , ranging from business leaders and academics to policymakers so crucial in developing a cross-party industrial strategy . “ The UK ’ s recent Advanced Manufacturing Plan , accompanied by support worth £ 4.5 billion , has been welcomed as a step in the right direction and an important vehicle in helping to cultivate the new technologies and industries being born ( such as electrification , lightweighting , less carbon-intensive materials and renewable energy ). Introducing new measures that increase exports should also be a priority and there is an unprecedented opportunity to deliver critical sovereign capabilities from READ public health to defending our realm ,” concluded the MTA . n
REPORT
www . mta . org . uk
Digital twins / simulation drive metaverse
The metaverse has had many definitions , all of which have been rather vague and potentially misunderstood by the public . One general definition is “ a persistent virtual environment that allows access to and interoperability of multiple individual virtual realities .”
Global technology intelligence firm ABI Research takes a more granular definition of the metaverse , focusing on digital twins , simulations , edge and cloud computing , and professional services to define it . With this granular approach , it has valued the current metaverse at US $ 36 billion , forecasting the market to reach US $ 66.7 billion by 2030 , with a CAGR of 9.7 %.
“ Clearly defining the metaverse and its potential is essential for its adoption . Often the metaverse has been seen as a gaming and social realm , with Roblox and Epic
Games taking the lead . Yet its applications reach much further into the enterprise domain . This new landscape , driven by digital twins , simulations and computing technologies , is gaining equal relevance and attention as the ‘ consumer ’ metaverse ,” explained Matilda Beinat , Augmented and Virtual Reality Research Analyst , ABI Research .
While Meta ’ s rebrand made the metaverse more well-known and vertically inclusive , enterprises have identified and leveraged metaverse value for the past few years . Recently , Siemens has partnered with NVIDIA to build an industrial metaverse by increasing AI-driven digital twin uses that can help upgrade the industrial automation ecosystem . Companies such as IBM ; Microsoft ; Cisco ; Accenture and Qualcomm have been contributing to the creation and
the usage of the metaverse for tangible results within enterprises : 3D and spatially aware simulation and visualisation ; robust remote worker support and enhanced user devices through cloud computing all deliver enterprise value .
Although challenges remain , especially regarding security and privacy , opportunities in different verticals ( such as manufacturing and automotive ) are more present daily .
“ Companies that have been integrating these metaverse technologies are seeing significant returns on investment , improving customer satisfaction , and a boost in overall company performance ,” Beinat concluded .
These findings are from ABI Research ’ s ‘ Metaverse State of the Market ’ report . n
www . abiresearch . com
6 | ismr . net | ISMR June 2024