The turnover for the UK’s manufacture of air and spacecraft and related machinery sector is forecasted to rise gradually from £32.86 billion in 2024 to £34.46 billion by 2028. The year-on-year growth rate reveals a consistent trend of approximately 1.2% to 1.15% growth annually. This indicates a stable expansion of the industry over the five-year period.
A longer-term view, based on these forecasts, highlights an average Compound Annual Growth Rate (CAGR) of around 1.21% from 2024 to 2028, depicting a modest yet consistent increase across the years. In 2023, industry turnover stood at £32.68 billion, setting the base for these projections.
Future trends to watch for include:
- Technological innovations driving efficiency and production capabilities.
- Brexit-related policy changes potentially affecting trade and manufacturing.
- Environmental regulations promoting sustainable practices within the industry.
- Global economic conditions influencing investment and growth prospects.
