The turnover for engines and turbines in the UK has shown significant fluctuations over the past decade. Between 2013 and 2023, the industry saw substantial growth with some years of decline. The turnover in 2023 stood at €12.53 billion, reflecting a 2.48% year-on-year increase. The average annual growth rate (CAGR) over the last five years was around 1.98%, indicating steady but moderate growth.
Key recent trends:
- Notable growth in 2018 (17.63%) and 2021 (23.76%)
- 2020 experienced a steep decline (-14.63%) but rebounded in subsequent years
Future trends to watch:
- Continued moderate growth with a forecasted 5-year CAGR of 1.87%
- Overall, the projected 5-year growth rate through 2028 is expected to be 9.73%
Ongoing advances in technology and sustainability are likely to drive innovation and growth within the industry moving forward.
