Identifying the top growing industries in any one place at any given time is a difficult task. Consumer and commercial trends are often anyone’s guess, with the emergence of new products and changes in markets only ever easy to discuss with the benefit of hindsight. But if it’s hard for analysts to assess, it’s even more complicated for entrepreneurs identifying these markets and entering them.
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New Technology
After the economic crash, some economists called for Britain to rebalance its economy, moving away from banking and towards manufacturing. Since then engineers have been trying to make that vision a reality, aided on their way by emerging technologies. In the automotive sector for example, engineering expertise along with the presence of a global auto sport industry has made the UK a leader in low-carbon vehicle development. Engineering consultancy Arup is among the heavyweights involved in pioneering electric trains and reduced-weight construction right now. While government investment is pushing the role of new technology, car companies themselves appear to be sold on its importance too.
The Final Frontier
Another sector cited as being vital to the UK is space exploration. Advanced aerospace technologies are being combined with tried and tested electronics in a market affected simultaneously by the commercial realities of telecommunications, the need to know more about the Earth’s climate, and mankind’s eternal aspirations to explore outer space.
While Britain may not have been home to many major space launches over the years, the sector remains one of the highest value-adding economic sectors in the UK today.
Air Conditioning
One of the most exciting growth industries today is a little more earthbound. The air conditioning market is planning for significant growth in the years to come thanks to legislation as R22 replacement programmes bump up the size of the split-air-conditioning market. Units are still out in the market waiting to be replaced, with the end user waiting until the equipment can no longer be repaired.
EU legislation for air-to-air heat pumps with a rated capacity below 12 kW came into force in January 2013, including both energy efficient requirements and energy labeling not to mention requirements for heating and cooling. This is why, despite the economic slump of recent years, firms like Pure Air Conditioning are looking forward to the future and the upsurge they are eagerly anticipating.
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