The UK’s governmental Technology Strategy Board, Innovate UK, has announced that it will be funding up to £19mn (US$25.7mn) into innovative manufacturing, materials, and infrastructure projects.
As the ninth largest producer in the world, with an output of $247bn, the UK’s government are investing in the industry to support it and increase efficiency.
The UK accounts for 3% of all global manufacturing output, and 11% of its gross value added (GVA) is contributed by the sector.
Manufacturing represents 50% of exports an 69% of business R&D in the nation.
Innovate UK’s investment will be targeted towards developing more flexible and efficient processes, which in effect will allow for faster and greater customisation of products.
The funding will also aid the development of materials to ease the manufacturing process, as well as targeting performance specifications.
The government are also aiming to diversify product and service lines, whilst also working on new business models to open new sources of revenue.