The report claims that the UK, which is currently the second-largest aerospace manufacturer in the world, has the potential to take the lead in aerospace technologies if steps are taken now.
The Aero 2075: flying into a bright future? report sets out IMechE’s key recommendations for the UK if it is to bypass competition from emerging economies and successfully compete for £2tn worth of business in the next 20 years.
In a statement, Stephen Tetlow, chief executive of IMechE, said: ‘Now is the time for industry and government to focus on sectors that can lift the country’s economy.
‘The UK aerospace sector already employs more than 100,000 people around the country and is worth more than £29bn a year to our economy, but we need to take action now to ensure that this sector can continue to thrive and grow,’ he continued.
The report examines technologies such as aircraft powered by solar or hydrogen fuel cells and intelligent navigation.
In the report, IMechE calls for government and industry to set out a long-term strategic vision for investing in the UK’s aerospace sector; establish a UK Advanced Technologies Aerospace Research Centre; ensure that UK PLC is an attractive investment location and restore research and development funding to pre-recession levels.