Innovation and sustainability were key areas of focus at the Greater Lincolnshire and Rutland Manufacturing Conference, when delegates discussed the future of a sector contributing £5.6 billion to the regional economy.
The conference, hosted by Business Lincolnshire in partnership with NatWest, brought together ndustry experts, thought leaders, and business owners to discuss the challenges and opportunities facing the manufacturing sector in the region.
The manufacturing sector in Greater Lincolnshire and Rutland alone employs 66,000 workers and contributes £5.6 billion to the local economy, representing 21% of the total economic value (GVA) in the region. What’s more, over the past decade, the sector has experienced a remarkable 64% growth in real terms, outpacing the national average.
Laura Capper, Head of Manufacturing and Construction at NatWest, offered insights into the financial and non-financial solutions essential for supporting the growth ambitions of manufacturing businesses.
Shane Peel and Angela Borman from Siemens Energy shared their journey and expertise, underscoring the importance of skills development and sustainability in driving manufacturing excellence. A key takeaway from their session that resonated in the room was succession planning with your current workforce to plug the skills gaps projected over the coming two to five years.
Chris Corkan, Region Director at Make UK, provided a comprehensive overview of the industry’s current landscape, emphasising the intrinsic link between manufacturing and productivity. Make UK’s analysis underscored the UK manufacturing sector’s growth to £224 billion, positioning it as a global player. However, challenges such as energy prices and geopolitical instability persist, impacting profit margins and employment costs.
Make UK’s research shows that in 2024, a significant proportion of manufacturers are poised to seize net zero opportunities for growth, with 13% aligning with environmental, social and governance (ESG) standards and commitments. Additionally, more than half are preparing to launch new products, while over a quarter are gearing up to expand into new, previously untapped markets.
These initiatives are fuelled by a collective agreement among 71% of manufacturers that digital technology will drive productivity, with 62% affirming that opportunities outweigh risks. The overarching campaign message emphasises the fusion of physical and digital realms, leveraging automation, innovative materials, and cutting-edge technologies like AI to enhance the UK’s competitiveness and productivity. Moreover, there’s a widespread commitment to sustainability, with 96% of manufacturers already decarbonising operations, 92% prioritising net zero, and 74% integrating ESG conditions into procurement decisions.
