Britain’s aerospace and aeronautical components sector has been the subject of intense scrutiny in recent years due to its importance to UK defence, air and space activities.
The country’s Department for Transport has also been under pressure to cut its carbon emissions and, despite some progress in recent months, it has not done so.
However, a new report published by the aerospace organisation RSI, a market research firm, suggests that the UK could be in for another round of significant investment in its components, in addition to the $2.8bn already spent on its aerospace industry in the past year.
In its report, RSI said that the investment could include new manufacturing capacity, new production lines, and new assembly lines for the UK’s aerospace components.
However the company said it did not take into account any of the costs of this investment, such as the cost of the new capacity.
The government’s recent announcement that it is investing £30 billion to upgrade the UK aerospace sector comes just days after it announced the £12.6bn ($22.9bn) commitment to create new jobs for the sector.
RSI also found that the cost to produce the components could be more than double that of the UK average of £1.6 per metric tonne, which is the equivalent of about $4,300 per tonne.
It said that new plants were needed for each of the 5.2 million metric tonnes of components produced in the UK.
It is estimated that this amount would be sufficient to produce a single Boeing 777 aircraft for over 10 years.
The company said that there are currently about 2.4 million metric tons of components made in the US and about 10 million metric tonnes produced in China.
“The UK aerospace industry will continue to grow in the years to come, but the new investment could significantly accelerate that growth and provide UK aerospace companies with the capacity to produce even more high-value components in the future,” RSI CEO Chris O’Donnell said.
He added that the industry had not seen such investment in recent times and the UK government should look at the investment and prioritise its priorities over the short-term costs of the investment.
The RSI report was based on an analysis of the annual reports of the aerospace industry companies and the Office of National Statistics, which collects data on the industry.