Some areas has a very strong of demand, while others are faltering amid economic uncertainty due to consequence of the Brexit decision.
Albany, NY -- (SBWIRE) -- 09/25/2017 -- The decision of United Kingdom to leave the European Union has had far-reaching consequences on the economy of the country, and the engineering sector is no different. Especially the mechanical and electrical engineering sector in the UK is facing challenges ahead. The engineering industry in the UK employs a large number of people and contributes to more than one-fourth of its GDP. Also, it has been reported that a sizeable portion of engineering staff of the UK are from the EU. Currently, post Brexit, there is no change in the legal situation and the effect of Brexit on the engineering sector will be clear as time progresses. As per the data available, UK needs to produce more than 60,000 engineers than what it already produces every year. Hence, it is evident from this data point that there is a skill shortage in the UK as far as the engineering sector is concerned. Hence, post Brexit, the engineering sector in the UK needs to focus on the fact that skill shortage in the UK can get more complicated if there are impediments to hire talent from the EU countries. The engineering sector in the UK also needs to consider the situation regarding access to the global markets for its products and consider alternative sources of research funding as well. In order to study such factors in detail, Market Research Hub (MRH) has included a new report in its database titled 'UK Mechanical and Electrical Engineering Sector - September 2017'.
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This report beings with an executive summary that denotes the M&E market in Great Britain, with historical analysis from 2012-2016 and forecast from 2017-2021. The executive summary further gives the segmentation of the M&E market in Great Britain in the year 2016. The taxonomy of Great Britain's mechanical contracting market and electrical contracting market in the year 2016 is also stated. The executive summary also denotes the UK new construction output, by type, with historical figures from 2012-2016 and forecasted figures from 2017-2021. Besides, UK R&M construction output, by type, with historical figures from 2012-2016 and forecasted figures from 2017-2021 is also given. Besides this, there is a section on key insights that addresses questions such as how the M&E sector will be impacted due to Brexit and why have M&E contractors diversified. The key insights also dwell on the subject of price-pressures re-emerging in the M&E sector.
It is therefore evident that due to Brexit, the process of creating more engineers will become quite complex given the nature of the exercise. It has been noted that UK needs to hire people with skilled engineers from all over the world and not just from the European region in order to address the skill shortage in the engineering sector. However, this directly conflicts with the present day sentiment of keeping immigration under control. It remains to be seen, post Brexit, how the M&E engineering companies in the UK will cope with the skills shortage and from where will they source skilled labor.
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In the introduction section of this report, definitions concerning the M&E market in the UK are given along with the methodology and abbreviations. The issues in the market are also studied in great detail in the introduction part along with the market factors affecting the M&E market. Various legislations and government initiatives are also discussed related to the M&E market in the United Kingdom.
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