AROUND 125,000 new jobs will be created by the growth of the technology sector in the south west by 2026, according to a new study.
The study, commissioned by Tech South West and undertaken by Whitecap Consulting, also predicts the technology sector will contribute around £20 billion annually to the south west's economy in five years' time.
The sector currently contributes around £11 billion a year to the region's economy and has a workforce of 168,847 people working across 17,500 companies.
The 70-page South West Tech Analysis Report includes breakdowns of the technology sectors in Cornwall, Devon, Dorset, Gloucestershire, Somerset, the West of England, and Wiltshire.
The report, put together by Whitecap Consulting in partnership with Deloitte, NatWest and the University of Exeter, outlines each county's contributions to technology and outlines areas they could improve in over the next few years.
It considers Somerset a key hub for clean technology and sustainable development.
There is a technology workforce of 10,068 people working across 1,264 firms in the county, and the sector contributes around £658 million a year to Somerset's economy.
The report says: “Somerset has a rich nuclear history and Hinkley Point C, the UK's biggest nuclear power station, is being built there.
“It is estimated that the station will provide about seven of the UK’s total electricity needs.
“When complete, EDF Energy says it will be able to generate low-carbon electricity for over 60 years.”
Referencing the new £10 million iAero centre near Yeovil, it also says Somerset has “a flourishing aerospace sector and is currently the centre of the UK's rotorcraft capability”.
The report also says the county has an “impressive MedTech sector" bolstored by the Rutherford Diagnostic Centre in Taunton, “a nationally recognised diagnostics centre and a prime example of public and private collaboration”.
It says Somerset's “BioTech sector is also expanding fast, with companies like Singer Instruments boosting the county's profile”.
The 616-acre Gravity commercial smart campus development near Bridgwater is described as aiming to be “a blueprint for a cleaner and smarter future”, while the report is also encouraged by the Government's £2.5 million investment in the Glastonbury Clean Energy Project.
The Somerset pages of the report end by explaining the role Taunton-based departments and businesses play in promoting sustainability.
It says: “The UK Hydrographic Office is based Taunton and has a global reputation for the work they do.
“Viridor, the biggest UK waste management company, also has its headquarters in Taunton, enabling sustainable development in the county.”
Considering the growth of the technology sector across the south west, the analysis suggests the region will become a global leader in environmental technology – with Somerset playing a key role in sustainable technology and nuclear energy.
Last week we launched the South West Tech Analysis Report, a deep dive into the region's tech sector and its challenges, strengths, future growth, and more.
— TechSWofficial (@TechSWofficial) March 7, 2022
Download your copy: https://t.co/mGmCkAGl6A@TechExeter @SwCornwall @TechSPARKuk @EngineShed_BB @DigitalPlymouth pic.twitter.com/v5l2VReSQh
Dan Pritchard, co-founder of Tech South West, said: “The south west of England’s tech sector is on an upward curve.
“Not only is this fantastic for the economy and jobs, it’s evidence of the role the region plays globally in tackling climate change.
“With international tech specialisms including climate and environmental science, marine tech, cleantech and agritech, the south west is fast becoming the UK’s natural green powerhouse of tech.
“It is substantial growth and a huge number of vacancies, which will require a combination of improved productivity and efficiencies, talent, and automation to help us get there.”
Tech South West has launched a Funding Advisory Board to help encourage more investment into the region's technology sector and create more opportunities for businesses to perform well.
For more information or to read the report, visit www.techsouthwest.co.uk/reports.
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