5 fasting growing EU industries

The EU is one of the world’s most significant economic zones and throughout the turbulence of the last few years has continued to be a region that plays a vital role in driving economic growth and innovation around the world. Here are five of the sectors that are most notable for their growth potential in 2022:

Mechanical engineering

The mechanical engineering sector is one of the largest in the European Union. Despite the industry's scale, the average mechanical engineering firm is small and family-owned, with high personnel certification requirements and a reliance on close collaboration between the many aspects of the business: production, design, and engineering.

The sector currently employs about three million people in the EU and accounts for over 9% of all manufacturing production on the continent, and is still growing. Currently, Europe is the world's largest exporter of equipment, accounting for over a third of the global market, and the European Union predicts that the industry will increase at a rate of nearly 4% in the next decade.

Online gambling

Gambling regulations across the EU have been changing significantly in recent years due to liberalization and a recognition that many older rules no longer apply in the internet age.

At the same time, the EU region is also home to some of the biggest innovators in the online iGaming world, many of them based in Finland and the Nordic region of Europe, as well as a deep-rooted sports betting tradition in many nations. This tradition, along with ongoing technological and regulatory change, has enabled the development of a thriving and growing online gambling sector throughout the European region, from Finnish online casino sites to sports betting in Spain, with European online gambling companies also gaining a foothold in the growing US market.

Aeronautics

The European aeronautics industry designs manufactures and provides a wide range of civil and military aircraft, as well as all associated equipment, support services, repairs, and training. It is one of the most important high-tech sectors in the modern global economy and its success has propelled the EU to the forefront of the aeronautics supply chain. In reality, when it comes to aerospace items, Europe has a trade surplus, with European aerospace industries providing consumers all over the world.

It is a significant component of the EU industry, with over 500,000 employees and a revenue of more than 150 billion euros across the continent. It is, however, concentrated in a few countries, most notably the United Kingdom, Germany, France, Poland, and Sweden. Despite the high expenses of R&D and the relatively high cost of labor in the sector, it remains profitable and continues to grow at a rapid pace.

Shipping and maritime industries

For many years, the EU's shipping and maritime industries were seen to be on the decline as a number of countries favored overland trade ties. However, as a result of the growing challenges linked with climate change and congestion, many nations, governments and organizations have rethought their strategies, resulting in an upsurge in the maritime sector.

The maritime industry, like the aeronautics sector, is strongly concentrated in a few nations, most notably the United Kingdom and Greece, which together account for about 20% of global fleet capacity, and the European Union is well-positioned to profit from future global economies in which global maritime trade, short-sea shipping, and related maritime sectors will all play a key part.

Space sector

Space technology is one of the fastest expanding areas in the European economy. Although most people identify space technology with moon landings, space stations, and the prospect of colonizing other planets, the practical uses are considerably closer to home. The European Union now has three space programs aimed at utilizing advanced satellite technology to assist with anything from global navigation and transportation to climate change and natural disasters. As a result, the EU has risen to prominence as a major manufacturer of satellites and related technology.

From satellite television and mobile phones to disaster control and relief efforts in the event of earthquakes, fires or floods, the benefits of space technology can be found in practically every part of our lives. After establishing strong space programs, the EU is now concentrating on encouraging public and private sector organizations to adopt the resultant technology and data, which is expected to result in increased growth in the coming years.

Europe will continue to confront stiff competition from Asia, Africa, and South America in a dynamic and demanding global environment, but as these growing sectors show, the continent is well-positioned to harness the experience and technological know-how to prosper in the 21st century.

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)