Latest figures from Enterprise Ireland show that the country’s aerospace and aviation industry is accelerating more than ever and is now worth more than €4.1 billion to the Irish economy.
To put the country’s success into context, Irish lessors manage €80 billion in assets worldwide and today there are more than 250 companies actively involved in the aerospace, aviation and space sectors, providing employment for approximately 42,000 full-time workers.
With over 50% of the industry’s global spend being managed by aircraft leasing companies headquartered in Ireland and home to 30 international leasing operations, Ireland is ideally positioned to help drive the industry’s innovation forward.
The evolution of the aviation and aerospace sector demonstrates the capacity of Irish companies, which have invested in employee skillset, research and development, sales and exports to increase their competitiveness in the sector as well as raising Ireland’s profile on a global scale, putting it firmly on the map.
Collectively, aviation and aerospace are dynamic, innovative and of national importance. As a small country, Ireland has approximately 200 active Enterprise Ireland companies within the sector paving the way for other start-ups to consider Ireland as a location to conduct business.
Ireland already has an established supply chain with both prime and tier 1 companies in the UK, which include: Bombardier, Rockwell Collins, GKN and Patton Air.
Sean Long, senior UK market adviser for engineering, electronics at Enterprise Ireland, commented: “Boasting a competitive and agile aviation and aerospace sector there is tremendous scope for Ireland to build intelligent, innovative and ambitious partnerships with the UK and beyond. At Enterprise Ireland, we are working thoroughly to ensure we use our industry and regional expertise to help companies within the sector achieve their global ambition.
“Now worth over €4.1 billion to the Irish economy, the aerospace and aviation industry is one to watch and at Enterprise Ireland, we are aiming to harness this value by supporting a growing Irish supply chain within the sector. For example, we have been working with Dublin Aerospace, one of the leading Irish providers of MRO services, to help it on its way in reaching a 70-million-euro turnover by 2020.”
Ireland has a growing reputation for innovation and service excellence within the aerospace and aviation industry which is experiencing rapid growth. Enterprise Ireland is working to enable Irish businesses to deepen their presence in the UK market as well as achieve global ambition.
Enterprise Ireland is an Irish government agency and the third largest seed investor in Europe. The agency invested €32 million in 229 start-up companies in 2016 – the highest level on record in Europe. The trade body helps companies start, innovate and scale internationally, through tailored professional advice, funding, skills development, sector expertise and access to connected networks.
With Ireland being the UK’s main trading partner, Enterprise Ireland clients exported over €7.5 billion in exports to the UK last year. Trade between the UK and Ireland directly supports 400,000 jobs, approximately half of which are in the UK and Enterprise Ireland is encouraging more UK start-up companies to consider Ireland as a location to conduct business.
