Energy and electric vehicles amongst key emergent markets for the North East
A study commissioned by the North East Local Enterprise Partnership (North East LEP) has identified markets which offer opportunities for economic growth in the North East within the next 10 years - including autonomous and electric vehicles, energy generation and energy storage.
Altogether, 17 markets were identified as offering the most probable prospects for regional growth, including three that are closely linked to the drive to reach net zero.
Richard Baker, Strategy and Policy Director at the North East LEP, said: “Emergent markets are economic markets which are yet to reach their full potential and therefore present opportunities for regional growth, given the North East’s strengths and capabilities.
“As we push the ambitions of the region, and as we work together to achieve net zero, markets like electric vehicles, energy generation and energy storage will play an increasingly important role in bringing economic and social benefits to all our communities.”
The project included analysis of a range of global trends, issues and growth drivers, and a summary of their impact in a North East context.
The study began by identifying a long list of 97 global markets that are likely to be affected by the continued development of global trends.
The next stage was to narrow these markets and trends to those that are most relevant in the UK context. Trends were narrowed to those that are ‘high impact’ due to the convergence of several trends operating in the same direction. The markets were narrowed down to 62 on the basis that these markets are likely to present opportunities for growth in the UK.
After placing these markets in the UK context, the next stage was to cross reference these markets and the high impact trends. This led to a shortlist of 28 markets to be assessed in the North East context.
Finally, Cambridge Econometrics assessed the North East LEP’s strengths and position in these 28 markets to identify a final 17 markets that present the most probable prospects for regional growth. The full list of 17 markets is:
- Immersive Technologies
- Autonomous and Electric Vehicles
- Energy Generation
- Energy Storage
- Autonomous Vehicles
- Satellites / Earth Observation
- Bio Pharmaceuticals
- Smart Grids
- Healthcare Services
- Robotics
- Software Development
- Financial Services
- FinTech
- Cloud Computing
- Cybersecurity
- Payment Processing
- Data Analytics
Find out more about the emergent markets study here.
The Emergent Markets study is just one of hundreds of projects helping the North East reach its net zero targets and make a difference on a global scale. Find out more here.
