Industrial Goods & Engineering
Industrial engineering is one of the largest sectors in the EU economy in terms of number of enterprises, employment, production, and the generation of added value. The sector is characterised by relatively small family owned companies. The industrial engineering industry is an excellent example of an EU sector that is performing well economically. Europe is the world’s largest producer and exporter of machinery with an estimated 36% share of the world market.
The COVID-19 crisis and now Ukraine crisis has strongly affected the EU economy. Its impact varies across ecosystems and companies’ size. The crisis exposes the interdependence of global value chains and demonstrates the critical role of a globally integrated and well-functioning Single Market. While the impact of the crisis varies across different ecosystems and companies, the key issues highlighted by the crisis are:
- Borders restricting free movement of people, goods and services
- Interrupted global supply chains affecting availability of essential products
- Disruption of demand
To address these issues, the updated Industrial Strategy is proposing new measures to take into account the lessons learned from the crisis and sustain investment. The Strategy supports the twin transition to a green and digital economy, making EU industry more competitive globally, and enhancing Europe’s open strategic autonomy.