A study by Warwick Economics & Development (WECD) commissioned by the Science & Technology Facilities Council (STFC) shows that the UK’s cryogenics community has a substantial economic impact on the country’s economy. According to the report, the community also engages in scientific and industrial collaborations and partnerships that help to advance science and build the UK’s international reputation in science and technology.
- Sectors broadly associated with cryogenics represent 17 percent of the UK economy.
- The total (direct and indirect) GVA contribution of cryogenics-related activities to the UK economy is £324 million per year.
- Cryogenic-related economic activities could contribute between £1.6 billion and £3.3 billion to the UK economy in the next 10 years, with STFC, its university partners and industry all being key players in delivering this growth.
The study states that STFC is at the heart of cryogenics research and technology in the UK, and its cryogenics capabilities are wide-ranging. As one of Europe’s largest research organizations, STFC operates world-class facilities requiring and deploying cryogenics expertise, helps develop new technologies, and provides long-term research funding to universities to support scientific areas that are reliant on cryogenics.
To read more about cryogenics-related work in the UK and worldwide, the ways cryogenics is supporting future potential scientific advancements, and the economic and social significance of the cryogenics community in the UK, view the full Cryogenics Impact Report, or view a copy of the Cryogenics Impact Summary Report.