Impact on the economy
Developing our PEMD electech sector in the UK would have huge benefits for the UK economy. Not only does investing in innovation and manufacture of these technologies create many jobs, it also helps the UK towards its net zero goals faster, and decreases our reliance on overseas energy sources improving our energy security. With energy costs and transportation costs soaring, driving forward our expertise in PEMD in itself can affect the lives of millions of people.
To do this we need to continue to invest in skills and workforce of the PEMD electech sector and E-Power aims to support these activities to help create positive change to the UK economy.
There is long-term demand for suitably educated and trained engineers and technicians in the Electech sector.
Electech contributes more than £100 billion a year to the UK economy.
This sector supported more than 926,000 jobs in more than 53,000 companies by the end of 2017
Innovate UK’s Driving the Electric Revolution challenge, part of UK Research and Innovation, will invest up to £4.5 million in projects building talent for the future
Power electronics is too often a hidden industry that contributes nearly £50 billion annually to the UK economy, with over 400 identifiable companies and organisations operating in the space.
Power Electronics is a £135 billion direct global market, growing at a rate of 10% per annum
Impact on environment
Power Electronics is a critical part to achieving the UK’s targets for a low-carbon economy. Government targets are for a 78% cut in emission levels by 2035, and to achieve these levels it will require action to be taken on many fronts, but the potential impact of Power Electronics in just one area – motor drives – will be huge. This will mainly be focussed around the electrification of transport – such as electric vehicles, trains, planes, ships and similar.
However this also has the potential to drastically reduce carbon emissions generated by factories and other methods of production – historically industrial electric motors have accounted for more than 60% of all electrical energy consumption. The application of Power Electronics results typically a 30-40% reduction in energy usage and could be applied in about 50% of applications. In consequence, applying Power Electronics technology in just this area can result in a 9% reduction in all electrical energy consumption.
In low-carbon and renewable generation, the impact of Power Electronics is undeniably powerful. Power converters used within wind turbines, which now power a huge proportion of the UK’s electricity demand, rely on power electronics to keep the lights on.
Within the consumer market, the global market for low-carbon goods and services is in high demand. Back in 2008 it was worth £3 trillion and by 2030, it is expected that perhaps as much as 80% of all electric power will use Power Electronics somewhere between the point of power generation and end use consumption.