Oxfordshire is an area of great economic potential. It’s a hub for innovation, led by its prestigious universities and research institutes, and home to world-leading businesses across a range of industries.
The county is known for its automotive sector, but according to OxLEP, which provides assistance to start, grow and support Oxfordshire businesses, the top industries today are:
- Life sciences;
- Energy; and
- Robotics and AI.
Let’s explore why.
Life sciences
With world-leading research institutes and universities, Oxfordshire plays a key role in the global life science industry. The county is home to the European headquarters of several pharmaceutical companies and some of Europe’s largest biotechnology start-ups. It is one of the strongest life sciences clusters in Europe.
Oxfordshire’s population of highly-educated life sciences specialists mean that the area is filled with the skills to develop ground-breaking new technologies. It’s a global hub for clinical trials and explores everything from diagnostics to medical devices, drug discovery and development, digital health, precision medicine and genomics and generative medicine.
With the local universities, research institutions and organisations already established in the county, the growth of life sciences worldwide means further growth of the industry here in Oxfordshire.
Energy
Oxfordshire is home to more than 30 academic, industry and public energy and energy storage organisations, including giants, Faraday Institution and Culham Centre for Fusion Energy (CCFE). With this assemblage of businesses and institutions, the energy sector in Oxfordshire is perfectly positioned to collaborate and explore innovation in an environment difficult to replicate elsewhere.
As with life sciences, the universities give this sector access to world-leading experts and facilities where collaboration and innovation can thrive. At the Faraday Institution at Harwell, there are over 6,000 professionals spanning multinational corporations, research councils and start-ups.
In Oxfordshire, the energy sector explores electrochemical energy storage, the development of new products and processes, fusion energy and the effects of irradiation on materials. This investment and existing infrastructure supporting the development of green energy solutions give Oxfordshire a secure future in the global race to fight climate change. An industry that is only going to accelerate.
Robotics and AI
Supporting the above sectors, as well as Oxfordshires thriving automotive industry, the research and development of robotics is an industry on a growth path in the county. This multi-billion dollar global market saw some of the earliest industry-leading innovations carried out in Oxfordshire.
At the UK’s Atomic Energy Authority, operating in Oxfordshire, research into robotics introduced the ability to decommission nuclear plants safely. Further developments will explore how these technologies can then be implemented to support nuclear fusion plants.
The sector here explores and pioneers advances in how AI and robotic technology can be integrated across industries to improve lives. Oxfordshires robotics and AI industry are developing solutions to assist with repetitive, routine tasks, looking at how it can operate our transport and how it could be utilised for disaster relief and the challenges ahead in the fight against climate change.
With our key industries playing a significant global role in the advancements of life sciences, developments in energy solutions and technology to improve the environment and fight climate change, it’s safe to say that Oxfordshire’s key growth sectors are secure for the years to come. And this has a ripple effect.
No matter what industry you operate in, Oxfordshire’s economic stability and global importance set it up to be a thriving hub for businesses across the board. The organisations and their people need services, and there are plenty of opportunities for new businesses to enter the market and enjoy the county’s success.
For more Oxfordshire business insights, check out The MGroup blog or contact us for any financial services and accounting needs.