Monday, July 4, 2011
A survey from the Isle of Man's Department of Economic Development has shown that the island’s clean tech sector is fast becoming a leading contributor to the Isle of Man economy, and is projected to double in size by 2014.
The report undertaken by PwC on behalf of the Isle of Man government indicates that in the Isle of Man there are 100 companies currently active in the clean tech sector, with an estimated turnover of GBP4.6m (USD7.4m).
These existing clean tech businesses on the island estimate their growth in the sector will increase to a turnover of GBP10.6m (130% increase), which is expected to amount to GBP1.2m in tax contributions annually by 2014.
The report, undertaken to show the estimated economic benefits to the Isle of Man economy from companies associated with the clean tech sector, showed that many companies expected the growth of the sector to come largely from changes in consumer behaviour (17%), as more people opt to use goods and services from companies that are acting in an environmentally-responsible way. Many of these companies are already taking action ahead of this, with almost three in ten investing in preparing their business for continued growth and one in five actually bringing in more staff to deal with increased demand.
Ken Milne, Senior Manager for Energy Policy, Department for Economic Development, commented: “The results highlight that our clean tech industry is an example of a real growth industry. Not only do companies look to benefit from the close public/private co-operation on the island, we also already have a flourishing manufacturing sector, a proven experience of trialling new technologies, and a supportive and experienced professional services sector. We look forward to helping these companies grow on the island.”
Minister for Economic Development, Allan Bell, commented: “The government has always embraced new technologies and encouraged innovation. The clean tech industry is a market that is growing rapidly – we are echoing this with our current expansion into the sector. To be able to offer companies a base to trial new technologies is a real gain for the Isle of Man.”