Europe is a large peninsula typically regarded as a continent in its own right because of its enormous physical area and the weight of its history and traditions.
Below are the top industries.
Agriculture industry
The agricultural industry is significant to the European economy. 10.5 million farms in the EU rely on it for their livelihoods, and 44 million jobs in the total agrifood industry depend on agricultural produce. Additionally, the EU leads the globe in agri-food exports, placing the region’s operations and actions in charge of international trade. Yet in Europe, where agriculture accounts for more than 40% of the continent’s land area, it produces 10% of the continent’s greenhouse gas (GHG) emissions and is a major contributor to environmental deterioration.
Working with European farmers
Future food systems in Europe must include farmers as key players because they are the land’s custodians. They are in a good position to share this expertise since they have extensive experience and access to information from multiple generations. The next generation of agrifood systems must be co-developed with the farmer for this and many other reasons.
For instance, it is estimated that soil degradation costs the EU €97 billion annually. This cost is substantially higher than the subsidy bill granted to agriculture through the Common Agriculture Policy and compares to overall agricultural production of €365 billion. Such degradation puts food security at risk in addition to being a financial burden. According to studies, land degradation might result in a 12% decline in global food production and a 30% rise in food prices over the next 25 years. Due to climate change, there will be more soil deterioration as a result of droughts and severe rains.
Manufacturing industry
Manufacturing is the backbone of the European economy. In several industrial manufacturing industries, including the production of equipment and pharmaceuticals, Europe is at the forefront. The total production makes up 83% of exports and 17.3% of the EU’s GDP, making Europe the top exporter of manufactured goods globally. Additionally, manufacturing contributes one-third of high-quality scientific papers and 20% of worldwide R&D investments.
The EU consistently generates a sizable surplus in the trade of manufacturing goods, which in 2018 came to almost €286 billion thanks to the strengths of its manufacturing sector. This makes it possible for the EU to finance the acquisition of additional products and services, including raw materials, energy (oil and gas), and services.
As a result, the value of the manufacturing sector becomes palpable for everyone, including its workers, customers, and governments.
However, in the face of consistently increasing competition, especially from Asia and the United States, European manufacturing enterprises must constantly demonstrate their superiority.
The twin transition of digital and green is another difficulty for Europe in addition to maintaining its competitiveness. Many factors, including the development of new technologies (AI, big data, blockchain, etc.), the rise in the demand for efficiency and product safety, sustainable production, and a commitment to the circular economy, are driving the exceptional transformation process that is currently taking place in the manufacturing industry. Europe must speed up innovation and investment to meet all these issues.
Mining industry
Although the mining industry in Europe has a long history, it is currently one of the most cutting-edge and progressive economic sectors on the continent. Research and development must be given top priority in the areas of finding new deposits, mining, and ore dressing. High-level technology currently helps mining exploration, extraction, and beneficiation. The sector supports improvements in the preservation of the environment, human health, and safety.
The mining sector in Europe is essential to the continent’s economic health. Over the past ten years, there has been a sharp increase in the consumption of metals, industrial minerals, and aggregates in Europe. In terms of the production of various industrial minerals and aggregates, Europe is currently nearly self-sufficient. However, it imports a sizable amount of metals and metal ores on a net basis.
The extraction and supply of minerals continue to be extremely important to the European economy and society as they have for thousands of years due to the abundance of natural resources in Europe. Crushed rock, sand, and gravel are used as building materials for infrastructure, buildings, and roads. Metals, lime, kaolin, silica sand, and talc are used industrially to produce steel, cars, computers, medicines, human and animal foods, and fertilizers, to name a few key uses for minerals.
