Business support programme LCR 4.0 is set to generate £31 million GVA and 955 jobs over the next three years.
The part-ERDF funded programme for the manufacturing sector has created 80 new jobs and added £2.6m GVA to date.
The figures were revealed at its Technology Showcase event which took place at Sci-Tech Daresbury last week.
Working with local businesses, the project has given almost 300 SMEs tools and resources to explore the opportunities and challenges of Industry 4.0 technologies, such as big data, Internet of Things, augmented reality and 3D printing.
The Technology Showcase event highlighted the impact of the LCR 4.0 programme, as well as a showed the additional support and funding available to SMEs across the North West.
Event attendees were welcomed by Metro Mayor Steve Rotheram as he praised LCR 4.0, its partners and the SMEs it works with for their contribution in positioning Liverpool City Region as a global leader in advanced manufacturing.
“There is a truly entrepreneurial spirit running through Liverpool City Region,” said Metro Mayor Steve Rotheram.
“Because of this, the region can become, and in my opinion is becoming, a manufacturing global hotspot. Programmes like LCR 4.0 are making that possible, establishing innovative and dynamic manufacturing communities across the six boroughs.”
A recent survey by LCR 4.0 found that 82 per cent of SMEs say the programme changed their understanding of Industry 4.0, while over two thirds of businesses said it helped them to bring a product to market quicker.
Commenting on the survey results, Dr Andy Levers, technical lead for LCR 4.0, added: “These figures are real testament to the impact of the LCR 4.0 programme to date and that, if a business starts to operate in a more innovative way, they will generate better results quicker.”
Metro Mayor Steve Rotheram continued: “We’re well on our way to fulfil our potential as a hub of advanced manufacturing.
“What we need now is to collaborate and embrace new techniques and processes which will drive growth.
“The £20m Made Smarter initiative will follow in LCR 4.0’s footsteps and offer hundreds of SME manufacturers the chance to do just that, backed by a programme of guidance, advice and grants.”
The LCR 4.0 project, which is due to come to close later this year, has been delivered by partners University of Liverpool’s VEC, Liverpool John Moores University, Sensor City, STFC Hartree Centre and the Liverpool City Region LEP.