This article explores the diverse opportunities for innovation in two advanced manufacturing industries, which make widespread use of high technologies, and for which there seem to be almost limitless innovative opportunities. It analyses the forces that impact upon the industries – in particular, the variety of technologies they employ, globalization, market structures, supply chain capabilities and regional ecosystems. It is argued that these forces both make innovation essential for firm competitiveness and entail risks that require high levels of managerial skill, technological capability, financial resources and entrepreneurial acumen. Finally, the article explores the likely future impact of digitisation on innovative opportunities in these industries.