Fastest growing industries 2019

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The 5 Fastest Growing Industries of the Next Decade

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What sets the best financial advisors apart?

New research from Founder and President of SHOOK Research R.J. Shook, renowned performance coach Dr. Kevin Elko, and NYL Investments examined the core attributes of those at the top:

  • Intrinsic Motivation: Creating purposeful work.
  • Boldness: Committed to a clear vision.
  • Resiliency: Being prepared for setbacks.
  • Connections: Building lasting relationships.
  • Goal-Setting: Documenting, articulating, and accomplishing goals.

Going one step further, they showed how a random selection of financial advisors compared to the top advisors. Across an ongoing assessment of roughly advisors, this infographic from NYL Investments looks at where they align the most with top advisors, and where they fall short.

The Strongest Alignment

Here are the areas where surveyed advisors aligned the closest to the best financial advisors.

Connections

More than any other attribute, financial advisors were most aligned on the connections attribute. For instance, of the respondents, 78% say that they take note of important events in their clients’ life. Expressing interest in them is an important part of the success of their business.

When it comes to the human interaction side of their job, 76% said that connecting with clients and colleagues is vital for their business.

Do you enjoy the human interaction side of this job?% of financial advisors
I enjoy intentionally connecting with clients and colleagues. It's key to my business.76%
I enjoy talking to a client, yet I find myself putting it off.21%
I find myself hiding behind my emails.2%
My time is better spent otherwise—studying the markets, etc.1%

An even higher number (81%) said that clients can call them anytime if they need help with issues outside of financial wellness, while 86% said that helping colleagues serves as a key opportunity to grow.

Intrinsic Motivation

Like the best financial advisors, the vast majority of advisors believe that luck is where preparation meets opportunity. By contrast, just 8% believe luck will fall in their lap if they work hard enough.

Additionally, most financial advisors stick to their guns. Almost 80% said that while they may find themselves on the same path as others, they won’t hesitate to create a new one that follows their goals and values.

Do you find that you often follow the path as set by others as opposed to creating your own path?% of financial advisors
I sometimes find myself on the same path as others, yet if it's not aligned with my values or goals, I don’t hesitate creating my own path.79%
Once in a while, I will create my own path, yet I find myself jumping back to the path others are on out of comfort.10%
I seem to follow others more than anything, yet I'm not afraid to create my own path and stay the course.10%
Creating my own path is so risky. I’m most comfortable following others.1%

This suggests that many advisors are often motivated from within as opposed to extrinsic, external factors.

Resiliency

Finally, 77% of financial advisors say they enjoy taking on new challenges as it makes them feel more valued and accomplished. Feeling a sense of value extends to their clients, with 78% saying they make a positive impact on their clients’ lives.

Do you feel what you do makes your clients' life better?% of financial advisors
What I do creates a positive difference in the lives of my clients. They often express so.78%
I believe my work makes a difference in my clients' life, yet I don't know to what extent.20%
I'm sure what I do makes some impact, but I can't imagine it's a whole lot.1%
I don't think my work makes a clients' life better.1%

The Biggest Gaps from the Best Financial Advisors

Where do surveyed advisors show the biggest differences from the best financial advisors?

Goal-Setting

Across all attributes, advisors had the most room for growth in the goal-setting attribute. What the researchers found was that just one in three advisors stick to their daily activity goals. At the same time, under 30% reread their goals after writing them down.

Do you write out daily activity goals before the day starts and stick to them?% of financial advisors
I create a couple of to-do's and try to accomplish those.43%
I create daily goals and stick to them for the most part.34%
My days are busy from the moment I open my eyes. I go with the flow.12%
I create daily goals that align with my 90 day goals and stick to them.11%

Here is how advisors connect goals to success, another key area with room for growth:

Do you believe a big part of your success is your focus on goals?% of financial advisors
When I make my goals a priority, I reap the rewards. I just wish I could focus more on them.48%
Focusing on goals eliminates my distractions and increases my success.40%
I don’t take the time to gauge my success. I don't know how goals impact any part of my success.11%
Goals are a waste of time. I, nor others, look at them anyways.1%

Nearly 50% feel they do not focus on their goals enough.

This is important to note, because research has shown that goal-setting has been linked to higher-performance, confidence, and autonomy.

The Power of Goal-Setting

Top advisors are driven by purpose and passion. But often, this can be challenging in the face of burnout. Here are key questions to help guide actions on a daily basis:

  • What did I do today that I liked? In one study, participants completed over 50% more exercise repetitions on activities they enjoyed versus ones that were seen as more effective.
  • What would I have done differently? Research shows that adversity and setbacks were important factors in performance development among Olympic gold medalists.

Creating a feedback loop helps with not only building momentum, but refining your results.

Learning from the Best Financial Advisors

Since the pandemic began, the value of financial advice has increased 52%.

Yet often, what distinguishes the very best advisors is their mindset. Harnessing the above core attributes can help improve the odds of success. To help create greater impact, advisors can take lessons from the best financial advisors and apply them to their own practice.

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In this article we are going to list the 15 fastest growing industries in the world. Click to skip ahead and jump to the 5 fastest growing industries in the world.

We all live in a world that is constantly changing. Every year, there are newer advancements and developments in various economic sectors, including the health, technology, and business branches of our economy. All these changes have major effects on entire global industries. An industry, by definition, is economic activity concerned with the processing of raw of materials and manufacture of goods in factories. This means that for every service in the world, there is an industry that is associated with it. Examples of major industries in the world are the tourism industry, car and automobile sales industry, paper manufacturing industries, etc. The development, investments secured, and growth of a certain industry over time is a clear indicator of its demand and need in the global market.

As the world becomes more advanced and interconnected than ever before, industries must adapt themselves according to the changing markets around them to stay on top. They may do this by introducing new marketing strategies, innovative products, or revising product designs. But sometimes, that is not enough, and industries, along with producing market-friendly products and services, need to invest their time on being prepared for the unknown. This need to stay vigilant during times of extreme unpredictability was best demonstrated with the recent pandemic to sweep the world. The coronavirus disease , or as it is more commonly known, Covid is a contagious disease caused by severe acute respiratory syndrome. Affecting million people globally since the first outbreak in Wuhan, China in late , the disease has had a major influence on the entire global economy. The contagious nature of the disease caused entire countries to be on lock-down for weeks on end, not only affecting the daily lives of millions of people worldwide, but also impacting businesses greatly.

15 fastest growing industries in the world

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Naturally, these measures of lock-down, although necessary for the safety of citizens, has had a detrimental effect on the industries of the world. Once thriving and profitable industries were suddenly counting their losses. Although the future for the disease is still uncertain, the world’s industries have bounced back since then, introducing new marketing strategies and tactics for their target audiences.

The rankings of the fastest growing industries have been compiled on the basis of their revenue growth. This number can reflect exactly how ‘in-demand’ an industry is in the world, and how many people are pursing employment in a particular field of that industry. Many people prefer to work in fast-growing industries for a number of reasons. Fast growing industries may be able to provide professionals with better opportunities. Fast growing industries generally mean that they are growing in size, which implies that there will be greater jobs and job security. The growth rate is also often reflective of the industry’s demand, which can signal that employers may pay employees at better rates. Lastly, fast growing industries are usually coming up with innovative measures to increase public interest. This can result in better job satisfaction. All these answers, better opportunities, increased demand, job security, and job satisfaction make for great reasons to work in a fast-growing industry.

Here we have a list of the 15 fastest growing industries in the world. The list has been referenced from IBIS World, the largest information publisher in the world with a database of industries. So, let us take a look at our list of fastest growing industries in the world, starting with number

HR and Recruitment Services

Revenue Growth %

Starting off with number 15 we have the Human Resources and Recruitment Services industry, which outsources human resource and employment placement services to millions of prospective employees worldwide. This includes selection and placement of permanent and temporary staff, employee leasing, and listing of employment vacancies. This industry relies on economic conditions in major markets and labor demand worldwide in order to thrive. The industry relies on an organization’s demand for outsourcing its recruitment process. A major company in this industry is Dutch company Ranstad NV based in Diemen, Netherlands.

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Antonio Guillem/Shutterstock.com

Cardboard Box and Container Manufacturing

Revenue Growth %

With an expected market size of $ Billion, the Cardboard Box and Container Manufacturing Industry is flourishing. In this industry, operators convert paper and old containers into cardboard boxes and other packaging solutions for many industries. Examples are manufacturing, agriculture, wholesale, shipping, retail, etc.

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Tourism

Revenue Growth %

Tourism is defined as the act of spending time away from home primarily for recreation, business, or government proceedings. This industry also provides benefit to many other industries, including domestic and international air transportation, hotels and resorts, restaurants and food, etc. Of course, the industry has been devastated by the pandemic which could affect its growth significantly in

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Cargo Airlines

Revenue Growth %

The Cargo Airlines industry includes those businesses which provide air transport for commercial and private cargo on either scheduled or nonscheduled routes. Express services and postal system air transport are included in this industry, while courier services are not.

Beer Manufacturing

Revenue Growth %

The beer manufacturing industry is responsible for the manufacturing of alcoholic beverages which use malted barley and hops such as ale, lager, malt liquor and nonalcoholic beer. Both bottled and canned beer manufacturing are included in the industry activities. The bulk of this industry is concentrated in China, North American, and European markets. Molson Coors Beverage Company (NYSE:TAP) is a leading beer manufacturer based in Chicago, Illinois in the United States.

Pixabay/Public Domain

Hotels and Resorts

Revenue Growth %

The hotels and resorts industry includes accommodations in hotels and resorts with meal services, restaurants, and private facilities. Franchises and chain hotels and resorts are included, but other forms of accommodation, such as motels, camping grounds, bed and breakfast establishments, are not.

Pixabay/Public Domain

9. Management Consultants

Revenue Growth %

The management consultants industry has been steadily growing since the past decade globally. In , IBIS World reported a global market size of $ Billion, with an expected growth of %. By definition, management consultants provide advice and assistance to organizations on strategic and organizational planning, financial planning and budgeting, marketing, human resource policies, and more. It is one of the most diverse markets within the professional services industry. Consultants helps identify problems and their solutions for organizations, and consultancy jobs are known to be among the highest paying in the world.

Pixabay/Public Domain

8. Airlines

Revenue Growth %

The Airlines industry is defined as airlines that transport passengers over scheduled or nonscheduled routes, both domestically and internationally. Transportation of cargo within passenger aircraft is included in this industry, but cargo-specific airlines are not. The industry forms a key part of the tourism and travel industry, and also creates many jobs such as pilots, flight attendants, and ground crew. The industry had been experiencing a steady growth before going through a sharp decline in due to the Covid pandemic travel restrictions. Recently, the industry has picked up again as growth in global per capita income has caused increased demand in airline passenger transportation once again. Delta Airlines (NASDAQ:DAL) and American Airlines (NASDAQ:AAL) are among the biggest airlines in the world, and have suffered losses worth billions of dollars in

Pixabay/Public Domain

7. Commercial Aircraft Manufacturing

Revenue Growth %

Commercial Aircraft Manufacturing is responsible for the production and completion of civilian aircraft. This includes aerospace engines, propulsion units, auxiliary equipment, and parts. Development of aircraft prototypes, manufacturer repair, maintenance, and overhauling are all included in this industry. However, military aircraft is not associated with this industry, it is only for civilian aircraft. With the emergence of low-cost carriers and increased air traffic, there has been a demand for newer aircraft models focused on reducing fuel consumption, which has led to growth of this industry. This industry is dependent on downstream demand from airlines, who serve as their prime customers. This is why, with the decrease in demand for air travel, this industry has also taken a hit. The Boeing Company (NYSE: BA) is a frontrunner of this industry.

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6. Automobile Engine and Parts Manufacturing

Revenue Growth %

The automobile engine and parts manufacturing industry produces motor vehicle engines and other engine parts. These include valves, camshafts, crankshafts, fuel injectors, and pistons. This industry is linked with car production, and the increase or decrease of either will affect the other. In recent years, the industry has been focusing on engine efficiency, while simultaneously adapting to new industry standards as innovations such as electric and hybrid vehicles gain popularity. Operators in this industry manufacture and rebuild motor vehicle engines and engine parts. Industry activities include engine assembly, rebuilding, and parts manufacturing. Ford Motor Company (NYSE: F) is a top company in this industry based on size of market share.

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Disclosure: No position. 15 fastest growing industries in the world is originally published at Insider Monkey.

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Booming industriesYou know the saying: New year, new market opportunities!

After a chaotic — a year defined by tariffs and trade wars, unprecedented merger and acquisition activity, stock market volatility, and murmurings that a new recession is brewing — finding the next big industry can be a real challenge.

Will trade tensions with China ease? Will the Department of Justice continue its lax approach to antitrust oversight? Will the United Nation’s bleak climate report propel environmentally friendly products such as LEDs and electric vehicles? Will legal marijuana become law of the land?

The outlook for may seem cloudy, but industry analysts at MarketResearch.com have been hard at work scouring the data to maximize clarity about the fastest growing industries and to provide companies foolproof intelligence that will prepare them for the year’s biggest decisions.

Following are seven growing industries our team has identified as having some of the best prospects for

"Smart" Manufacturers Use IoT to Add New Value to Old Products

Growth opportunities abound in the Internet of Things (IoT) — or the network of automated devices that work together to turn a normal house into a smart home. The Freedonia Group forecasts robust annual growth for the smart lighting, thermostat, and home security segments going forward.

Initially considered niche, the IoT is increasingly catching the interest (and investment) of leading suppliers of traditional, non-smart products — including ASSA ABLOY (locks), Whirlpool (appliances), and Honeywell (HVAC, home security). The result? Lucrative deals for small startups that specialize in industry-leading smart technologies and new consumer enthusiasm for what would otherwise be familiar, unsexy products.


Growth industriesANALYST INSIGHTS: “It’s taken some time for manufacturers of traditional products to dip their toes into the IoT space,” says Kyle Peters, Vehicles & Equipment Manager with The Freedonia Group, “but the competition they bring helps drive innovation, resulting in increasingly sophisticated — and less expensive — smart home devices, as well as greater consumer confidence in the IoT generally.”


For example, Honeywell’s debut of temperature sensors to improve the performance of its smart thermostat demonstrates its commitment to besting its biggest competitors (read: Nest Labs (Google) and ecobee), which offered such sensors first.

During the Consumer Electronics Show (CES), new smart products that highlight just how much uncharted territory remains in the IoT space entered the spotlight. Smart technology — from Kohler’s heated toilet seat to LG’s home beer brewer and Samsung’s smart refrigerator — is taking consumer kitchens and bathrooms by storm.

Despite growing public concern related to cybersecurity, data sharing, and user privacy following numerous high-profile incidents, recent, widely derided events in Congress suggest that growth-altering regulation of the tech industry won’t be forthcoming soon. Meanwhile, firms including BlackBerry, Microsoft, and Amazon are quelling negative consumer perceptions by developing microchips that strengthen the security of IoT devices.

Cannabis Products Greenlit for Consumables Market

From Michigan and Ohio to the entirety of Canada, legal marijuana is no longer just a West Coast phenomenon: It’s a booming industry attracting heavyweight investment (Scotts Miracle-Gro has spent over $ billion growing its pot business). Companies are drawn not only by widespread consumer interest in recreational and medical marijuana, but also because an end to weed’s prohibition appears increasingly more likely as lawmakers keep chipping away at regulations.

Among the cannabis products with the best near-term growth opportunities are those containing CBD (common parlance for cannabidiol, the compound that’s linked to a raft of positive health outcomes but that lacks the psychoactive effects of THC). The latest farm bill de-scheduled hemp from the Controlled Substances Act as of the new year, freeing manufacturers of hemp-based foods, beverages, and nutraceuticals — whose business before was limited to pot-friendly states — to compete on a national scale.


emerging industriesANALYST INSIGHTS: The multi-billion dollar global market for omega-3 products provides a good analogy for CBD product potential, says David Sprinkle, Research Director for Packaged Facts. “Like omega-3, hemp and CBD are being marketed as a superfood panacea, a concept more popular in holistic medicine and consumer imagination than among federal regulators.”


The endurance of CBD enthusiasm will depend on whether nutraceutical derivatives prove as effective as the whole-plant originals that contain higher levels of THC, but the range of specialty CBD products already available — from bottled waters to pet supplements — show this could be the next big industry.

While most cannabis products — including those that get users high — will continue to be widely restricted, recent corporate maneuvers indicate that major food and supplement manufacturers are ready to go all-in on CBD. Constellation Brands (maker of Corona and Modelo beers) recently invested $ billion for a stake in Canopy Growth, a Canadian cannabis company, and both Coca-Cola and PepsiCo have voiced interest in the pot beverage market.

As the market for legal cannabis in the US and Canada continues to expand, strong opportunities are also expected for cannabis growing supplies.

Battery Market Given Jump by Electric Vehicles & Power Tools

The emergence of new applications for batteries — coupled with rapid price decreases over the past decade — have jolted an otherwise mature market, which is expected to see % annual growth in US demand through In particular, dramatic declines in the cost of large, high-powered lithium-ion (Li-ion) batteries have increased their use among high-value automotive and industrial product markets, particularly electric vehicles (EVs).


innovative industriesANALYST INSIGHTS: Production of EVs, which often run on Li-ion batteries, will be the largest driver of battery market growth, according to Elliot Woo, Industry Analyst with The Freedonia Group. “Most leading automakers will roll out new EV models, while upstarts like Tesla will achieve sizable manufacturing capacity advances. In spite of major price declines, EV batteries remain high-value products, and increased volume of EV battery sales will thus have a major impact on the market size.”


Nevertheless, continued rapid growth in Li-ion battery demand may affect raw materials supply, resulting in price spikes for lithium and cobalt. As a result, major battery producers like Panasonic and various startups are investing in R&D for cobalt-free Li-ion batteries.

Batteries are more commonly putting the power in power tools and power lawn and garden equipment as well. Cordless consumer models have been available for some time, but only now are batteries able to meet the intensive performance requirements of tools used by professionals. Thanks to recent improvements in battery technology, a variety of professional-grade battery-powered devices are appearing on the market.

Hybrid & Electric Buses to Clean Up in Public Transportation

With concerns over climate change growing by the day, US mass transit agencies are increasingly looking to hybrid and electric buses to minimize the carbon footprint of the cities they serve — and to cash in on the long-term fuel and maintenance savings of these vehicles (despite their higher initial costs).

Private bus operators are also moving toward electric models, motivated by the savings opportunity as well as by shifting consumer preferences. As a result, US sales of hybrid and electric buses are forecast to grow more than 7% per year through , bolstered by technological advances that have made these vehicles run cleaner, smoother, and quieter.


growing marketsANALYST INSIGHTS: “Hybrid and electric buses will become a common sight in many US cities in the near term as bus operators work to reduce their environmental impact and more reliable, better performing electric and hybrid models and charging technologies are introduced,” says Gleb Mytko, Industry Analyst with The Freedonia Group. 


California’s sweeping new law requires all city bus fleets operating in the state to be fully electric by and provides a glimpse of this emerging industry’s expansive growth potential.

Electric and hybrid buses are truly a global industry, with technological innovation in other parts of the world routinely influencing US market activities. For example, Volvo has been testing new wireless technologies for electric bus charging in Sweden. These technologies will be combined with the high-power inductive charging technology the company recently acquired along with Philadelphia-based startup, Momentum Dynamics. In addition, China’s BYD — one of the first foreign suppliers to enter the US electric bus market — continues to invest in strengthening its US presence.

Buses aren’t the only mass transportation to see these changes. New product introductions — including of electric school buses and motor coaches — will increase the range of applications served by electric technologies and support sustained market growth going forward.

App-Based Ride-Hailing Services Blow Up Taxi & Limousine Industry

In , transportation network company Uber launched its ride-hailing service and changed the US taxi and limousine industry dramatically. In came Lyft. By , taxicab and limousine market revenues had more than doubled to $ billion, according to Public Transport: United States, a report published by Freedonia Focus Reports.


industries that are growingANALYST INSIGHTS: Leon Mengri, Analyst with Freedonia Focus Reports, says that Uber and Lyft saw exponential revenue growth “because they improved the accessibility, convenience, quality, and price transparency of an essential service. They also benefited from lackluster public transportation options, the growing number of young people moving to cities, and expanding spending on travel and entertainment."


Surveys show that the 18–29 age group features one of the highest penetration rates for ride-hailing services, likely due to their comfort with smartphone apps. In addition, the expanding entertainment and foodservice options in urban areas — combined with a large influx of millennials into cities — contributed to demand for efficient transport options.

Uber and Lyft plan to go public in , so watch their performance as the industry matures — revenues for taxicab and limousine services are forecast to slow — and new challenges arise. Factors expected to challenge providers include changing demographics, driver recruitment amid a tightening labor market, and growing investment in public transportation by many municipalities.

Outdoor Kitchens Outdo Competition in Outdoor Living Market

The concept of outdoor living has evolved over the last decade from niche fad to popular trend, in large part due to the thriving kitchen segment. Homeowners increasingly want more than the traditional assemblage of grill cart, portable coolers, and folding tables. They want an outdoor space devoted to cooking and entertaining, with built-in fixtures that match the functionality of their indoor kitchens, such as:

  • counter and storage space, including bars, cabinets, and islands
  • grills and other cooking fixtures, including specialty products like pizza ovens and kamados
  • refrigeration and cooling equipment
  • sinks

While outdoor kitchen equipment and installation can be quite expensive, improving economic conditions and recent lower-cost product introductions are serving to expand the middle-class consumer base for these products. In January , for example, Char-Broil launched a modular outdoor kitchen system — consisting of a grill, refrigerator, sink, and storage that integrates into an island — that both costs less upfront than buying the equipment in piecemeal and is generally easier to install.


up and coming industriesANALYST INSIGHTS: According to Jennifer Mapes-Christ, Manager of The Freedonia Group's Consumer & Commercial Products division, expansions and renovations of existing outdoor kitchens will continue to generate a more significant share of near-term demand growth than new installations. “Despite strong inroads made among less affluent households,” says Mapes-Christ, “high costs will continue to limit first-time installations, even as consumer enthusiasm for outdoor living grows.”


Still, companies well established in related industries — such as cabinetry, refrigeration and cooling equipment, and sinks and faucets — are scrambling to capture share of this booming market. One notable example is Middleby, a major supplier of indoor kitchen equipment and outdoor grills that offers a number of products designed specifically for outdoor kitchens, such as built-in grills and side burners and outdoor-rated refrigerators.

LED Outlook Gets Brighter as Lighting Products Get Greener & Smarter

Across the US, the transition from energy-guzzling lighting technologies to more efficient alternatives continues, as consumers trade in obsolete incandescent bulbs for eco-friendly LEDs, largely due to their energy savings and longer service life. In addition, regulatory factors are playing a key role in this transition:

  • Under phase two of the Energy Independence and Security Act (EISA), most incandescent bulbs will no longer be acceptable for sale in the US by January
  • The example of California, whose implementation of the EISA ban in January helped national LED sales surge, bodes well for nationwide growth opportunities post, with The Freedonia Group projecting LED lamp value demand growth of 12% per year to $ billion in

matt breuer headshotANALYST INSIGHTS: Matt Breuer, Industry Analyst with The Freedonia Group, says that restructuring among the old lighting industry titans — GE, OSRAM, and Philips — reflects the transition to LED, which has disrupted the supply chains that made twentieth-century lighting profitable.


Recent examples include:

  • In November , GE agreed to sell its Current division to private equity firm American Industry Partners to strengthen its position in the smart lighting market.
  • OSRAM’s LEDVANCE division (maker of SYLVANIA lighting products) is now in the hands of MLS — a global leader in LED production.
  • Philips Lighting is now an independent company called Signify, whose popular Philips Hue line of smart LED lighting is helping to drive growth in that area. 

LEDs will continue to face competition from lower cost fluorescent and high-intensity discharge (HID) bulbs, and their long service life (which is often longer than a decade) will eventually slow growth. Nevertheless, rapid expansion of smart lighting products — where LEDs find extensive use — will grant LED manufacturers entry to higher value markets.

NEW UPDATE: Want to know which industries grew in ? Check out our newest article "10 Markets That Boomed in Despite (or Because of) Covid"

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About the author of this article: Peter Kusnic is an Industry Studies Editor at The Freedonia Group, where he also blogs.

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12 Fastest-Growing Industries in the U.S.

Most job candidates are looking to find positions in stable and successful industries. Holding a job in a fast-growing industry can provide you with a higher salary, increased job stability and more career advancement opportunities. If you are hoping to find a job in an exciting field, you need to know which industries in the United States are experiencing the fastest growth rates. In this article, we look at the 12 fastest-growing industries in the U.S.

Read more:What Are the Main Job Sectors in the U.S.?

12 top-growing industries in the U.S.

Fast-growing industries can offer competitive salaries for a wide range of job opportunities. Here are the top 12 fastest-growing industries in the U.S.:

  1. Information technology
  2. Construction
  3. Drink manufacturing
  4. Personal services
  5. Direct retail
  6. Finishing contracting
  7. Real estate
  8. Trucking
  9. Architectural engineering
  10. Healthcare
  11. Financial services
  12. Transportation

1. Information technology

Individuals who work in the IT industry test, assess and maintain network and internet systems. Some of the fastest-growing positions in this field are related to computer support, such as a computer support specialist at a help desk. The Bureau of Labor Statistics estimates IT occupations like these to grow by 12% over the next decade, due to the need for support services as individuals and organizations replace and update their computer software and equipment.

2. Construction

The construction industry is responsible for clearing landscapes and constructing buildings safely and efficiently. The fastest-growing type of construction is related to heavy civil engineering, which involves land drainage, space improvement and dredging. The growth of this industry is likely tied to an increase in community improvement projects and the development of urban areas across the country. Construction workers can expect to see an 11% employment rate increase before , according to the BLS.

Related:12 Jobs in Construction That Pay Well

3. Drink manufacturing

Drink manufacturing involves the design and creation of beverage products, both nonalcoholic and alcoholic. Beverage industry facilities include soft drink factories, distilleries, breweries and wineries. The number of companies that produce beverages continues to grow as the demand increases and more small businesses invest in this industry. The BLS estimates that sales professionals associated with drink manufacturing will see a 5% increase in employment by

4. Personal services

Professionals in this industry provide a wide range of services, including for dating, wedding planning, pet care and parking assistance. Additionally, as people in the U.S. start to follow busier schedules, they're more likely to opt for personal services such as food delivery, childcare and beauty treatments. The BLS predicts that personal services professionals can expect a 17% increase in employment rate before

5. Direct retail

The direct retail industry is responsible for the sale and delivery of manufactured products. Examples of specific products include newspapers, gasoline, food and bottled water. As product transportation becomes quicker and more efficient, more people are ordering products to be delivered directly to their homes. The employment rate for delivery personnel is expected to increase by 2% before , according to the BLS.

Related:15 Retail Jobs That Pay Well

6. Finishing contracting

Finishing contracting involves specialty construction trades, including installing drywall, painting and flooring. As the housing and construction industries grow, the need for skilled tradespeople also increases. The demand for finishing professionals will remain high as more people and companies can afford to build houses. According to the BLS, the employment rate for carpenters will grow by 8% before , while the rate for painters will increase by 6%.

7. Real estate

The real estate industry involves the buying and selling of houses and other residential buildings. The prices of houses have increased in recent years, causing real estate professionals' commissions to also grow. The speed at which houses sell has also increased, which allows real estate agents to increase the number of clients they work with in a single year. The BLS predicts that real estate professionals, including agents and brokers, will see a 7% increase in employment by

Related:17 Types of Real Estate Jobs To Explore

8. Trucking

The trucking industry is responsible for transporting goods of all types across the country by road. In recent years, a shortage of truck drivers has caused an increase in the average salary for other trucking professionals. Trucking companies that are equipped to move specialty freight, such as livestock, automobiles and chemicals, have also experienced accelerated growth. The BLS estimates that truck drivers will experience a 5% employment rate increase by

9. Architectural engineering

Architectural engineering involves drafting, surveying, building inspection and similar services. The growing success of this industry is also closely tied to the recent increase in the construction of housing and other buildings. The demand for architects and other construction engineers should remain stable for as long as the economy continues to improve. The employment rate for architects is expected to grow by 8% before , according to the BLS.

Healthcare

Healthcare professionals are responsible for diagnosing and addressing health-related issues and providing health advice. Outside the hospital, the healthcare industry also involves pharmaceuticals, therapy, dental care, mental health care and other critical services. The demand for healthcare is always high due to the prevalence of disease and injuries, along with an aging population that needs proper care. According to the BLS, doctors will see a 7% employment rate increase before , while nurses can expect a12% growth rate.

Financial services

The financial services industry involves managing financial accounts and activities on behalf of clients. Examples of financial services include accounting, billing, auditing and bookkeeping. Recent developments in technology are partially responsible for the growth of this industry since financial professionals can now assist clients using the internet and specialized software. According to an estimate from the BLS, financial professionals such as accountants and auditors are expected to experience a 6% increase in employment by

Transportation

The transportation industry is responsible for transporting passengers and cargo by land, sea or air. Transportation involves a range of vehicles, including trucks, cars, buses, airplanes, trains and ships. This industry is growing because as different countries become more globalized, people will need more reliable and consistent transportation. The BLS estimates that the employment rate for airplane pilots will increase by 6% before

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Growing industries 2019 fastest

25 industries experiencing the fastest growth in the US economy

Some industries are growing far faster than the job market as a whole and buoying overall job growth.

The U.S. economy added a net total of , new jobs in November , according to the Bureau of Labor Statistics. November’s hiring uptick marks the continuation of a historic trend: 98 consecutive months of job growth, by far the longest streak in U.S. history.

While steady employment growth has been the norm throughout the economy in general, some industries stand out, growing far faster than the job market as a whole and buoying overall job growth.

Hiring spikes are often indicative of major cultural or technological shifts. The aging baby boomer generation, the proliferation of high-speed internet access, and the alcoholic beverage preferences of the millennial generation all help explain hiring surges in a number of different occupations. Over the last decade, these and other market forces have galvanized certain industries, sometimes more than doubling employment.

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24/7 Wall St. reviewed annual employment data from the Bureau of Labor Statistics from to to identify America’s 25 thriving industries. All data, including employment totals and average wages, are from the Quarterly Census of Employment and Wages from the BLS. We only considered industries from the fourth level of detail in the North American Industry Classification System used by the Office of Management and Budget.

Offices of misc. health practitioners

Offices of misc. health practitioners

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $23,

The number of Americans aged 65 and older is projected to more than double over the next four decades, from 46 million in to 98 million in Already, as more baby boomers have entered retirement, demand for health care services has increased substantially. Over the past decade, employment at the offices of health practitioners other than doctors and surgeons – chiropractors, optometrists, and mental health professionals, for example – rose percent, far more than the national employment growth for all occupations.

Local messengers and local delivery

• Employment growth percent
• Employment total: 69,
• Wage growth percent
• Avg. annual wage: $17,

As e-commerce continues to grow, there is a greater need for "last-mile delivery services," the final leg in a package's shipment route. Some businesses are capitalizing on the increased demand for personal delivery and offering new delivery options such as lockers and drones. Many e-commerce companies are employing couriers and local messengers to provide delivery services of small items within a single city or urban area. The number of Americans working for local delivery services rose percent from to The cities where couriers earn the highest wages include San Jose, Salinas, and Oakland, California; Portland, Oregon; and Washington, D.C.

Other support activities for road transportation

• Employment growth percent
• Employment total: 51,
• Wage growth percent
• Avg. annual wage: $33,

Support activities for road transportation include services such as truck weighing stations, snow removal, or car inspection. Employment in the industry rose by percent from to

Wages for road transportation support workers have risen faster than wages in nearly any other industry over the past decade. The average annual wage more than tripled from $10, in to $33, in , the 11th fastest increase of any industry. The increase is part of a general trend of rising wages in the construction sector, itself the result of increased construction activity during the recovery from the Great Recession.

All other personal services

• Employment growth percent
• Employment total: 67,
• Wage growth percent
• Avg. annual wage: $24,

Personal care services include occupations such as childcare workers, barbers and hairstylists, fitness trainers, and manicurists and pedicurists. While employment growth in the personal care sector as a whole has outpaced the national average employment growth over the past decade, growth in all other, more specialized personal care services – astrology, personal shopping, genealogical investigation, and palm reading are a few examples – has grown at nearly eight times the pace of the U.S. workforce from to The increase in specialized personal service workers may be tied to the rise of the gig economy – the number of self-employed individuals rose by approximately 20 percent between and

Offices of specialty therapists

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $50,

As scores of aging baby boomers have entered retirement over the past decade, the demand for health care services increased substantially. The number of workers employed in the speciality therapy industry – which includes services such as hypnotherapy, homeopathy, acupuncture, and naturopathy – rose percent from to , compared to the percent national employment growth across all industries over the period.

The increase is also due to the growing demand for alternative medicine. According to a recent study from the National Center for Complementary and Integrative Health and the Centers for Disease Control and Prevention, Americans spend approximately $30 billion a year on alternative medicines such as herbal supplements, meditation, chiropractic, and yoga, which amounts to percent of total out-of-pocket health care spending.

All other pipeline transportation

All other pipeline transportation

• Employment growth percent
• Employment total:
• Wage growth percent
• Avg. annual wage: $82,

The all other pipeline transportation industry classification includes the transportation of any product other than crude oil, natural gas, and petroleum. The industry is tied to the construction sector and, as a result, tends to grow in tandem with economic growth. As the U.S. GDP grew from to in the wake of the Great Recession, employment in all other pipeline transportation grew by percent, among the most of any industry and far more than the percent average employment growth for all industries nationwide.

Media buying agencies

• Employment growth percent
• Employment total: 16,
• Wage growth percent
• Avg. annual wage: $,

Media buying agencies purchase and sell space used for advertising in all forms, whether it be digital ad space on websites, television commercial space, or physical advertising space such as billboards. Agencies are tasked with identifying the ad space that is most likely to reach the target demographic of clients while staying within a client's budget. While automation has reduced the needs for employment in certain areas of media buying, the number of workers in the industry has still grown by over 50 percent between and , while wages have increased by roughly 34 percent over the same period.

Cosmetic and beauty supply stores

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $24,

The number of Americans working in cosmetic and beauty supply stores climbed by over 50 percent in the last decade. The employment surge has been fueled in part by the number of women, and increasingly men, looking to reduce the visible effects of aging. Growing demand for personal appearance workers is projected to continue for the foreseeable future.

Other activities related to real estate

• Employment growth percent
• Employment total: 60,
• Wage growth percent
• Avg. annual wage: $48,

Other activities related to real estate include real estate escrow agencies, listing services, and fiduciary offices. In the last 10 years, the number of people working in the industry increased percent – far faster than typical growth. The real estate market is sensitive to overall economic fluctuations, and in , the U.S. economy was in the midst of the Great Recession. As the economy recovered, job growth in this specific real estate sector picked up rapidly. This industry does not cover real estate agents, brokers, property managers, appraisers, and lessors.

All other pipeline transportation

Offices of mental health practitioners

• Employment growth percent
• Employment total: 92,
• Wage growth percent
• Avg. annual wage: $57,

As baby boomers continue to age, the demand for health care services has increased substantially. The number of workers employed in offices of mental health practitioners rose by percent from to , more than eight times the percent national employment growth rate across all industries over the period.

One factor contributing to the increase in mental health workers may be the devastating rise in opioid addiction in the United States. Substance abuse counselors account for approximately 18 percent of all U.S. mental health practitioners, who are currently fighting an opioid epidemic that has claimed nearly , lives since According to data from the National Institute on Drug Abuse, the number of opioid overdoses increased percent from to , and the number of heroin overdoses rose percent.

General warehousing and storage

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $31,

General warehousing and storage involves the operation of storage facilities for general merchandise, refrigerated goods, and other warehouse products. Like other industries on this list, demand for warehousing and storage services likely increases in conjunction with general economic growth. The United States has maintained substantial economic growth since the Great Recession, with real GDP rising every year since

The number of workers employed in general warehousing and storage rose by percent from to , nearly nine times the percent employment growth rate for all industries nationwide. Over the same period, wages rose percent, less than in a majority of industries.

Wineries

• Employment growth percent
• Employment total: 64,
• Wage growth percent
• Avg. annual wage: $44,

The number of wineries in the United States rose from 2, in to 4, in , nearly the highest rate of establishment expansion of any industry. Over the same period, the number of winery workers rose by percent, far more than the national employment growth rate across all industries of percent.

Growth in the wine industry was driven in part by strong demand from the millennial generation. The youngest members of this generation – those born between and – reached the legal drinking age last year, and, according to research from industry association the Wine Market Council, a large share favor wine. According to the WMC, millennials drink an average of glasses of wine per occasion, compared to glasses for gen-Xers and for baby boomers. Millennials account for 42 percent of U.S. wine consumption, the largest share of any age cohort.

Electronic shopping and mail-order houses

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $64,

The rise of e-commerce has been one of the most disruptive forces in retail in decades. As online retailers like Amazon thrive, traditional brick and mortar department stores are shuttering more locations every year, and some, like Sears, have declared bankruptcy. In the last 10 years alone, the number of people working in the electronic shopping and mail-order house industry climbed by 63 percent. The industry includes retailers that take mail orders from catalogues.

Educational support services

Educational support services

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $48,

Educational support services – or non-instructional services that provide support in an education system or process – is one of the fastest growing industries in the United States. In the last decade, the number of Americans working in educational support services climbed by percent. The industry includes school administrators and counselors. Demand for such workers is projected to increase into the foreseeable future, as enrollment in primary, secondary, and post-secondary institutions grows.

Sports and recreation instruction

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $14,

Sports and recreation instructors are primarily employed by schools and camps. They coach teams, organize games, and lead groups in exercise and physical fitness instruction. Since , the number of Americans working in sports and recreation increased by percent. Unlike other fast-growing occupations on this list, wages for sports and recreation instructors have remained relatively flat. In the last 10 years, the average wage in the industry grew by just percent. In the vast majority of fast-growing jobs, wages have climbed by at least 20 percent since

Promoters without facilities

• Employment growth percent
• Employment total: 35,
• Wage growth percent
• Avg. annual wage: $30,

Promoters without facilities – or those who promote or organize live events, concerts, conventions, fairs, or festivals in venues owned by others – is a rapidly growing industry. Over the last decade, the number of Americans working in the sector climbed by nearly 70 percent. As is often the case, growing demand has translated to rapid wage growth. The average annual wage for promoters without facilities climbed nearly 50 percent from to

9. All other information services

• Employment growth percent
• Employment total: 20,
• Wage growth percent
• Avg. annual wage: $53,

The all other information services industry covers a range of information occupations outside of news, web search portals, libraries, and internet publishing. These include jobs in stock-photo agencies, telephone-based information services, and broadband internet service providers. In the last 10 years, employment in all other information services increased by 80 percent. As demand for workers increased, so did wages. The average industry wage of $53, is nearly double what it was in

Other outpatient care centers

8. Other outpatient care centers

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $64,

Outpatient care centers provide health care services to ambulatory patients who do not require inpatient treatment. While employment growth in a number of industries in the ambulatory health care sector, such as outpatient mental health care and home health services outpaced the national rate over the past decade, growth in other outpatient care centers – outpatient sleep disorder clinics, biofeedback centers, and birth centers are a few examples – has grown at more than 15 the pace of the U.S. workforce as a whole.

7. All other professional and technical services

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $54,

The professional and technical services sector comprises establishments engaged in various support activities for advanced services that often require a high degree of expertise and training. While employment growth in a number of industries in the sector, such as computer systems design, building inspection services, and environmental consulting, outpaced the national employment growth rate over the past decade, growth in other, more specialized professional and technical services – handwriting analysis, weather forecasting, and arbitration services are a few examples – grew by percent from to Over the same period, wages rose by percent, roughly keeping pace with overall wage growth.

6. Distilleries

• Employment growth percent
• Employment total: 13,
• Wage growth percent
• Avg. annual wage: $67,

Alcohol consumption tends to increase with disposable income. As the average disposable personal income in the United States rose from about $36, in to $45, in , the number of distilleries rose nearly seven-fold, from to – the second largest establishment growth of any industry. While employment growth did not keep pace with the industry's establishment growth, and as a result the size of the average distillery got smaller over that time period, the liquor industry still had one of the largest worker increases of any industry. The number of distillery workers rose by percent from to , about 17 times the national employment growth for all occupations of percent.

Pet care, except veterinary, services

5. Pet care, except veterinary, services

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $16,

Pet care is one of many industries benefiting from the increase in rising incomes since the end of the Great Recession. Americans spent a total of $ billion on pet food, supplies, veterinary care, grooming and boarding, and live animals in , up 61 percent from Over the same period, the number of workers employed in pet care nearly doubled, from 57, in to , in According to the BLS, employment growth in the pet care industry will continue to outpace the national figure over the next decade.

4. Translation and interpretation services

• Employment growth percent
• Employment total: 36,
• Wage growth percent
• Avg. annual wage: $45,

The number of translators and interpreters in the United States has more than doubled over the past decade, from 17, workers in to 36, in One factor that may have contributed to the rapidly growing demand for translators is the rising amount of online content that requires translation for a global audience. Netflix, for example, recently recruited a class of translators through its internal platform HERMES, an online tool meant to test users' translation and subtitling ability.

According to the BLS, demand for translators will continue to grow at a faster than typical rate in the coming years. The growing diversity of the U.S. population and the increasing need of foreign language skills in business due to growing international trade, among other factors, will contribute to the growing demand.

3. Mobile food services

• Employment growth percent
• Employment total: 19,
• Wage growth percent
• Avg. annual wage: $18,

While employment in restaurants and other eating places grew at more than three times the rate of national employment growth over the past decade, the number of Americans working in mobile food services – which include food trucks, street food carts, and other nonstationary food vendors – grew from 7, in to 19, in , more than in all but two other industries. Wages in the industry increased by percent over the same period, compared to percent wage growth in restaurants and other eating places. The average mobile food service worker earns $18, a year, approximately $3, more than the average annual wage for restaurant workers.

Breweries

2. Breweries

• Employment growth percent
• Employment total: 68,
• Wage growth percent
• Avg. annual wage: $47,

Growing demand for craft beer and microbrews over the past decade has fueled rapid employment growth in the brewery industry. The number of breweries in the United States grew nearly eight-fold over the past 10 years, from establishments in to 3, in – the largest establishment increase of any industry. While employment growth did not keep pace with the industry's establishment growth and as a result the size of the average brewery got smaller over that time period, the brewery industry still had one of the largest employment increases of any industry. The number of brewery workers rose by percent from to , more than 29 times the national employment growth for all occupations of percent.

1. Internet publishing and web search portals

• Employment growth percent
• Employment total: ,
• Wage growth percent
• Avg. annual wage: $,

While the number of workers employed in newspaper publishing fell by more than half from to , employment in internet publishing rose percent – by far the fastest growth of any industry classified by the BLS and more than 30 times the national average. The number of online publishers and web search portals also more than doubled in the last 10 years.

As is often the case, as demand for workers in the industry climbed, so did compensation. The average annual wage in the industry climbed percent from $, in , to $, in

24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Its content is produced independently of USA TODAY.

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Global Fastest Growing Industries by Revenue Growth (%) in

  • 1. Global Iron Ore Mining

    Revenue Growth: %

    The Global Iron Ore Mining industry's financial performance has been strong over the five years to Industry revenue is a function of global demand conditions, and volatility in the world price of iron ore during the period has led to several years of double-digit rises. Due to a slight decrease in global production and increasing demand, industry revenue is projected to increase an annualized % to $ billion over the five years to , including an estimated rise of % in alone. The growth in can be mainly attributed to the recovering demand trends after the peak Learn More

  • 2. Global Airport Operation

    Revenue Growth: %

    The Global Airport Operation industry has experienced complex operating conditions over the five years to Rising levels of airline passenger traffic through much of the period enabled airports to earn significant revenue through passenger charges and services provided directly to airlines. At the same time, improving economic conditions increased corporate profit and fueled global manufacturing activity, causing airlines to operate more flights to transport greater quantities of cargo. However, the COVID (coronavirus) pandemic completely disrupted the industry over , causing revenue losses of more than % in that year alone. Overall, industry revenue is estimated to decrease an annualized Learn More

  • 3. Global Travel Agency Services

    Revenue Growth: %

    The Global Travel Agency Services industry has experienced revenue decline over the five years to , all while the industry's core services dramatically changed due to consumers using online channels to research and book travel. Online booking agents now play a much larger role within the industry, alongside traditional brick-and-mortar travel agencies. International tourism grew strongly prior to the COVID (coronavirus) pandemic, which is expected to severely cut into revenue over , followed by a rebound of % in as the economy returns to normal. Overall, industry revenue is expected to shrink an annualized % to $ billion over Learn More

  • 4. Global Airlines

    Revenue Growth: %

    Despite rising levels of airborne passenger and cargo traffic through much of the period, revenue for the Global Airlines industry has declined over the five years to as volatile fuel prices and growing competition, as well as the COVID (coronavirus) pandemic, have placed downward pressure on airline ticket prices and freight shipping rates. At the same time, recent growth in global per capita income, in addition to other solid macroeconomic indicators, fueled demand for airline passenger transportation prior to the pandemic. Overall, industry revenue is estimated to decrease an annualized % to $ billion over the five years to Learn More

  • 5. Global Heavy-Duty Truck Manufacturing

    Revenue Growth: %

    The Global Heavy-Duty Truck Manufacturing industry has experienced an eventful time over the five years to Governments across the globe have imposed new regulations aimed at reducing truck emissions. When new standards are introduced, truck prices typically increase due to higher research and development costs to make truck emissions compliant. Truck buyers are aware of this trend, and when legislation change is announced, buyers tend to purchase vehicles in anticipation of rising prices once the new law is implemented.

    Despite rising regulations, the industry grew between and due to growth in emerging economies such as China and India Learn More

  • 6. Global Deep-Sea, Coastal & Inland Water Transportation

    Revenue Growth: %

    The Global Deep-Sea, Coastal and Inland Water Transportation industry, which transports cargo and passengers across the world's waterways, has experienced strong growth over most of the five years to Rising global per capita income and increased production activity among the world's most developed economies have increased demand for industry services, though the COVID (coronavirus) pandemic is forecast to severely cut into demand in These strong market conditions have offset an excess of maritime carrying capacity relative to downstream demand, which has constrained international freight rates and hindered industry growth. Additionally, industry revenue has been sustained by the strong Learn More

  • 7. Global Tourism

    Revenue Growth: %

    The Global Tourism industry is expected to decrease an annualized % to $ trillion over the five years to Global tourism has performed well during most of the five-year period, with emerging economies continuing to stimulate growth. Moreover, countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. However, due to the COVID (coronavirus) pandemic, industry revenue is expected to decline nearly % in The global outbreak is expected to have an enormous effect on all tourism-related industries as many Learn More

  • 8. Global Coal Mining

    Revenue Growth: %

    Coal mined by the Global Coal Mining industry plays a vital role in the world's ability to generate electricity and manufacture steel. Coal's position in global electricity markets stems from its relative accessibility, affordability and distribution across the globe. The world's largest coal producers are China, the United States and India, with these countries expected to retain their positions for the foreseeable future. Industry revenue is a function of global production of industry products alongside global coal prices, with prices being closely tied to global economic conditions. Over the five years to , prices of thermal and coking coal have Learn More

  • 9. Global Plastic Product & Packaging Manufacturing

    Revenue Growth: %

    The Global Plastic Product and Packaging Manufacturing industry has experienced mixed results over the five years to It has benefited from increasing consumption of plastic across the world, as rising capacity worldwide has resulted in strong growth in overall plastic production. Plastic goods are substituted for a variety of materials such as wood, paper, metals and glass, as it is often more price competitive while offering better performance. However, despite rising consumption and production during most of the current period, industry revenue is expected to decline an annualized % to $ billion over the five years to This Learn More

  • Global Commercial Aircraft Manufacturing

    Revenue Growth: %

    The Global Commercial Aircraft Manufacturing industry is expected to decline over the five years to Industry operators design, manufacture, overhaul and rebuild planes, helicopters, aircraft engines and various aircraft components and subsystems for the commercial and civil markets. The industry primarily depends on downstream demand from airlines, which make up most major markets for operators. The global rise in disposable income levels has driven major growth in demand for air travel during most of the period, although investment in new aircraft has fallen as many airlines have been using older aircraft. Additionally, the spread of COVID (coronavirus) has lowered Learn More

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    Fastest Growing Industries in the US by Revenue Growth (%) in

  • 1. Domestic Airlines in the US

    Revenue Growth: %

    Revenue for the Domestic Airlines industry has experienced significant declines over the five years to While most of the period has been characterized by expansion amid broader economic growth, the COVID (coronavirus) pandemic caused unprecedented industry disruption. Operators primarily engaged in the scheduled transportation of passengers represent one of the most vulnerable industry groups in regard to the pandemic's negative effects. As a result, industry revenue has decreased at an annualized rate of % to $ billion over the five years to , including an estimated decline of % in alone. Mass vaccination efforts have loosened travel restrictions, Learn More

  • 2. International Airlines in the US

    Revenue Growth: %

    Demand for the International Airlines industry has experienced significant volatility over the five years to In recent years, mounting competition from foreign competitors and chronic overcapacity within the industry's cargo transportation segment have forced industry operators to slash ticket prices and reduce freight shipping rates, causing industry revenue to decline. While competing enterprises were still able to generate growth during most of the period, unprecedented disruptions from the COVID (coronavirus) pandemic will likely generate the most substantial revenue decline in industry history. Overall, industry revenue has decreased at an annualized rate of % to $ billion over the five Learn More

  • 3. Hotels & Motels in the US

    Revenue Growth: %

    The Hotels and Motels industry is highly susceptible to changes in the domestic and global economic environments, which has caused the industry to experience substantial volatility due to the onset of the COVID (coronavirus) pandemic in Over most of the five years to , the industry has benefited from increases in travel spending, corporate profit and general consumer spending. These factors were all affected substantially by the coronavirus pandemic. The onset of the virus in the United States immediately reversed economic trends that were benefiting the industry, by stifling spending and halting travel; as a result, the industry was Learn More

  • 4. Casino Hotels in the US

    Revenue Growth: %

    Revenue for the Casino Hotels industry has declined over the five years to Domestic competition has increased during the period, as states that did not previously permit gambling have since loosened regulations. Meanwhile, competition from international gaming capitals that attract operators by offering tax exemptions for new establishments, such as Macau, remains significant. Moreover, the COVID (coronavirus) pandemic weighed on the industry, as all casino hotels were required to temporarily shutter in mid-March Consequently, industry revenue has decreased at an annualized rate of % to $ billion over the five years to , including an estimated growth of Learn More

  • 5. Movie Theaters in the US

    Revenue Growth: %

    Demand for the Movie Theaters industry is expected to significantly decline over the five years to due to intense competition from substitute film viewing methods, such as online streaming platforms. Moreover, the industry is estimated to have experienced its largest drop in performance amid the COVID (coronavirus) pandemic, decreasing % in alone and therefore being the primary causation of the industry's overall decline. Nonetheless, rising per capita disposable income and the success of blockbuster films prior to resulted in some revenue growth, but this is estimated to have been significantly offset by other declines. Consequently, industry revenue Learn More

  • 6. Non-Hotel Casinos in the US

    Revenue Growth: %

    The Non-Hotel Casinos industry has been dealt a mixed hand over the five years to , as various factors, including increased competition, have curbed spending at casinos. Long-standing casino operators have struggled over the past five years, mainly due to an influx of new casino hotels in states that have eased restrictions on casinos. As a result, industry revenue has decreased an annualized % to $ billion over the five years to , including a decrease of % in alone. During the period, increased competition has also placed pressure on industry operators' profit. Through , gambling revenue increased, as Learn More

  • 7. Tour Operators in the US

    Revenue Growth: %

    The Tour Operators industry has experienced growth over most of the five years to The industry benefited from rising disposable income levels and a strengthening global economy. As unemployment declined and consumer spending grew, domestic and international trips taken by US residents increased, bolstering demand for tour packages. Additionally, inbound trips made by non-US residents also grew as disposable income levels rose in countries in Asia, Latin America and Europe. However, the tourism sector as a whole endured a sharp contraction in as lockdowns and travel restrictions within the United States and globally went into effect, in an Learn More

  • 8. Travel Agencies in the US

    Revenue Growth: %

    The Travel Agencies industry has experienced a significant contraction in revenue, profit and overall industry participation over the five years to This curtailment of demand and industry activity is due to the COVID (coronavirus) pandemic, as stringent travel restrictions were issued to limit close social interactions and help curb the spread. As a result of these unforeseen complications, industry revenue is expected to decrease at an annualized rate of % to $ billion over the five years to

    The industry prospered prior to , which can be attributed to sizable increases in consumer confidence, as it is a Learn More

  • 9. Maternity Wear Stores

    Revenue Growth: %

    Over the five years to , the Maternity Wear Stores industry has grappled with an increasingly difficult retailing environment. Operators in this industry specialize in clothing targeted to pregnant women. The industry does not include online maternity wear sales or sales from department stores. Over the five years to , the number of births is expected to decrease at an annualized rate of %, resulting in softer demand for maternity apparel. Furthermore, the COVID (coronavirus) pandemic has posed a major threat to industry operations as industry establishments have had to operate at limited capacity. In addition to challenges posed by Learn More

  • Shoe Stores in the US

    Revenue Growth: %

    The Shoe Stores industry relies on strong consumer spending to spur demand for industry products. The economy has strengthened over much of the five years to prior to the outbreak of the COVID (coronavirus) pandemic. However, the benefit this surge has had did not necessarily benefit industry participants due to changing consumer shopping habits, leading to more shoe purchases occurring at department stores and online shops. Following the outbreak of the coronavirus pandemic, economic trends worsened. The sharp downturn experienced in and temporary closure of many industry establishments led revenue to decline significantly. In the current year, however, Learn More

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