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 2019, or as it is more commonly known, Covid-19 is a contagious disease caused by severe acute respiratory syndrome. Affecting 100 million people globally since the first outbreak in Wuhan, China in late 2019, 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.
Christian Lagerek/Shutterstock.com
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 700 industries. So, let us take a look at our list of fastest growing industries in the world, starting with number 15.
15. HR and Recruitment Services
Revenue Growth 2019-2020: 7.7%
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.
Antonio Guillem/Shutterstock.com
14. Cardboard Box and Container Manufacturing
Revenue Growth 2019-2020: 8.5%
With an expected market size of $69.7 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.
Copyright: bialasiewicz / 123RF Stock Photo
13. Tourism
Revenue Growth 2019-2020: 10.4%
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 2020-2021.
benemale/Shutterstock.com
12. Cargo Airlines
Revenue Growth 2019-2020: 11.0%
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.
11. Beer Manufacturing
Revenue Growth 2019-2020: 11.3%
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
10. Hotels and Resorts
Revenue Growth 2019-2020: 11.8%
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 2019-2020: 11.8%
The management consultants industry has been steadily growing since the past decade globally. In 2021, IBIS World reported a global market size of $692.3 Billion, with an expected growth of 10.4%. 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 2019-2020: 13.2%
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 2020 due to the Covid-19 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 2020.
Pixabay/Public Domain
7. Commercial Aircraft Manufacturing
Revenue Growth 2019-2020: 13.7%
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.
Alexey Y. Petrov/Shutterstock.com
6. Automobile Engine and Parts Manufacturing
Revenue Growth 2019-2020: 13.9%
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.
5. Car and Automobile Sales
Revenue Growth 2019-2020: 16.6%
The car and automobile sales industry has experienced a significant growth in the past five years. The industry retails new and used motor vehicles through car dealerships, commission agents, and car auctions. Products sold include passenger vehicles, SUVs, buses, recreational vehicles, ambulances, and fire trucks. This industry does not include motorcycles and mopeds.
Pixabay/Public Domain
4. Casinos and Gambling
Revenue Growth 2019-2020: 17.6%
Casinos and gambling has been a thriving industry for the last few decades for a number of reasons. The legalization of gambling and its related activities and the growth of tourism and urbanization in other economies have all contributed to its rapid growth and record-breaking revenue figures. It is reported that in 2020, the market size of the global casinos and online gambling industry reached $227 billion. Tourist hotspots like Las Vegas, Nevada in the United States, and Macau bring in billions in casino and gambling revenue each year. An example of the flourishing industry is Las Vegas Sands Corporation, (NYSE: LVS), a casino and resort company in Las Vegas reporting a revenue of $13.2 billion in 2019.
IVASHstudio/Shutterstock.com
3. Deep Sea, Inland, and Coastal Water Transportation
Revenue Growth 2019-2020: 23.6%
The industry of Deep Sea, Inland, and Coastal water transportation is mainly responsible for the transportation of cargo and passengers across the world’s waterways. This industry has exhibited strong growth over the past five years, with increased global per capita income and production activity heavily supported by developed economies. Even with the recent pandemic cutting demands of the industry, the revenue has been sustained by cruise line operations and global consumer spending, primarily in first-world economies. Jobs in this industry include captains and pilots of water vessels, sailors and marine oilers, and ship engineers.
Oliver Hoffmann/Shutterstock.com
2. Heavy Duty Truck Manufacturing
Revenue Growth 2019-2020: 29.0%
The Heavy-Duty Truck Manufacturing industry has experienced a steady increase in the years 2015-2020. Heavy duty trucks are used for a variety of activities, such as cargo transportation, logistics operations, construction, mining, etc. The high demand for heavy-duty trucks can be attributed to the growth in the construction, freight, and logistics sectors respectively, and rapid developments in road infrastructure all over the world. Globalization and increase in ease of travel has caused the construction sectors to boom, with rural areas all over the world becoming urbanized. This $400 billion industry is projected to increase even more in the coming years.
Pixabay/Public Domain
1. Respiratory Ventilator Manufacturing
Revenue Growth 2019-2020: 54.8%
Respiratory ventilator manufacturing is our top industry for our list of 15 fastest growing industries in the world, with a growth rate of 54.8% in the past year. This industry is the top choice by a very wide margin, and this incredible surge in demand is attributed to the Covid-19 pandemic. A significant percentage of Covid-positive patients experience a decline in respiratory function, of which some develop critical symptoms requiring respiratory ventilators to assist them in breathing. Due to the increased demand for an urgent and constant supply of respiratory ventilators, the average-sized industry of respiratory ventilator manufacturing is experiencing a huge boom. The company ResMed Inc (NYSE: RMD) stock gained 35.6% against the 6.5% fall of its industry over the past year. Even companies like Dyson in the United Kingdom, which famously produces vacuum cleaners, reconfigured their manufacturing product line in just ten days to begin producing ventilators. With cases still rampant, this industry does not seem to be dying down anytime soon.
See also: 7 most profitable businesses with least investment and 10 most profitable industries in the world in 2020
smart.art/Shutterstock.com
Suggested articles:
- 15 largest industrial companies in the US
- 10 most profitable industries in America
- 10 fastest growing franchises in the US
This article is originally published at Insider Monkey.