Smart investors and consumers like to know what’s happening in the world of the industry so they can make informed decisions. If you’re one such individual, we’ve done the research to determine the top 10 fastest growing industries in next decades. These industries have the greatest potential to become booming successes this year and in the near future, and so represent great options for investment.
Fastest Growing Industries In Next Decades
1. Solar Energy
Today, the solar power industry is worth $3 billion, thanks mainly to the reduction in price and increase in efficiency of the solar panels. Better incentives and increased need imply that solar power will be a dominating industry in the years to come.
2. Wind Power
Huge strides have been made over the past 20 years to harvest the power of wind. Progress is bred from necessity, of course, as growing global concerns about global warming and ecological damage caused by pollution call for cleaner, sustainable energy.
Wind power is as clean as it gets, and production is cheap, too. Between 2014 and 2015, wind power saw an impressive 22% annual market growth, and projections this year are even brighter.
3. 3D Printing
No other technology has affected the tech world more profoundly than the 3D printing technology. More than 71 percent manufacturers in the US are using the 3D printing technology to optimize their production process. While ventures like the restaurant offering 3D printed food are very popular, indicating the promising future of this industry.
If you’re not familiar with the concept, 3D printers are loaded with additives which can be used like ink to create 3-dimensional objects. That’s any object, from a diamond ring to a salad, and it has already had a tremendous impact on manufacturers the world over. In fact,71% of manufacturers in the US already use 3D printing. In the future, medical science is expected to benefit greatly from 3D printing, and experimentation with printing live tissue has already begun.
4. Legal Marijuana
Legal marijuana sales have grown exponentially since 2012. When Colorado legalized the drug and created the world’s first fully regulated market for recreational marijuana use. In addition to selling the raw plant, it is also being sold as concentrates, edibles, and even beauty products in order to expand the market.
Marijuana sales are expected to surpass $20 billion between now and 2020, and that’s if the market stays its course. If other states legalize recreational marijuana use in that time, the industry could experience even greater success.
5. Video Games
The incredible success of Pokemon Go is a testimonial to the growth of the video game industry. The VR technology will take video gaming industry to new heights with potential applications in the field of medicine as well.
6. Artificial Intelligence
This will be one of fastest growing industries in next decades. For having come so far, artificial intelligence still has a long way to go. With hopes that AI will one day be able to help solve humanity’s most pressing concerns, billions of dollars fund the research of artificial intelligence every year. Major players include IT companies like Google and Apple, who are already leaders in the field. They are providing us with such AI amenities as voice-recognition software and self-driving cars.
Experts expect the global demand for “smart” machines will increase 20% every year until at least 2020.
7. Sustainable Construction Materials
Green building has depicted remarkable growth, and the industry is currently worth $36 billion. There is a global rise in concern, among the people and the governments alike, about the use of eco-friendly techniques and materials for construction of greener buildings.
Experts predict an annual growth rate of ten percent till 2020.
8. Cyber Fraud Detection
Where there’s an opportunity to make a quick buck, be sure that there are criminals out there concocting a plan. The trend of doing business and keeping sensitive information on computers will increase, and so will the demand for protection against cyber criminals.
Businesses and individuals alike will require protection from cyber fraud for the foreseeable future. But in the next 5 years, this industry is expected to grow over 12% annually.
From agriculture to the military, drones have taken the world by storm. The bigwigs of the industry like Amazon are toying around with the ideas of the home deliveries made via drones while drone racing is now a “thing”. With the projected growth rate of 17 percent till 2022, drone industry promises a bright future.
Related to the demand for solar panels, silicon has also been a slowly but steadily growing market in the past decades. In addition to solar panels, silicon is also required to make electronics and building materials, which you may notice are also on this list. For this reason, experts expect to see silicon’s demand increase in the coming years as other industries take hold.
These 10 fastest growing industries show tremendous potential in and beyond, indicating a future of environmental consciousness and an even greater focus on electronics and AI.