06 Oct 5 Fastest Growing Industries in the Post Covid-19 World
The COVID-19 pandemic has brought the global economy to a grinding halt. Nearly 9 months after the first outbreak, the stock market is finally rebounding – and there are several industries that are witnessing growth.
Let’s take a look at the 5 fastest growing industries in the world in 2020.
Respiratory Ventilator Manufacturing Industry
Products from the global respiratory ventilator manufacturing have seen a stable growth curve in the healthcare sector across the world in recent years. While healthcare facilities don’t usually require a significant number of ventilators, the novel coronavirus pandemic has led to skyrocketing demand for ventilators in 2020.
Defense Shipbuilding and Submarines Industry
In the last 5 years, the global military submarines and shipbuilding industry has expanded. Western governments hold the largest market for manufacturers who build, design, repair, maintain, and overhaul naval vessels ranging from submarines to aircraft carriers – and territorial expansionism, rising global tensions, increasing non-state conflicts, and population displacement have fuelled the expansion of naval deployments. Consequently, the market for advanced naval assets is on the upward curve.
Public Relations Agencies Industry
Revenue for global PR agencies depends primarily on the incomes of consumers and businesses. While clients use public relations agencies for several reasons, consumers reach out to them to stay abreast of the progress of their favored clients. The PR agencies are now leveraging the power of digital media to offer their clients better advertising, branding, and outreach. The overall industry revenue is expected to increase at an annualized rate of $47 billion in the next five years.
Global Engineering Services Industry
The global engineering industry adds immense value by contributing machines, structures, instruments, materials, processes, and systems to global progress. The industry is also credited with providing advice, design and technical services, and feasibility studies during product development or construction. Additionally, strong investment in major markets viz. Europe, East Asia, and the US are driving strong growth in this industry.
Global Automobile and Auto Parts Industry
The automobile industry across the world is forecasted to benefit from accelerating economic conditions. The burgeoning middle class in emerging economies and rising per capita income levels are increasing the demand for new automobiles and original equipment manufacturers (OEMs).