After the Covid-19 pandemic, many industries faced unprecedented challenges, leaving them at a pivotal crossroads. Despite this, the most affected industries would continue to experience exponential growth in the 2020s, according to the U.S. Bureau of Statistics. This article covers ten industrial profiles marked for growth during this period.
The dental industry is one of the industrial profiles marked for growth in the 2020s. According to Market Research Future, the dental industry will grow by approximately 67.1 billion dollars by 2032. One of the factors that will contribute to the growth is technological developments in dentistry. Some of the developments include the integration of A.I. to simplify administrative tasks. Also, integrating tools like CBCT and intraoral scans will enhance diagnosis and treatment accuracy, thus expanding the dentistry market.
The increased demand for cosmetic and laser dentistry contributes to this market’s growth. According to the Doc Mode Organization, the cosmetic industry is growing, and its market size will reach $32 billion by 2026. Cosmetic dentistry focuses on improving the aesthetics of a person’s smile. It includes procedures like teeth whitening and dental veneers. On the other hand, Laser dentistry involves using less invasive methods in dental procedures.
Many people are increasingly becoming aware of and appreciating the advantages of good dental health. Social media is fueling the spread of oral health awareness. For instance, dentists use influencers to showcase their knowledge and work to the world. Therefore, more people seek their services when doctors post testimonials about their patients.
Another one of the industrial profiles marked for growth in the 2020s is the communications Industry. According to Markets and Markets, the industry will grow by approximately $21.9 billion in 2023 to $29.0 billion by 2028. The experts expect this industry to grow at a CAGR of 5.7% from 2023 to 2028. Asia-Pacific is expected to hold the highest market share in this industry.
One of the factors that will lead to the growth of this industry is the increase in the use of machine-machine communication technology. This tech will advance the Internet of Things and 5G networks, requiring effective antenna installation for seamless connectivity. As more devices become interconnected, the demand for seamless, high-speed communication will increase. As a result, it will boost innovation in the communication industry and expand its capabilities.
Another factor contributing to this industry’s growth is the growing demand for scalable, faster, reliable, and interoperable communication protocols. For example, experts expect the industrial wireless and Ethernet protocols to grow more during this period. These protocols will be pivotal in transforming various sectors, from manufacturing and logistics to energy and healthcare. The product players are adopting strategies like acquisitions, partnerships, and product launches to strengthen the communication industry.
3. Private Education
As the world evolves, knowledge is becoming the most valued possession, and parents aren’t leaving anything to chance to ensure their children receive the best education. To be precise, more people are gravitating towards private education due to high-quality facilities. For this reason, the private education sector is also an industry profile marked for growth in the 2020s. According to Polaris Market research, the global market for k-12 education was valued at $76802.89 million in 2022 and will grow at a CAGR of 7.6% by 2032. Some of the developments spearheading the growth of this industry are technological advancements in the education sector, the use of robots by the public-private sector, and the increase of government funding in the education sector.
Ed-tech companies hold the biggest share of this industry. These companies drive innovation using artificial intelligence, virtual reality, and personalized teaching algorithms. Through their interactive online platforms, they have revolutionized the way students engage with content.
Smartphones and tablets have sped up the move to online learning, while mobile apps make it easy for students to study from every corner of the globe. They can review lessons, finish assignments, and join virtual classes, enhancing what they learn in regular classrooms. The collaboration between the public and private sectors has played a big role in boosting the private education industry. For example, the governor of Colorado, Jared Polis, gave an educational grant of $32.7 million to help high-needs district lines and local private schools.
The automotive market makes, sells, fixes, and improves cars and other vehicles. It is also one of the industrial profiles marked for growth in the 2020s. According to Contrive Datum Insights, its market will grow from $23 billion to $28.7 billion by 2030 at a CAGR of 4.5%. The Asia Pacific region has the biggest market for the automotive industry. For example, according to the China Association of Automobile Manufacturers, 965,000 passenger cars and 216,000 commercial vehicles were sold in April only. Such big numbers indicate a high potential for growth in the automotive industry.
Factors contributing to this growth include increased demand for personal and commercial vehicles, new technologies (self-driving and electric cars), and increasing consumer awareness of environmental and safety issues. For instance, Tesla started the ball rolling with Autopilot driver assistance tech. The leading companies are also working together to increase the market size, penetrate other markets and diversify their products. For example, Nippon Telegraph &Telephone and Toyota Motor collaborated to create connected cars and share data.
The ripple effect of the growing automotive sector is the demand for maintenance and repair services due to wear and tear. The good news is that the new auto technology comes with an extensive modern computer network that helps you diagnose and rectify issues. This means even truck repairs will no longer be cumbersome.
5. Custom Manufacturing
During the Covid-19 pandemic, the demand for customized products decreased due to the lockdowns. However, the custom manufacturing industry is also one of the industrial profiles set for growth in the 2020s. According to Allied Market Research, the value of the custom manufacturing market was $858.8 billion in 2021, and it will grow by approximately $1350.2 by 2031.
Custom manufacturing, often facilitated by a CNC machining company, involves the production of goods tailored to individual customer specifications. It allows customers to specify their requirements, from design elements to materials and features. Custom manufacturing fosters innovation and creativity.
Manufacturers working in custom production often collaborate closely with customers to develop inventive solutions. This close partnership leads to the creation of new and unique products. An example of custom manufacturing is the production of personalized prosthetic limbs. In this case, the manufacturing company works closely with medical professionals and individual patients to create prosthetics matching their anatomy and functional needs.
6. Pet Services
You probably own a car or a dog called Luna or Max. You know this furry friend requires grooming and specialized care, especially while traveling. With more people seeking dog behavior training and other pet services, the pet industrial profiles are expected to grow.
According to Mordor Intelligence, the U.S. pet market will grow approximately from $76.80 billion in 2023 to $98.30 billion by 2028. Affluent pet owners spend massively on luxurious and comfortable products for their pets. Pet companies have taken advantage of this and are launching various pet grooming and accessories products. The increasing number of pet owners will only drive this market up. According to the American Pet Product Association survey, 66% of U.S. homeowners own a pet, equal to 86.9 households.
Another driver for market growth in this industry is the rise of pet humanization. Unlike in the past, nowadays, people treat pets with extra care and hygiene. For example, people are willing to spend on veterinary services to prolong the life of their pets. Pet humanization also involves giving their pets quality food, meaning an increase in the demand for pet food products. In general, the desire to enhance the well-being of pets will boost the demand for pest products and services, growing the whole sector.
7. Cosmetic Surgery
Everyone wants to look good. Evidently, there is a rising demand for cosmetics mainly due to increasing skincare awareness and disposable income. According to Research and Research Markets, the world cosmetic market had a value of $67,289.1 million in 2021 and will hit approximately $201,025.5 million by 2031.
Cosmetic industrial profiles deal with surgeries to enhance a person’s appearance. Patients voluntarily make arrangements for surgery on their faces and other a part of the body. Examples of cosmetic surgery procedures include breast enlargement, body sculpting, facelift, liposuction, and skin rejuvenation.
One of the factors contributing to the increase in the market in this industry is an increase in demand for aesthetic treatment. The American Association of Plastic Surgeons report shows that approximately 16 million procedures were conducted in 2020. The same year, people spent approximately $20 billion on cosmetic surgery procedures.
Also, key cosmetic surgery companies are launching new cosmetic products expected to grow the market size further. For example, Revance launched resilient hyaluronic acid fillers to increase hydration and reduce signs of aging. Technological advancements in the cosmetic industry will also boost the cosmetic surgery market in the forecast period.
The hospitality industry encompasses businesses and services that provide guests and travelers with accommodations, dining, entertainment, and other related services. It includes hotels, restaurants, resorts, event venues, and tourism-related activities; all focused on creating positive guest experiences and comfort. A notable development in the hospitality industry is the emergence of the ‘best Mexican restaurants‘ that cater to diverse culinary preferences.
According to Technavio’s food research, the Mexican food market will grow by $113.85 billion by 2026. This surge highlights the enduring appeal of Mexican cuisine on a global scale. It also showcases the remarkable potential for both local and international businesses to thrive within the hospitality industry. In general, the global hospitality market was approximately $4.7 trillion in the U.S. and will increase to $5.8 trillion in 2027.
Another major industry development is using technology like infrared, robots, and near-field communication to transform the customer experience. Hotels use infrared sensors to address housekeeping interruptions for their customers. In a nutshell, the industry’s future looks bright.
Closely related to cosmetic surgery is the cosmetic industry. Cosmetics refer to a wide range of products that enhance or alter one’s appearance, typically applied to the skin, hair, or nails. They encompass makeup, skincare, fragrances, grooming items, and techniques like lip blush, all designed to beautify or maintain personal aesthetics. Lip blush, for example, involves semi-permanent pigmentation of the lips to create a natural-looking, subtle tint, enhancing the color and definition of the lips.
According to Grand View Research, the cosmetic industrial profiles market size was approximately $262.21 billion in 2022. It’s expected to expand at a CAGR of 4.2% from 2023-2030. The rise in the adoption of skincare and personal care products is one of the driving forces behind this expansion. The market is also growing due to escalating fashion trends and significant product innovation in skincare, hair color, and other product formulas and packaging. The increasing demand for natural and organic cosmetic products and awareness of certain synthetic ingredients’ potential health and environmental risks further accelerates growth.
Furthermore, social media’s significant impact has transformed the cosmetics sector. Beauty influencers and online tutorials now greatly influence consumer preferences and product selection. Nowadays, many people want to look like Hollywood superstars. The accessibility of online tutorials, reviews, and demos influences shoppers to make well-informed product decisions, fueling the industry’s growth.
Lastly, on the industrial profiles marked for growth in the 2020s is the construction industry. The construction industry encompasses the planning, creating, and maintaining physical structures and infrastructure, including residential, commercial, industrial, and public works projects. It involves many professionals and workers, contributing to economic development and shaping the environment.
According to Statista, the global construction industry is expected to grow by approximately $14.4 trillion in 2030. Factors that will contribute to the growth of the construction industry include rapid urbanization, population growth, and increased demand for modernized infrastructure. Technological advancements such as Building Information Modeling (BIM), prefabrication, and sustainable construction practices will streamline processes and improve efficiency.
Commercial flooring is one of the biggest markets in the construction industry. Commercial flooring refers to specialized materials and installations for business and public spaces. According to Global Information, the market size of commercial flooring will expand to US$ 93.6 Billion by 2028 due to the increase in demand for isolated homes and offices.
In conclusion, the highlighted industrial profiles are ready to experience growth driven by technology and changing consumer behavior. As they embark on this expansion trajectory, their ability to adapt, innovate, and align with evolving societal values will determine their long-term success. You can participate in this growth, be counted, and benefit greatly while at it.