There are several growth industries predicted to have a promising future. Renewable energy, pet care, healthcare services, robotics, and translation services are the industries to watch. Technology resides at the heart of most of the business evolution that fuels these new industries established to satisfy societal changes.
Renewable Energy
The renewable energy sector appears to be ripe for expansion based on certain trends expected to positively impact the acceptance and use of wind and solar power. Deloitte Touche Tohmatsu Limited reports that in 2018 wind and solar usage made up over 8 percent of the total electricity output in the third quarter, gaining a full percentage point over the 7 percent figure from 2017's third quarter.
Future growth is expected to continue as emerging policies and technological advancements are favorable to support the increase in investor interest and customer acceptance. Even though the upfront expense is substantial, solar financing and tax incentives are expected to bolster both corporate and individual investment in renewable resources.
Pet Care Products and Services
USA Today reports that Americans love their pets, spending $69.5 billion on them in 2017, an impressive 61 percent hike from 2008 figures when the country was in the throes of the Great Recession. Pet supplies, food and related services account for these expenditures. Employment prospects are also expected to outpace national averages as growth continues in this industry.
Healthcare Services
Home healthcare services that includes traditional services, home healthcare and elder care is on an upward trajectory. This trend is not surprising when you consider the aging population and subsequent demand in the U.S. MSN reports that home health care services will add a projected 425,000 new positions from 2016 to 2026. Adding to the good news, elder care companies are expected to add 405,400 new jobs from 2014 to 2024.
Few industries enjoy the stability and expected growth of the healthcare field. Fortunately, while technology is certain to dramatically impact this industry, it is not expected to have a negative impact on hiring numbers as is the case in some other industries.
Robotics
Robots are definitely here to stay as an exciting and innovative byproduct of technologies such as artificial intelligence, semiconductors and the internet of things. The Motley Fool points to two leaders in the field, to iRobot and intuitive surgical products with revenue growth from 20 to 24 percent on average. Considering the increased demand for healthcare services, it is not surprising that intuitive surgical tools are also highly sought after with optimistic sales projections predicted into the future.
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As the world shrinks and the global marketplace connects people from all over the world, translation services become a necessity. USA Today reports that the need for translators and interpreters has doubled in the nine years between 2008 and 2017. There are a number of contributing factors that explain this new promising field. Online content needs to be translated. Additionally, digital marketers selling to different markets all over the globe need customer service representatives who understand and speak several languages.
The global marketplace and changing business climate create emerging markets and the industries necessary to accommodate future needs. Students and employees seeking growth industries capable of providing stability and plenty of opportunities should evaluate renewable energy, translation services, robotics, healthcare services and the pet care market for viable career paths.
Business owners and entrepreneurs should also view these industries when making important business decisions about possible new ventures or partnerships. Jumping on the bandwagon of industries positioned to succeed in the future makes perfect business sense. While there are far more factors to consider when making these types of life-changing decisions, there is no substitute for riding the wave of an industry destined to be successful in the future.