Fastest Growing Industries in China by Revenue Growth (%) in 2020

1. Solar Power Generation in China

2019-2020 Revenue Growth: 32.2%

The Solar Power Generation industry has developed rapidly over the past five years. Industry revenue is expected to rise at an annualized 33.2% over the five years through 2019, to $7.9 billion. This trend includes anticipated revenue growth of 34.5% in 2019.

Rising household demand for electricity in China has led to several power supply shortages over the past few years, which has stimulated demand for solar power generation. In addition, a reliance on imported oil and gas resources for power and increasing environmental consciousness have led to a strong government focus on developing renewable energy sources, particularly solar power. By... Learn More

2. Internet Services in China

2019-2020 Revenue Growth: 30.7%

The Internet Services industry in China is expected to maintain rapid growth of 35.2% in 2019-20, to reach $712.5 billion. Industry revenue is expected to grow at an annualized 43.8% over the five years through 2019, driven by booming domestic demand. The number of internet users in China has increased rapidly over the period.

Industry revenue is forecast to increase at an annualized 22.5% over the five years through 2024, to reach $1.96 trillion in 2024. Strong revenue growth will be mainly due to internet coverage expanding substantially in rural and remote areas in China, and thriving advertising services boosted by... Learn More

3. Online Games in China

2019-2020 Revenue Growth: 27.2%

Enterprises in the Online Game industry in China produce (i.e. design and develop) and operate online games. Most online game companies both create and operate their games. However, some online game producers sell licenses to agencies, which are then solely responsible for the operation of the games.

Industry revenue is expected to increase at an annualized 15.2% over the five years through 2020, to $49.2 billion. This trend includes expected growth of 25.2% in the current year. The popularity of online games has grown rapidly in China over the period. Approximately 58.4% of internet users now play online games.

The Chinese online... Learn More

4. Online Shopping in China

2019-2020 Revenue Growth: 22.0%

The Online Shopping industry in China is expected to grow at an annualized 22.5% over the five years through 2020, to total $1.8 trillion. This trend includes expected growth of 20.1% in the current year. The industry's rapid growth can be attributed to the rising popularity of ecommerce in China and online businesses continuously developing their services. In addition, the number of mobile internet users has greatly increased over the past five years, as mobile internet services have continued to develop, boosting the industry's performance. Moreover, as people have made more purchases online during the COVID-19 outbreak, the industry's sales... Learn More

5. Optical Fiber and Cable Manufacturing in China

2019-2020 Revenue Growth: 20.3%

Revenue for the Optical Fiber and Cable Manufacturing industry is anticipated to increase by 14.3% in 2019, to $60.9 billion. Industry revenue is expected to increase at an annualized 16.9% over the five years through 2019. Strong domestic demand growth over the past five years has been due to many information technology and telecommunications projects that have required the industry's products. The information technology and telecommunications sectors have become the major markets for optical fiber and cable due to strong household demand for internet and mobile phone services. Power generation firms are another important market for the industry.

The industry is... Learn More

6. Oil & Gas Drilling Support Services in China

2019-2020 Revenue Growth: 18.6%

Revenue for the Oil and Gas Drilling Support Services industry is expected to increase at an annualized 6.3% over the five years through 2019, to $59.1 billion. This trend includes anticipated revenue growth of 20.5% in the current year. The world price of crude oil has fallen significantly over the past five years. Consequently, major oil companies have reduced investment in oil and gas exploration and development, which has led to a significant reduction in demand for industry services over the period. The world price of crude oil rebounded in 2017, which contributed to a significant increase in industry revenue... Learn More

7. Alternative-Fuel Car & Automobile Manufacturing in China

2019-2020 Revenue Growth: 17.8%

The Alternative-Fuel Car and Automobile Manufacturing industry in China has developed strongly in the past five years due to large government subsidies and favorable policies that have resulted in improving vehicle performances, increasing numbers of charging facilities, and changing attitudes toward environmental protection. Industry revenue is expected to increase at an annualized 35.7% over the past five years through 2020, to total $68.8 billion. This includes growth of 15.9% in the current year. Industry profit is relatively high, averaging 11.4% of industry revenue in 2020. Profitability has been stimulated by high levels of automation as well as government subsidies that... Learn More

8. Energy-Efficiency Consultants in China

2019-2020 Revenue Growth: 17.0%

Revenue for the Energy-Efficiency Consultants industry in China is expected to grow at an annualized 19.1% over the five years through 2019, to $121.5 billion. This trend includes anticipated growth of 14.0% in the current year. A range of energy-saving and emission reduction regulations implemented in 2006 have supported the industry's rapid growth over the past five years. Issued in 2010, the Interim Measures for Management of Financial Incentive Funds of Energy Management Contracting Projects allocated generous subsidies for contract energy management (CEM) projects. This initiative marked the beginning of the industry's standardization in China. The industry includes an estimated... Learn More

9. Traditional Chinese Medicine Hospitals in China

2019-2020 Revenue Growth: 16.6%

Driven by government support and increasing demand from patients, the development of the Traditional Chinese Medicine Hospitals industry has accelerated in recent years. In 2020, revenue for this industry is expected to reach $94.1 billion, up 14.7% from 2019 and representing annualized growth of 13.6% from 2015.

For the Traditional Chinese Medicine Hospital industry, a growing number of patients has ensured revenue and profitability increases. Profitability has risen to an estimated 5.9% in 2020. The scale of traditional Chinese medicine hospitals has also been expanding. There are about 4,573 traditional Chinese medicine hospitals in China, each containing 216 beds on average.

ACMR-IBISWorld... Learn More

10. In-Home Care & Other Household Services in China

2019-2020 Revenue Growth: 16.0%

The In-home Care & Other Household Services industry in China has developed strongly in recent years due to the improving income levels of Chinese residents, increasing number of new births and elders, accelerating pace of life, high labor force participation rate, etc. Industry revenue is expected to total $100.6 billion in 2020, up 14.2% from 2019, with an annualized growth rate of 15.3% during the past five years. Industry profit is not high, average 7.1% of industry revenue in 2020, mainly squeezed by the rising labor costs in China.

There are large number of small-size companies and self-employed practitioners in the... Learn More