Based on the expert analysis and our database of 1,300+ US industries, IBISWorld presents a list of the Fastest Growing Industries in the US by Revenue Growth (%) in 2020
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View a list of the Top 25 fastest growing industries2019-2020 Revenue Growth: 28.8%
The 3D Printing and Rapid Prototyping Services industry has grown quickly over the five years to 2020, driven by rapid technological developments, lower costs and new applications for 3D printing technology. While the falling price of 3D printing machines encouraged many companies to purchase their own machines and bypass industry services, demand has nonetheless flourished. Over the five years to 2020, industry revenue is expected to grow at an annualized rate of 27.3% to $309.9 million.Industry performance is closely tied to research and development expenditure within the manufacturing sector. Most companies use 3D printing to create prototypes because 3D printing is a highly cost-effective process. Developing a... Learn More
2019-2020 Revenue Growth: 27.8%
Hydraulic fracturing, commonly known as fracking, is a specialized technique used to extract crude oil and natural gas from otherwise inaccessible shale formations. Combined with horizontal drilling, hydraulic fracturing has been responsible for rapid growth in US petroleum and natural gas production over the five years to 2019. Earlier during the five-year period, the Oil Drilling and Gas Extraction industry (IBISWorld report 21111) invested substantial capital in contracting the Hydraulic Fracturing Services industry to stimulate oil and gas well production. As a result, industry revenue grew 43.9% in 2013 and 25.9% in 2014.
However, growth in domestic gas and oil production,... Learn More
2019-2020 Revenue Growth: 25.2%
The Medical and Recreational Marijuana Growing industry, which includes both employer and nonemployer establishments that grow marijuana for medical and recreational use, flourished over the five years to 2019. Watershed legalization victories over recent years, most notably during the 2016 election cycle, proved that the cannabis industry is one of the fastest growing industries in the US. In 2016 alone, eight states passed initiatives to legalize marijuana. Consumer attitudes are also accelerating legalization efforts at the state level. Gallup reports that an estimated 80.0% of US citizens approve of legal access to medical marijuana, while 60.0% approve of full adult... Learn More
2019-2020 Revenue Growth: 24.4%
The Autonomous Underwater Vehicle (AUV) Manufacturing industry has experienced robust growth over the past five years. During the five-year period, industry revenue is expected to surge at an annualized rate of 11.0% to $524.4 million. First developed in the 1960s, AUVs are underwater vessels programmed to perform a set task; AUVs can travel independently with their own power source. The industry generates the majority of its revenue from military and security markets for surveillance, reconnaissance, mine countermeasures and antisubmarine warfare. Many AUVs are largely still developmental products, and the US military's focus on the product is indicative of future commercial... Learn More
2019-2020 Revenue Growth: 24.3%
The Wind Power industry generates revenue from owning and operating wind farms and selling the produced energy to downstream customers. Over the five years to 2019, government assistance has made this energy source more cost-competitive with other electricity generation sources, with net generation from wind continuing to increase. As a result, industry revenue is expected to grow at an annualized rate of 10.4% to $14.8 billion over the five years to 2019. Industry operators benefit from the federal production tax credit (PTC), a government incentive that pays producers per unit of energy sold, and growing support for renewable energy.
The PTC... Learn More
2019-2020 Revenue Growth: 23.4%
The Medical and Recreational Marijuana Stores industry, which includes stores that retail medical marijuana (by prescription only) and recreational marijuana, expanded dramatically over the five years to 2019. The 2016 election cycle, in particular, provided landslide victories for both medical and recreational cannabis retailers. Consequently, the legalization of marijuana for medical and/or recreational purposes and the growing acceptance of medical marijuana provided operators and investors with unprecedented opportunities. There has been no shortage of demand over recent years, and the cannabis industry has become one of the fastest-growing in the United States.
More recently, the legalization of recreational marijuana sales in... Learn More
2019-2020 Revenue Growth: 20.6%
Over the five years to 2019, the Ship Building industry, made up of operators that design, build and repair ships and other vessels for both the defense and commercial sectors, encountered rough seas as demand fluctuated. The industry maintained some stability as long project lead times for ships and consistent demand for military ships from the US Navy kept shipyards busy. The US Navy, which accounts for the majority of revenue, only buys ships from domestic shipyards, which guarantees industry players access to the largest military ship market in the world. However, government spending cuts, including to the defense budget,... Learn More
2019-2020 Revenue Growth: 20.0%
The Solar Power industry has experienced clear skies over the five years to 2019, propelled by favorable government incentives in the form of renewable portfolio standard (RPS) targets and tax credits. RPS legislation, currently implemented in 29 states and territories, requires local utilities to generate a percentage of their total energy portfolio from renewable sources. Meanwhile, increased public support for green energy has led to tax incentives and grants to encourage investments in solar power. Additionally, equipment costs have continued to fall during the five-year period. In light of these trends, industry revenue is expected to grow at an annualized... Learn More
2019-2020 Revenue Growth: 18.0%
The Massage Franchises industry includes franchised outlets that provide therapeutic and recreational massage services. The popularity of massage services has surged over the five years to 2018 as consumers increasingly spend on luxury goods. Furthermore, new research touts the health benefits of massages, benefiting the industry. The improving economic environment and increasing visibility of massage franchises are expected to encourage strong growth in the Massage Franchises industry during the period. While the majority of massage therapists are sole proprietors, the popularity of massage franchises has grown over the past decade. Franchisees benefit from efficient operating and support systems, along with... Learn More
2019-2020 Revenue Growth: 17.9%
Operators in the 3D Printer Manufacturing industry manufacture three-dimensional (3D) printers. 3D printing is considered a form of additive manufacturing, which involves taking a raw material and melting it into microscopic layers until it creates a 3D object. It differs from subtractive manufacturing, which removes material from an object to achieve the desired shape. While the 3D printing industry is nearly three decades old, it has surged ahead over recent years. The industry has been driven by rapid technological developments, falling costs and new applications for 3D-printing technology. Thus, over the five years to 2019, industry revenue is expected to... Learn More
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