Fastest Growing Industries in the US by Revenue Growth (%) in 2020

1. 3D Printing & Rapid Prototyping Services

2019-2020 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

2. Hydraulic Fracturing Services

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

3. Medical & Recreational Marijuana Growing

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

4. Autonomous Underwater Vehicle Manufacturing

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

5. Medical & Recreational Marijuana Stores

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

6. Video Conferencing Software Developers

2019-2020 Revenue Growth: 21.4%

The Video Conferencing Software Developers industry is expected to expand rapidly over the five years to 2020. The industry's communications tools have increasingly become indispensable to the operation and continuity of large organizations, particularly large corporations. This trend has been encouraged by several key trends shaping the corporate landscape, including highly globalized work forces, work from home policies and flatter organizational structures. Additionally, the functionality and accessibility of video conferencing software has greatly improved as advancements have been made in both software and hardware during the period. This seamless functionality and greater degree of integration has popularized the unified communications... Learn More

7. Hand Sanitizer Manufacturing

2019-2020 Revenue Growth: 18.7%

Operators in the Hand Sanitizer Manufacturing industry produce hand sanitizer products in a variety of forms, including foam, gel, wipes and liquid, along with dispensers for industry products. Industry revenue has experienced healthy growth, rising an annualized 3.9% to $74.4 million over the five years to 2020, including an increase of 16.6% in 2020 alone due to heightened demand as a result of the recent COVID-19 (coronavirus) outbreak. Besides the ongoing coronavirus outbreak, growth can largely be attributed to heightened consumer health consciousness over the past five years leading to a rise in total health expenditure. Additionally, a renewed focus... Learn More

8. Massage Franchises

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

9. 3D Printer Manufacturing

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

10. Personal Protective Equipment Manufacturing

2019-2020 Revenue Growth: 17.4%

The Personal Protective Equipment (PPE) Manufacturing industry has become one of the most important industries in the United States nearly overnight. The effects of the COVID-19 (coronavirus) pandemic have resulted in an unprecedented surge in demand for PPE. This has resulted in significant industry growth in 2020 as both new and longstanding industry operators have expanded production efforts. Prior to 2020, the industry underwent a boom and bust cycle matching that of the decline in industrial activity that occurred between 2015 and 2016. However, strong manufacturing activity in 2018 bolstered the industry's sales. IBISWorld forecasts industry revenue to increase at... Learn More