Surviving various economic crises, Australia is one of the highly developed economies in the world. However, being one of the most resilient economies, the industries of Australia have a prime role to develop the country. It is one of the most attractive foreign investment destinations with a lot of opportunities. The industries in Australia are more promising and globalized.
Here is the list of top 6 fastest-growing industries in Australia that will continue to grow in 2020.
The Manufacturing Industry
The manufacturing industry is one of the significant sectors of the Australian economy. The country is well-known for advanced manufacturing. The country is the birthplace of the ultrasound scanner, the bionic ear, and also the black box flight recorder. Today, the industry accounts for more than $100 billion of Australia’s annual manufacturing output and is one of the booming export sectors.
Manufacturing industries of Australia contribute around 48 percent to the exports. With the innovations in science and technology like automation, digitization has changed the operations of the manufacturing industries. It is expected that Australia’s manufacturing industry will be transformed into an export-focused ecosystem that will deliver quality customized solutions in the global supply chains.
Australia’s healthcare services are one of the best in the world. With the increasing aging population, healthcare will be one of the booming industries in Australia. The country is known for affordable, quality, and safe healthcare services. The healthcare system in Australia incorporates world-leading technology, innovation, advanced research, high professional skills, and a robust health system. Recognized to conduct clinical trials in the field of pre-clinical phases such as ICN Firefly and biomedicine clinical trials, the number will increase in the coming years.
Also, the country is trying to provide its best healthcare services to offshore destinations via telemedicine and tele-diagnostics. New technology advancements like artificial intelligence, big data will be the push factor for the growth of healthcare in Australia.
The construction industry comprises construction, renovations, and maintenance of buildings or infrastructure. The construction industry in Australia produces more than $350 billion in revenue contributing 8% of the country’s GDP. It is expected that the construction industry in Australia will grow annually at a rate of 2.5% in the upcoming five years.
More than 1.5 million people in Australia are employed in the construction industry. The construction of the residential sector has been increasing rapidly in Australia. Residential construction reckoned 36 percent of the Australian construction industry in the past years.
The energy industry of Australia comprises all economic activity related to production, distribution, and supply of energy to the end-users. The country has an enormous amount of renewable energy resources and a large proportion of land to convert these resources into large energy-generating plants.
Many companies have the opportunity to invest in Australia’s energy resources. The energy industry will be the next big export industry of Australia generating hundreds of billions of dollars.
Energy generated through coal is dominant in Australia. Around 77 percent of electricity comes from burning coal, 9 percent form gas, around 8 percent from hydroelectricity, 5 percent from wind and 3 percent from solar.
According to the Australian Electricity Market Operator, there are more than 300 market generators, distributors and service providers present in the country.
No doubt the food industry will be booming one — especially with all that has happened, globally, with COVID-19. The food industry consists of dairy products, sugar and confectionery, meat and meat products, seafood processing, flour mill, and cereal food, bakery products, fruit and vegetable processing. Also, the busy lifestyles of consumers are driving the need for a convenient and easy-to-go meal. The demands of online food platforms are increasing at a rapid rate and continue to rise in recent years.
As the population is increasing, the demand from consumers seeks quality and diversity in the product. In a way, Australia has a reputation in the delivery of natural and clean food products with fewer chemical remains. The companies are focusing on healthy foodstuff due to increasing awareness of health issues.
Around 49 percent of business players in Australia invest in new technologies to grow their business in the market. Right from bionic ear to polymer banknote, Australia is leading in innovations too. With the dominance of new technologies such as artificial intelligence, data analytics, 3D printing, and robotics in the market, the industries are investing in technologies for better delivery of services.
The technology sector of Australia accounts for around 122 billion Australian dollars (83 billion U.S. — from a study, xinhuanet dot com) every year, contributing 6.6 percent of GDP. The tech industries have the ability to develop new products that bring new markets in Australia, making the country a globally competitive modern economy.
Australia’s booming industries furnish a stable environment for businesses and professionals to explore market opportunities. With enhancing business opportunities, the industries will bring more employment in the country.