Fastest Growing Industries in the US in 2024

Source – IBIS World

1. Fruit & Nut Farming in the US

2024-2025 Revenue Growth: 28.1%

The industry produces a variety of non-citrus fruits and tree nuts for sale to fresh, processing and export markets. Although this industry has benefited from increased demand from wineries and exports, downward pressure due to supply chain disruptions caused by the COVID-19 pandemic and Russia’s invasion of Ukraine has had greater impact on revenue growth. Industry revenue has fallen at a CAGR of 4.8% to $22.6 billion over the last five years as a result, including a 9.4% decline in 2023 alone.

Supply chain interruptions have not only increased the cost of producing fruit and nuts, but also the prices consumers…

 2. Solar Power in the US

2024-2025 Revenue Growth: 26.4%

The Solar Power industry owns and operates solar power-generating facilities in the form of either photovoltaic (PV) panels or solar thermal power stations. Solar power companies have gone through significant growth, propelled by improvements in the technologies used for electricity generation and government incentives, like the renewable portfolio standard (RPS) targets. RPS legislation requires local utility companies to diversify their portfolio and generate percentages of their energy production through renewable resources. Increases in public support for green energy led to tax incentives and grants to encourage investment in solar power. This has resulted in more companies powering facilities with solar…

3. Online Gambling Services in the US

2024-2025 Revenue Growth: 22.6%

Online gambling services in the US are hosted on internet platforms which enable consumers to wager on events such as digital table games or other sporting events, like horse racing. This relatively small but robust industry has sought to capture more consumer demand for gambling services by branching out into hosting online platforms. Other players in the sports betting segment are newer, online-based endeavors, such as DraftKings, which entered the industry in 2018. In 2020, despite the outbreak of COVID-19, the industry experienced booming growth, though rising operating costs hindered profit. Demand rose as leisure time and disposable income both…

4. Hybrid & Electric Vehicle Manufacturing in the US

2024-2025 Revenue Growth: 22.4%

The Hybrid and Electric Vehicle Manufacturing industry has boomed as the use of renewable energy sources surged in popularity. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. With concerns about the environment, new entrants continue to flood in looking to establish market share. New government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Industry-wide revenue has increased at an annualized 29.6% to $88.8 billion over the past five years, including…

5. 3D Printer Manufacturing in the US

2024-2025 Revenue Growth: 20.1%

The 3D printer manufacturing industry has seen significant growth over the past five years, increasing at a CAGR of 14.6% to $7.7 billion, which includes 19.1% growth in 2023 alone. As prices for 3D printers declined, additive manufacturing has become more attractive to both businesses and consumers. The outbreak of COVID-19, which led to massive supply disruptions, has led the public and the government to consider new applications of 3D printing. The Additive Manufacturing (AM) Forward program, launched by the Biden Administration in 2022, focuses on advancing the development and adoption of 3D printing technologies in the US.

Additive manufacturing has…

6. 3D Printing & Rapid Prototyping Services in the US

2024-2025 Revenue Growth: 19.8%

The industry has grown over the past five years, driven by rapid technological development 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 outsourced services, demand has flourished. Additionally, as development and design services could be done remotely, the industry was one of the few which could continue operations unabated during the height of COVID-19 in 2020, resulting in 7.0% revenue growth in that year. Over the past five years, 3D printing and prototyping revenue has climbed at a CAGR of 17.2% to $3.6…

7. Ship Building in the US

2024-2025 Revenue Growth: 15.6%

Shipbuilders design, build and repair ships and other vessels for military and commercial clients. Long project lead times, primarily for defense contracts, have led to a consistent flow of revenue, keeping shipyards busy with work. Defense budgets are set in advance and have increased yearly because of rising geopolitical tensions.

Shipbuilders are protected from foreign competition through protectionist policies like the Jones Act, which prohibits using foreign-built vessels on routes between US ports. While some military shipbuilders receive contracts from foreign countries, commercial shipbuilding is mainly domestic. An increase in US oil and gas production throughout the period has provided a…

8. Social Networking Sites in the US

2024-2025 Revenue Growth: 13.7%

Since going mainstream over a decade ago, hundreds of millions of Americans have embraced social networking sites, including Meta, Twitter, LinkedIn and dozens more. People use these networks to maintain relationships with friends, follow the news and share photos and videos. By leveraging user data for targeted advertisements, where most revenue is derived, sites have been able to capitalize on the popularity of their platforms. As a result, industry revenue has increased at a CAGR of 16.7% over the past five years, including an increase of 15.0% to total an estimated $95.2 billion in 2023 alone. The industry has benefited…

9. Expert Networks in the US

2024-2025 Revenue Growth: 12.2%

The industry comprises companies that act as intermediaries between subject matter experts and clients seeking valuable information, data and insight. Subject matter experts include, but are not limited to, academics, scientists, corporate executives and high-level officials. Revenue for expert networks has increased at a CAGR of 2.8% through the end of 2023 to $1.3 billion, including an expected 5.7% growth in 2023 alone. Revenue growth for the industry is a result of its improving reputation, favorable macroeconomic conditions and growing demand from downstream industries. The industry has experienced steady growth, but shrank in 2022 because of fears of a looming…

10. Wind Power in the US

2024-2025 Revenue Growth: 12.0%

The Wind Power industry generates revenue from owning and operating wind farms and selling the energy they produce to downstream customers. Government tax credit assistance and state renewable portfolio standards (RPS) have supported the growth of renewable energy. Turbine technology has continued to advance, lowering the cost of equipment and allowing producers to generate high profit. Overall, industry revenue is set to grow at a CAGR of 11.8% to $136.2 billion through 2023, including a 9.6% increase in 2023 alone.