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Ten Industries That Are Likely to Boom in the Next Decade

We live in a world that is changing at an astonishingly fast pace. Do you remember the world before the PC was invented and put into the mass market? Do you remember the world before the Internet became widely available? Do you remember the world before the cell phone became a common thing? If you have been around for more than a couple of decades, probably you do. Weren’t our lives completely different only thirty to forty years ago? Yes, they were.

What is more, progress is unstoppable and the world keeps changing rapidly. New technologies are coming into use, new opportunities are arising, new gadgets are invented one after another… As a result, new industries are appearing and the business world is changing too.

Industries Likely to Boom 
in the Next Decade

What industries will grow in the next 10 years? You have to ask yourself this question if you are planning to go into business. Any businessperson has to look ahead and try to figure out how he or she can make money in the future, and not only in the nearest future. Below we discuss ten up and coming industries to invest in if you are a forward-looking entrepreneur. Our list is far from exhaustive but we hope that it is going to set you thinking if you plan to invest in one of the most successful industries of the future.

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Electro cars

Electro cars

Many people were rather skeptical about the use of electricity-powered automobiles only a few years ago. One of the arguments was that the oil producers were going to do their best to hamper and slow down the electric engine development process.

What do we see now? Tesla Model cars sell like hotcakes and they run on electricity. Car manufacturers from Japan are also making great progress in designing electro power motors. At the same time, there is space for improvement in the electric car industry.

Tesla cars are in high demand in Spain and California, but they don’t sell very well in Sweden or Vermont, for example. Why is it so? Because contemporary electric cars are inefficient under low temperatures. Their batteries are not frost-resistant: they just freeze and put out no electricity to power the car.

Now imagine Elon Musk knew how to manufacture batteries that would be functional under low temperatures too. Even though he is the richest man in the world as of today, he could be even richer if Tesla cars were frost-resistant. Northern European countries in particular have healthy economies and a great number of wealthy citizens so conquering this market would be a very attractive opportunity. It is impossible today, however, due to technical imperfections of electric cars. What if you could build a battery that is functional in cold weather? Elon Musk is said to have 200 billion dollars and electric car manufacturing is one of his main sources of income. Something to think about!

It is true that time will have to pass before electric cars outnumber gasoline-powered vehicles. But the tendency is quite clear: electro car manufacturing is going to be one of the industries that will boom in the next decade. A couple of European capital cities have already announced their plans to get rid of all air-polluting vehicles in a couple of years: they will not be allowed to run within the city territory. You may find it hard to believe but people have started buying electro cars even in places as remote and as cold as Siberia! We’re definitely getting there and the business opportunity should look attractive in this connection.

Stations for refilling electro cars

Stations for refilling electro cars

Related to electric car manufacturing, there is one more business area that may well find itself among the booming industries in the near future. If you drive a ‘normal car’, you can easily find a gas station almost wherever you go but this is not the case with stations where you can refill your electric car batteries. You normally do not have to worry if you are running low on gas: you can expect to find a gas station in the vicinity. If you are going on a long ride in your electric car, however, you have to make sure in advance that you will be able to find a place to refill the batteries. That is to say, electric car stations are available but their number is insufficient for taking the worries off your mind if you are an electro car driver. This means that electric car station construction is likely to become a profitable business area in the near future.

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Solar power stations

Solar power

Electric cars are only coming into use but we have been relying on electricity in other spheres of our lives for years and years. Electric energy needs to be produced and its production requires resources and involves costs. Various methods of energy production are currently employed but most of them have important drawbacks.

Burning coal does not only mean using a non-renewable resource but it also means polluting the environment. Hydro stations are more ecologically friendly but when one is built, the landscape in the area changes dramatically and a great number of animal and fish species are affected. Nuclear stations produce clean energy at little cost to the environment but this is so only until they blow up. When they do (remember Chernobyl, for example), this brings about catastrophic consequences. Windmills produce energy from a renewable source but they are ugly. We hate to find faults with a clean source of energy but the truth must be told: windmills distort the view badly.

The cleanest, the safes, and the most aesthetically acceptable method of electricity production is the use of solar power. Besides, the sun doesn’t charge us anything for shining, so this source of energy is free and inexhaustible.

We’ve been making great progress in the solar power industry over the recent years. You can find solar panels on house roofs (and elsewhere) in a growing number of places these days. There is a solar panel system that resembles a flower: it folds its ‘leaves’ (panels) at night and unfolds them by day and it turns with the sun. In this way, the panels can catch the maximum amount of sunlight available at the moment. One unit consisting of a few solar panels provides enough electricity for a family of four living in a detached house. Isn’t it amazing?

At the same time, this method of electricity production has a couple of drawbacks. Elimination of these drawbacks is a business opportunity that potentially can bring you wealth and love of the people who are concerned with the environmental problems.

First, even though the sunlight is free, the solar panels are expensive. It costs a few thousand dollars to install a solar power system in your backyard or on the house roof. The investment pays back in time, as the local power company will stop sending you electricity bills, but the required period is considerable. Thus, reducing the cost of solar panel production would be a great breakthrough in the solar power industry.

The second drawback that contemporary solar panels have is that they are rather inefficient. With the available technologies, the panel produces little energy per square foot or square meter. This means that you have to buy many solar panels and cover a comparatively large area with them if you want to have enough solar energy for your household. The use of solar power for manufacturing is probably a matter of a distant future.

If (or when) anyone can make solar panels that are less costly or more efficient (or both), the world is going to be grateful to the person indeed. If we can produce enough energy from a renewable source at a low cost, we can be saved as a species! This is one more business opportunity with good prospects for the future.

Jetpacks

Jetpacks

People have been dreaming to fly like birds since times immemorial. Well, now we can! A new product in the market is a jetpack that can lift you in the air and let you fly. It is a recent invention and it is far from being perfect thus far.

First, the jetpack allows you to stay in the air only for a few minutes. This is one area where improvements can be made. Second, it is expensive. An entrepreneur in Great Britain has already launched commercial production of jetpacks and they sell for around 30 thousand pounds. Since the jetpack wearer can fly only for four to seven minutes (depending on the air temperature), this offer doesn’t look very attractive, we believe.

However, jetpacks can potentially be used for many different purposes and if (or when) somebody manages to reduce the production cost, this product can become very popular. Jetpacks are already being tested in the military, for example. An able-bodied seaman wearing a jetpack can fly from one military ship to another in a matter of a few minutes or even seconds if the target ship is close by. Besides, jetpacks can be very useful in rescue operations. If a person gets stuck in a highly uneven terrain, a jetpacker can find them and rescue them. If a cat gets stuck high up in the tree, the jetpack can also come in handy.

Flying taxis

Flying taxis

In addition to that, several companies in different countries are testing flying taxis. They are building machines that can take two or more people onboard and fly them a few kilometers. The machines do not have drivers, as they are computer-controlled. Each company doing this sort of experiment is only at the very beginning of the long road. However, the progress speed can be amazing at times and we may well see mass production of flying taxis in the near future. This can become one of the growing business industries soon.

Robot engineering

Robot engineering

Robot engineering is among the industries on the rise as well. The Japanese have been making robots that help with various daily chores for years. Recently, several groups of scientists in the USA have shown robots that can do fantastic things: they can jump, turn head-over-heels in the air, run sideways, lean over backwards, and so on.

They are trying to put robots to some useful work too. For example, a company in America has started to use robots for delivering goods to the front doors. The robot picks the box from the truck that parks next to the house and takes the box to the door crossing the front yard. Besides, robots have learnt how to perform some medical operations on patients. The surgeon’s hand is firm but it can shake anyway, as the surgeon is only human. The robot’s hand will shake only if an earthquake occurs but then everything is going to shake.

Thus, robots can be helpful in many spheres of people’s lives. They only need to be taught how to do things. They already can help eliminate fires, disarm landmines, and put kettles on the stoves but there are so many more things that they could potentially do for us humans! Robots are not playing an important role in our everyday lives as of now, but the research processes are going on and we are bound to see some outstanding inventions in the area of robot engineering in the near future. This is the sixth promising business sphere on our list.

3D printing

3D printing

When 3D printing was first invented, some experts forecast a great future for the new technology. In reality, however, 3D printing is catching on very slowly. If you live in a large city, you would probably be able to find a 3D-printing shop that could make a souvenir for you. For instance, they could put you through a scanning machine and then print a three-dimensional plastic figure of you. So, this technology can be used for fun things already.

At the same time, its use for printing durable constructions is problematic at the current stage. In an experiment, one person was able to print all the component parts of a rifle and then assemble it. And the rifle shot. But only once. It became dysfunctional after the first shot.

This indicates that a lot can be done to develop the 3D printing technologies. Imagine that you were able to print out a durable chair! A car you could drive! A house you could live in! If (or when?) this becomes possible, you are going to find ourselves living in a completely different world.

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Distant learning

Online education

Online education is an opportunity that has been available for quite a few years already. Some universities got rid of traditional physical campuses and put all their educational courses online a long time ago. (University College of Maryland can serve as an example.)

However, the COVID-19 pandemic has made it clear how many more distant-learning and work-from-home opportunities we can make use of, as a matter of fact. Online training courses in particular are growing in popularity immensely. There are hundreds of applications that facilitate the interaction between the student and the professor and many of them make learning much more efficient. Video chats are nothing very special these days while they were to be found only in science fiction books a few decades ago. So, we are not saying that the computer can substitute the professor in the learning process. No, it cannot, but it certainly can make studies much more enjoyable and classes much more informative.

Think how convenient it is to have an online class both for the student and for the lecturer! None of them has to leave home to study or to teach. Online education technologies are certainly spreading and this may well be one more promising business area that you can consider.

Cybersecurity

Cybersecurity

Apart from classes, many other things are currently done online too. People exchange huge amounts of information via the Internet. They conduct business negotiations via the Internet. They make money transfers via the Internet. They mine crypto and trade it via the Internet. They spend hours and hours every day on electronic social media where they share their personal information with other people.

When you keep cash in a safe, your money is under physical protection. When you exchange your bank account information via the Internet, there is no physical protection for the money that you keep in the account. Only digital protection. Now, the digital protection needs to be ironclad: you don’t want a hacker to be able to steal the money from your bank account, right? So, the cybersecurity issue is of great importance in the digitized world of today.

It is true that we all have had to sacrifice a large part of our personal information privacy for the sake of increasing the level of our physical security. And often for the sake of increasing the level of our comfort, too. But certain types of information must be well-protected at all costs. Anyone who has this sort of information will be prepared to pay the cybersecurity specialist, and pay them well because losing the information confidentiality may lead to tremendous losses. Just think of the recent information leaks that brought a lot of real problems to the information owners. Thus, cybersecurity is one of the top industries of the future too.

Care for the elderly

Care for the elderly

The last area (of those that we are going to mention here) where the demand for services is growing and it will continue to grow is care for the elderly. The general quality of people’s life is improving over the years and life expectancy is increasing. Plainly speaking, the world is aging and this is especially true for well-developed countries. We’ve already mentioned Japan a couple of times before and now we are going to use the country as an example once again. The number of 100-year-olds per capita is higher in Japan than in any other country of the world.

Old people need care. Their health deteriorates and performing daily tasks becomes too difficult for them at some point. Because the number of elderly people needing help is growing, the demand for this sort of service is also growing. Obviously, this is not the most profitable business area to enter, but you will always make enough money to sustain yourself if you decide to dedicate your life to caring for the old ones.

Without doubt, there are many more business areas that offer some exciting opportunities for wealth accumulation and personal development. There is no end to progress and new technologies are bound to keep appearing. If you would like to discuss in more detail where you can put some money to be able to have good returns on investment, please do not hesitate to contact us at [email protected] and request a consultation with our business experts.

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