Fastest Growing Industries in Australia
We highlight the 6 fastest growing industries in Australia that will continue to grow in 2021
Surviving various economic crises, Australia is one of the most educated and developed economies in the world. However, being one of the most stable economies, Australian industries have a key role to play in the country’s development. It is also an attractive place for foreign investment with many opportunities. Australia’s industries are more promising and global.
Here highlight the 6 fastest growing industries in Australia that will continue to grow in 2021.
The Manufacturing Industry
The manufacturing industry is also a key part of the Australian economy. This country is famous for modern manufacturing. The country is also known as the birthplace of the ultrasound scanner, the bionic ear, and the black box flight recorder. Today, the industry accounts for over $100 billion in Australia’s annual manufacturing output and is one of the country’s largest export sectors.
Australia’s manufacturing industries account for about 48% of the country’s exports. With innovations in automation such as science and technology, digitization has transformed the workings of the manufacturing industries. Australia’s manufacturing industry is expected to transform into an export-oriented ecosystem that will deliver quality products to the global supply chain.
Healthcare Industry
Healthcare services in Australia are one of the best in the world. With an aging population, healthcare will become one of the fastest-growing industries in Australia. The country is known for its affordable, quality, and health-related health services. The healthcare system in Australia includes world-leading technology, innovation, advanced research, advanced professionalism, and a strong healthcare system. Recognized for conducting clinical trials in the field of clinical trials such as ICN Firefly and Biomedicine Clinical Trials, this number is likely to increase in the coming years.
Besides, in the health industry, the government is trying to provide the best healthcare services from its beach to the beach through telemedicine and tele-diagnosis. Advances in new technologies such as artificial intelligence, big data, will be a key factor in the growth of healthcare in Australia.
Construction Industry
The construction industry includes the construction, renovation, and maintenance of buildings or infrastructure. Australia earns more than $350 billion from the construction industry, which accounts for 8% of the country’s GDP. The construction industry in Australia is expected to grow at an annual rate of 2.5% over the next five years.
More than 1.5 million people are employed in the construction industry in Australia. The construction of the residential sector in Australia is growing rapidly. Over the past few years, residential construction accounts for 36% of the Australian construction industry.
Energy Industry
Australia’s energy industry includes all economic activities related to the production, distribution, and supply of energy to end consumers. The country has a huge amount of renewable energy resources and a huge chunk of land to convert these resources into large energy-generating plants.
Many companies want to invest in Australia’s energy resources. The energy industry is expected to be Australia’s next-largest export industry, generating hundreds of billions of dollars.
Coal-fired energy is predominant in Australia. About 77% of electricity is generated from coal, 9% from gas, 8% from pollution, 5% from wind, and 3% from solar energy.
There are more than 300 market generators, distributors, and service providers in the country, according to the Australian electricity market operator.
Food Industry
There is a good chance that the food industry will thrive, especially with Cove 19, which is what happened globally. The food industry includes dairy products, sugar and confectionery, meat and meat products, seafood processing, flour mill, and cereal food, bakery products, fruit and vegetable processing. Also, creating convenience and ease in the busy lifestyle of the consumers promotes the food industry. Demands for online food platforms are growing rapidly and have been increasing in recent years.
As the population grows, consumer demand seeks quality and diversity in products. In a way, Australia has a reputation for providing natural and clean food products with low chemical residues. Companies are focusing on healthy foods due to growing awareness about health issues.
Tech Industry
About 49% of entrepreneurs in Australia prefer to invest in new technologies to grow their business in the market. With the availability of new technologies such as artificial intelligence, data analytics, 3D printing, and robotics, industries are investing in technologies to better provide services.
The tech industry has the potential to create new products to make life easier, create new product markets in Australia, and make the country a globally competitive modern economy.
