Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Fastest Growing Industries in the UK by Revenue Growth (%) in 2024
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View a list of the Top 25 fastest growing industries2024-2025 Revenue Growth: 56.0%
Lithium battery manufacturing is ramping up in the UK following substantial support from government-backed R&D investment. Manufacturers are increasingly focused on producing high-quality, low-volume batteries – often to spec – for the defence, medical and automotive industries. Business confidence is a key driver of investment in lithium battery manufacturing, which is driven by the state of the economy. Exports are a key source of revenue; the sustained weakness of the pound has made UK-manufactured batteries more competitively priced, helping to raise export levels. Over the five years through 2023-24, lithium battery manufacturers' revenue is forecast to grow at a compound... Learn More
2024-2025 Revenue Growth: 54.0%
The industry relies on public sector investment towards maintaining and expanding electricity and telecommunications infrastructure. The essential nature of this infrastructure ensures a consistent stream of work repair and maintenance work. At the same time, the government has pumped significant funds into the energy value chain in pursuit of decarbonisation objectives, boosting opportunities in the renewable energy generation market. Over the five years through 2023-24, the electricity and telecommunication infrastructure construction industry is expected to climb at a compound annual rate of 1.9% to £7.3 billion.
Contractors have capitalised on significant expansion of the UK's renewable generating capacity in recent years,... Learn More
2024-2025 Revenue Growth: 45.7%
The Waste Management Services industry plays a vital role in ensuring that residential and commercial development sites meet regulatory standards regarding contamination. Waste companies provide a range of services, including the remediation and decontamination of soil, groundwater and surface water, the cleaning of pollution such as oil spills and the safe treatment of toxic materials. Interest in site preparation, the level of public concern over environmental issues, weather conditions and the level of government expenditure all play a vital role in driving waste management companies' performance. Revenue is anticipated to expand at a compound annual rate of 0.6% over the... Learn More
2024-2025 Revenue Growth: 34.5%
Interest in corporate travel deals is sensitive to business confidence. A poor economic situation and multiple shocks like the pandemic and Brexit have contributed to the contracting revenue for agencies. Demand for travel services is also influenced by the cost of travel, which has risen due to the low value of the pound and rising prices. However, the pandemic was the most significant factor contributing to the fall in revenue. Travel restrictions domestically and internationally during the pandemic caused the industry to come to a standstill, which it has struggled to recover from.
Demand from the industry's largest downstream market, the... Learn More
2024-2025 Revenue Growth: 32.3%
The UK Financial Technology (FinTech) industry highly fragmented and is expanding rapidly. Over the past five years, areas such as peer-to-peer lending, money transfer and digital banks have performed well. Industry revenue is expected to grow at a compound annual rate of 6.7% over the five years through 2022-23 to reach £12.8 billion. The industry relies heavily on third-party financing. Despite volatile economic conditions over the past five years, both private and public funding have been strong.
Government initiatives have identified the FinTech industry as an important area of future economic growth; in response, the government has put considerable effort into... Learn More
2024-2025 Revenue Growth: 28.0%
Meat wholesalers are highly susceptible to fluctuations in levels of disposable income, which can affect the level of demand from its key downstream markets. The ongoing cost-of-living crisis has forced households to tighten their purse strings, with expenditure on meat falling as a result. Households are trading down from more premium meats (such as beef and lamb) to cheaper meats (such as chicken and pork). Rising levels of vegetarianism and veganism, for reasons including morality, increased health consciousness and environmental awareness, have eaten into industry revenue. Concerns regarding the level of environmental degradation that comes from rearing animals for consumption... Learn More
2024-2025 Revenue Growth: 23.4%
Rail construction companies work under contract from public sector bodies funded by the Department for Transport (DfT) to develop and maintain the UK rail network. Network Rail organises investment in rail into five-year cycles called Control Periods (CP), which can induce volatility – this was displayed at the end of CP5 when revenue peaked in 2018-19 before crashing at the start of CP6. A full public sector wallet for rail infrastructure has added to volatility and fuelled a decreasing revenue trend. Over the five years through 2023-24, the railway and underground construction industry is expected to contract at a compound... Learn More
2024-2025 Revenue Growth: 23.2%
Per-capita alcohol consumption, income, price, health consciousness and consumer preferences drive non-alcoholic beer producers' performance. Over the five years through 2022-23, revenue is set to grow at a compound annual rate of 30% to £807.6 million, including growth of 34.2% in 2022-23, with the average industry profit margin hitting 19.7%.
Shrinking alcohol consumption per capita alongside growing health consciousness is paving the way for industry growth. Popular craft beer producers are rapidly introducing no-alcohol and sustainable beer varieties, driving growth in the non-alcoholic beer industry. During the COVID-19 pandemic, many consumers stuck at home cut out booze, dabbing into non-alcoholic beer... Learn More
2024-2025 Revenue Growth: 22.2%
The language learning software industry has boomed, with revenue estimated to hike at a compound annual rate of 17% over the five years through 2023-24. Its successful performance is partially due to the infancy of the industry, with the majority of language learning platforms being less than 10 years old. Language learning apps surged in popularity among consumers, providing a cheaper alternative to traditional face-to-face courses while offering greater flexibility to users with regard to the time they are willing or able to dedicate to language learning. The number of start-up developers has increased markedly, with many companies having attracted... Learn More
2024-2025 Revenue Growth: 21.3%
Immersive technologies, or extended reality (XR) – an umbrella term for virtual reality (VR), augmented reality (AR), mixed reality (MR) and haptics – have recorded a boom in popularity over the past decade. In line with greater social acceptance of technology, XR has revolutionised how people interact with data, information and content, becoming a staple in modern business processes and next-generation entertainment. Recognising that XR could become the ‘new norm', the government, research agencies and private equity stakeholders have supported developments through investment funding and business incubation.
Revenue is forecast to increase at a compound annual rate of 18.1% to reach... Learn More
Based on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Biggest Industries by Revenue in the UK in 2024
VIEW ARTICLEBased on the expert analysis and our database of 440+ UK industries, IBISWorld presents a list of the Industries with Largest Number of Bussinesses in the UK in 2024
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