Global Fastest Growing Industries in 2022

1. Global Airport Operation

2023-2024 Revenue Growth: 16.2%

The Global Airport Operation industry has experienced complex operating conditions over the five years to 2021. Rising levels of airline passenger traffic through much of the period enabled airports to earn significant revenue through passenger charges and services provided directly to airlines. At the same time, improving economic conditions increased corporate profit and fueled global manufacturing activity, causing airlines to operate more flights to transport greater quantities of cargo. However, the COVID-19 (coronavirus) pandemic completely disrupted the industry over 2020, causing revenue losses of more than 50.0% in that year alone.

2. Global Hotels & Resorts

2023-2024 Revenue Growth: 11.8%

Over the five years to 2021, the Global Hotels and Resorts industry is anticipated to experience declining revenue. Initially, strong growth between 2016 and 2019 occurred as both consumers and businesses became more confident about their finances and spent more liberally on luxuries, including travel. This culminated in a substantial increase in both travel rates and hotel room and occupancy rates, two indicators of a hotel's performance. Global tourist arrivals were also steadily increasing between 2016 and 2019 until a drastic drop in 2020 due to the global spread of COVID-19 (coronavirus).

3. Global Travel Agency Services

2023-2024 Revenue Growth: 11.8%

The Global Travel Agency Services industry has experienced revenue decline over the five years to 2021, all while the industry's core services dramatically changed due to consumers using online channels to research and book travel. Online booking agents now play a much larger role within the industry, alongside traditional brick-and-mortar travel agencies. International tourism grew strongly prior to the COVID-19 (coronavirus) pandemic, which is expected to severely cut into revenue over 2020, followed by a rebound of 35.1% in 2021 as the economy returns to normal. Overall, industry revenue is expected to shrink an annualized 3.0% to $290.5 billion.

4. Global Tourism

2023-2024 Revenue Growth: 10.8%

The Global Tourism industry is expected to decrease an annualized 4.3% to $1.3 trillion over the five years to 2021. Global tourism has performed well during most of the five-year period, with emerging economies continuing to stimulate growth. Moreover, countries in Asia and South America have experienced robust growth in per capita income, which has enabled consumers in these regions to take overseas trips in increasing numbers. However, due to the COVID-19 (coronavirus) pandemic, industry revenue is expected to decline nearly 50.0% in 2020. The global outbreak is expected to have an enormous effect on all tourism-related industries.

5. Global Airlines

2023-2024 Revenue Growth: 7.7%

Despite rising levels of airborne passenger and cargo traffic through much of the period, revenue for the Global Airlines industry has declined over the five years to 2021 as volatile fuel prices and growing competition, as well as the COVID-19 (coronavirus) pandemic, have placed downward pressure on airline ticket prices and freight shipping rates. At the same time, recent growth in global per capita income, in addition to other solid macroeconomic indicators, fueled demand for airline passenger transportation prior to the pandemic.

6. Global Casinos & Online Gambling

2023-2024 Revenue Growth: 6.8%

Over the five years to 2021, the center of the Global Casinos and Online Gambling industry has shifted from the United States, specifically Las Vegas and Atlantic City, to China, more specifically, Macau. A wave of recent casino openings in Macau has propelled this shift. As of 2021, there were 50 casinos located on the island. Additionally, casino openings in other parts of Asia are expected over the five years to 2026. Two mega casino developments in Singapore already rival casinos in Las Vegas, and Japan recently legalized casinos, raising the potential for billions of dollars in new investment.

7. Global Commercial Aircraft Manufacturing

2023-2024 Revenue Growth: 6.3%

The Global Commercial Aircraft Manufacturing industry is expected to decline over the five years to 2021. Industry operators design, manufacture, overhaul and rebuild planes, helicopters, aircraft engines and various aircraft components and subsystems for the commercial and civil markets. The industry primarily depends on downstream demand from airlines, which make up most major markets for operators. The global rise in disposable income levels has driven major growth in demand for air travel during most of the period, although investment in new aircraft has fallen as many airlines have been using older aircraft. Additionally, the spread of COVID-19 (coronavirus).

8. Global Deep-Sea, Coastal & Inland Water Transportation

2023-2024 Revenue Growth: 6.2%

The Global Deep-Sea, Coastal and Inland Water Transportation industry, which transports cargo and passengers across the world's waterways, has experienced strong growth over most of the five years to 2021. Rising global per capita income and increased production activity among the world's most developed economies have increased demand for industry services, though the COVID-19 (coronavirus) pandemic is forecast to severely cut into demand in 2020. These strong market conditions have offset an excess of maritime carrying capacity relative to downstream demand, which has constrained international freight rates and hindered industry growth.

9. Global Oil & Gas Exploration & Production

2023-2024 Revenue Growth: 5.7%

Operators in the Global Oil and Gas Exploration and Production industry find and extract crude oil and natural gas from oil and gas reserves across the world. Over the five years to 2022, the prices of crude oil and natural gas have fluctuated despite steady growth in production, which has caused revenue fluctuations. Slowing global demand alongside continually rising supply caused prices to plummet prior to the period and in 2020, before rapid growth in both 2021 and 2022. Overall, industry revenue is forecast to grow an annualized 12.3% to $5.0 trillion over the five years to 2022.

10. Global Reinsurance Carriers

2023-2024 Revenue Growth: 5.7%

The Global Reinsurance Carriers industry has encountered significant challenges over the five years to 2021. Some challenges include an operating landscape consisting of a soft pricing cycle, low interest rates, an increased occurrence of natural disasters and a global pandemic. All of these factors have contributed to the industry's poor performance. As a result, industry revenue is expected to decline at an annualized rate of 1.6% to $228.1 billion over the five years to 2021, including a decline of 5.5% in 2021 alone. This decrease in 2021 can be mainly attributed to the ongoing COVID-19 (coronavirus) pandemic.

Written by Ibisworld