Having survived various economic downturns, Australia has become a highly developed economy in the world. The industries of Australia, with their higher performance and productivity, have a bigger role in the development of the country. The Australian industries are the most lucrative foreign investment destinations. The economy offers a lot of opportunities, as it is more globalized and promising. We have curated a list of the top 6 fastest-growing industries in Australia that are estimated to grow in the year 2021:
1. Manufacturing Industry
In Australia, an advanced manufacturing industry exists, producing inventions such as the ultrasound scanner, bionic ear, and black box flight recorder. Presently, Australia accounts for $100 billion of its annual manufacturing output.The sector is expected to experience the fastest growth among industries in Australia in 2021.
This sector contributes 48% to the overall exports. Digitization and automation have transformed the operations of the manufacturing industries in Australia.The manufacturing industry in Australia aims to create an export-focused ecosystem, delivering top-quality solutions in global supply chains.
2. Healthcare: Australian Industry
Australia provides the most efficient healthcare services in the world. The aging population of Australia will lead to significant growth in the healthcare industry. The system incorporates the world’s most advanced and innovative technology. Thus, the Australian healthcare system boasts an advanced and robust health system. Additionally, it is renowned.
With the help of telemedicine and telediagnostics, the country is striving to serve internationally.Furthermore, advancements in science and technology will further push the authorities to enhance the growth of healthcare in Australia.
3. Australian Construction Industry
Renovations, maintenance of buildings, and construction comprise the industry of building. The construction industry contributes 8% to the GDP of the country. 2.5% is the expected rate of growth for the Australian construction industry within the upcoming five years.This industry employs 1.5 million people in Australia.
4. The industry of energy
According to the Australian Electricity Market Operator, in addition, there are more than 300 market generators, distributors, and service providers present in the country.
Australia has enormous capacity to produce renewable energy resources.Companies invest heavily in Australia’s energy resources.The Australian industry will be the largest contributor to the Australian economy.The sector is estimated to generate hundreds of billions of dollars in the near future.
5. Australian Food Industry
The next biggest industry in Australia is the food industry. Furthermore, the food industry in Australia will undergo a tremendous boom due to COVID-19. Various sectors, including dairy products, meat products, seafood processing, cereal food, flour milling, vegetable processing, confectionery, etc., contribute to the rise of the food industry. Additionally, the demand for online food platforms is also increasing. Moreover, with the increase in population, demand from consumers will also rise. Thus, the food industry is poised for significant growth in the near future.
6. Australian Tech Industry
It will be one of the most booming industries in Australia in 2021. Approximately 49% of business players in Australia invest in newer technologies.They make the investment with the purpose of growing and developing their business threefold. From the polymer banknote to the bionic ear, Australia is making strides in the technological field. The technology sector contributes 6.6% to the GDP; this is 122 billion Australian dollars.
The booming industries in Australia have produced a stable environment for professionals and businesses.They explore market opportunities to grow and develop in the upcoming years.