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Growing Industries in the UK

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As one of the top places for business in the world, the UK economy contains a variety of different industries which provide huge benefits for consumer services.

Despite the difficulties faced worldwide in recent years, there are still a number of industries experiencing significant growth.

Here are just five of the industries that have stood out from the rest in recent times:

Software development

Over the past decade software development in the United Kingdom has made billion dollar gains, as people have become more reliant on electronics and technology in their everyday lives. This country is the fifth most digital advanced economy in Europe behind Finland, Sweden, the Netherlands, Denmark and has the most tech startups worth more than $1 billion.

Software developers create everything from entertainment such as casino software for a poker game online, and e-commerce apps to essential software for the running of healthcare services and manufacturing operations.

employer

Digital skills are now in high demand in the United Kingdom, there are now almost 390,000 people working as programmers and software developers in the country and these roles represent 10 percent of all job vacancies advertised online.

Non-alcohol and low-alcohol beer production

Socialising at the pub is a big part of British culture and has been for many decades. For those that do not drink alcohol or are trying to cut back, there is now far more choice in beverages than ever before.

Around $450 million was spent on alcohol-free and low-alcohol beverages in 2021, a dramatic increase from the $240 million spent five years before. Production of these drinks has increased to meet demand, with brands such as Brewdog and Adnams being some of the first to take the opportunity.

The younger population are drinking less than the previous generations and are becoming more health conscious, meaning this industry is likely to continue to see high growth in the years ahead.

Residential construction

Construction overall is a growing industry but the residential segment is the one experiencing the most amount of growth. The UK market size is estimated to be around $99 billion in 2023 and will grow by 4.2 percent this year alone.

There is huge demand for housing in many areas of the country and so new build properties are selling incredibly fast. Rising house prices for current homeowners is increasing their equity and many are refinancing and purchasing new homes.

Competition for housing development firms is now very high. There is now a focus on improving the quality and finish of new build properties, which are sometimes reported in the media as being rushed and having lots of snagging issues.

Education technology

Education technology or EdTech is another high growth industry in the United Kingdom, it is actually the second fastest growing start up sector in the country. Technological tools for educational purposes are being used more frequently to make the education experience more accessible and more engaging.

There is now demand for education resources to be accessible 24/7 and to support remote learning. Currently, there are at least 550 high growth education technology companies in operation in the UK and these are raising levels of equity significantly.

Many such as Perlego work as subscription services, Perlego is an online academic library and means that students do not have to purchase individual copies of textbooks. Other major players in the sector include Kano and Pi-Top.

Energy

The UK energy industry is a hot topic in the news at present, mainly due to the rise in energy costs for UK households but also because of the country’s Net Zero energy goal. The government’s target is to reduce greenhouse gas emissions by 78 percent by the year 2035.

Due to the shift away from fossil fuels, electricity demand will increase by approximately 50 percent in the next 12 years as it moves towards becoming the primary fuel for transportation and buildings.

This presents a huge opportunity to renewable energy firms as well as the producers of electric vehicles. Demand for heat pumps is also set to increase as the government plan to incentivise individuals and businesses to take up this greener source of energy.

Over the coming months and years, energy production in the UK will increase in line with the government’s ambitious targets. There will also be a focus on bringing costs down for consumers and increasingly the affordability of renewable energy sources and the products that use them.


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