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These 8 Industries Will Grow In 2023

These 8 Industries Will Grow in 2023

These 8 Industries Will Grow in 2023

Welcome to Thomas Insights — every day, we publish the latest news and analysis to keep our readers up to date on what’s happening in industry. Sign up here to get the day’s top stories delivered straight to your inbox. From wearables and electric vehicles (EVs) to digital twins and bioengineering, eight industries are expected to boom in the next 12 months. 1. Additive Manufacturing (3D Printing) The use of additive manufacturing in industrial businesses continues to grow, enabling rapid prototyping, supporting flexible and fast-paced design and production, and reducing overhead costs. In the next 12 months, the technology will continue to mature, transforming factory floors across the United States. In turn, organizations will integrate 3D printers into their production environments, leverage the technology to drive sustainable manufacturing practices, and invest in new and hybrid 3D printing materials. The additive manufacturing market size was valued at around $11 million in 2021 and is projected to reach over $34 million by 2028. 2. Virtual Reality (VR) Virtual reality (VR) market growth has fallen behind many other digital technologies like smartphones and tablets. But could 2023 be its year to shine? According to Deloitte, it’s likely. In its Technology, Media & Telecommunications (TMT) 2023 Predictions report , the company predicts that the VR market will grow by 50% compared to 2022, reaching a value of $7 billion. A whopping 90% of this growth will come from VR helmet sales with 14 million expected to be sold over the next 12 months. The report states that the future of VR depends on the development of truly immersive applications, be that consumer games, remote travel and education, or workplace training and simulations. The latter is particularly useful in an industrial setting, enabling workers to learn in a realistic but safe environment. 3. Ethanol Fuel Production Ethanol production began in the 1970s when the rising cost of petroleum coupled with environmental concerns sparked demand for alternative fuel. In the United States, as much as 94% of the ethanol produced today comes from the starch in corn grain. According to recent studies by Harvard, USDA, and the Department of Energy’s Argonne National Laboratory, corn-based ethanol reduces greenhouse gas (GHG) emissions by around 40-50% compared to regular gasoline. Earlier this year, the Biden administration introduced new legislation that increases the quantity of ethanol that is required to be blended into the nation’s gasoline supply. This will see the industry continue to boom in the coming months and years. 4. Electric Vehicles (EVs) There are around 1.7 million EVs on U.S. roads, and EVs account for around 6% of all new car sales . While the Biden Administration has a target for EVs to comprise 50% of all new passenger vehicle sales by 2030 , challenges such as high costs, lack of public charging infrastructure, supply chain shortages, and battery life threaten widespread adoption. In 2023, both automakers and policymakers will strive to overcome these challenges. This will include advancements in EV batteries and the use of alternate materials, investments in charging infrastructure, and attempts by automakers to reduce overall costs. In addition, the Inflation Reduction Act — which offers sizable tax breaks to automakers that source and manufacture their vehicles in the U.S. — is expected to inspire a surge in reshoring. There are a variety of ongoing advancements in the U.S. EV market. 5. Internet of Things (IoT) The number of IoT devices is projected to almost triple from 9.7 billion in 2020 to more than 29 billion in 2030. In 2023, the IoT will benefit from a wider range of connectivity options, advancements in edge computing and big data, and AI market growth. The industry will support the development of digital twins, as well as the gathering, analyzing, and exchanging of big data, and the rapid growth of smart healthcare devices. Heightened security will be a top concern for manufacturers of IoT consumer devices, and governments will likely implement new policies to safeguard the technology. 6. Bioengineering Bioengineering, which applies engineering design and principles to biological systems, is expected to boom in the coming years. Today, there are 2,880 biotechnology businesses in the U.S. and the industry is one of the fastest-growing engineering fields. Indeed, employment of bioengineers and biomedical engineers is projected to grow 10% from 2021 to 2031 , faster than the average for all occupations. From Celgene to Vow Foods, various companies are investing in the future of bioengineering. Exciting developments in the field include robotic surgery, tissue engineering, medical virtual […]

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Daisie Hobson

Daisie Hobson is a Director at the Reshoring Institute and an engineer with many years of experience in manufacturing and project management.

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