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 2023
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View a list of the Top 25 fastest growing industries2023-2024 Revenue Growth: 89.6%
Operators in the Corporate Travel Services industry provide travel services for employers and employees who are travelling for business purposes. Industry revenue is expected to decline year-on-year over the five years through 2022-23. As business confidence grows, demand grows and firms generally increase spending on corporate travel services. For those firms for which corporate travel is beneficial to their operations, demand for industry services is also influenced by the cost of travel, which is in turn affected by exchange rates and fuel prices.
Over the past five years, demand from the industry's largest downstream market, the banking, financial services and insurance... Learn More
2023-2024 Revenue Growth: 80.0%
The Chemical and Fertiliser Mineral Mining industry has been subject to volatile conditions over the past five years. The industry transitioned to the production of polyhalite, which led to a substantial reduction in potash prices and significant revenue decline for much of the past five years. However, production of polyhalite in 2018 has given the industry a new lease of life. Cleveland Potash Ltd, the largest firm in the industry, has transitioned into a polyhalite-only mining business. Industry players were able to continue production despite the COVID-19 (coronavirus) outbreak, with firms implementing social distancing measures and other safety measures to... Learn More
2023-2024 Revenue Growth: 79.5%
The Sea and Coastal Passenger Water Transport industry offers a range of services, including cruises, ferry services and fishing charters. The industry is therefore reliant on domestic and international tourism. Cruise ships have performed robustly over most of the past five-year period and have expanded by marketing value, such as all-inclusive holidays. However, demand for international ferry services has wavered as a result of intense competition from air and rail transport. Moreover, travel restrictions in response to the COVID-19 (coronavirus) outbreak caused passenger numbers to plummet during 2020-21.
Industry revenue is expected to decline at a compound annual rate of 8%... Learn More
2023-2024 Revenue Growth: 73.8%
The industry includes all British companies that transport passengers on domestic or international routes on regular timetables. Passenger air travel is largely considered to be discretionary and industry performance is influenced by consumer and business confidence, the level of disposable income and airfares. Although passenger numbers remain fairly robust during weak economic conditions, changes in consumers' propensity to spend on discretionary items has a more profound effect on revenue, as price competition intensifies when consumer confidence is low.
Industry revenue recovered from a post-EU referendum decline, growing during the two years through 2018-19, as strengthening demand for low-cost carriers offset the... Learn More
2023-2024 Revenue Growth: 64.4%
The Non-Scheduled Passenger Air Transport industry comprises businesses transporting passengers by helicopter or aeroplane on a chartered basis. The industry focuses on flights operated by charter airlines with holiday destinations and is dominated by TUI Airways. Although the industry may be perceived as providing tailored travel services for the wealthy, the bulk of revenue is generated by transporting customers to holiday destinations as part of a travel package. Industry demand has fluctuated significantly during the past five-year period, largely due to the COVID-19 (coronavirus) pandemic, which led to a sharp drop in passenger numbers during 2020-21 and 2021-22.
Revenue is expected... Learn More
2023-2024 Revenue Growth: 59.2%
The UK solar market has exploded over the past 15 years, with more than 14,000 megawatts of capacity installed in 2022, a huge jump from less than 15 megawatts in 2007. The majority of this growth occurred prior to cuts to government incentives in January 2016, though renewed government support has driven an uptick in installations over the last couple of years. Variations in the level of government support for solar power have spurred significant volatility for solar panel installers. Overall, revenue has shot up at a compound annual rate of 18.3% to £1.3 billion over the five years through... Learn More
2023-2024 Revenue Growth: 59.2%
Operators in the Festivals industry organise festivals and live music events in venues throughout the United Kingdom. The events derive revenue primarily from ticketing, but also from a variety of on-site services, such as food and drink sales, which have been a growing revenue stream as operators have expanded their services. The industry also includes the activities of agents, promotors and other production services involved in the organisation of live music events.
Over the five years through 2022-23, industry revenue is forecast to rise at a compound annual rate of 2.6% to £3.2 billion. This includes a sharp 756.3% rise in... Learn More
2023-2024 Revenue Growth: 44.4%
The Urban Passenger Rail Operations industry includes businesses that operate passenger rail networks through urban, suburban or metropolitan areas. London is the largest market for industry services, accounting for more than 90% of passengers. Consequently, Transport for London (TfL) dominates the industry through its ownership of the London Underground, the Docklands Light Railway and the London Overground. Industry performance is largely contingent on the number of passengers using these services, which is determined by several demographic and social factors, including the size of the urban population, the rate of employment and competition from alternative forms of transport.
Industry revenue is expected... Learn More
2023-2024 Revenue Growth: 42.4%
Operators in the Gas Supply industry purchase gas from the wholesale market and sell it to end users via the distribution network. Industry regulator Ofgem encouraged greater competition in the industry, leading to a rapid rise in the market share of independent suppliers in the first half of the period, culminating in the effective break-up of the former Big Six energy suppliers in January 2020, following OVO Energy's acquisition of SSE's domestic customer book. However, record-high wholesale prices reversed the upward trend in market participation in 2021-22, forcing 30 suppliers out of the industry.
Industry revenue is expected to increase at... Learn More
2023-2024 Revenue Growth: 40.1%
Cinemas earn their income mostly through box office sales, with blockbuster films being especially lucrative, but food and beverage sales and screen advertising also offer fairly strong revenue streams. The industry is highly concentrated, with the top four chains expected to control for 82.6% of the market in 2022-23.
High cinema admissions and a strong film slate helped UK cinemas grow for much of the past decade. The release of highly anticipated films and the popularity of major film franchises (think the Marvel Cinematic Universe) pushed admission numbers to a decades-long peak of 177 million in 2018, according to the UK... 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 2023
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 2023
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