3 Innovative Industries on the Rise in 2018
We live in a world that’s in constant flux, so it pays to take note of upcoming industries and trends in order to plan well for the year ahead. We point out some industries which experts believe are set to boom in the upcoming year, useful for business owners, jobseekers or anyone simply looking to keep up-to-date with global developments.
1. Green Energy
These days, it seems green is the only way to go. In the past, steep prices, political barriers and unproven results may have deterred many, but that’s already beginning to change. Sustainability is now a worthy investment, and along with it comes a whole slew of benefits: the promise of competitive advantage, the presence of a growing market of eco-conscious consumers, which in turn results in higher revenue.
Following the footsteps of renewable energy leaders such as China and Europe, U.S. has been hot on their heels in terms of developing products to better harness natural sources of power. The U.S. Energy Information Administration predicts that solar generating capacity will increase by 23% in 2018 and wind capacity will grow from 88 gigawatts (GW) to 96 GW by 2018. In addition, there has been an explosive growth for the number of green energy jobs in the U.S., and the numbers are set to continue rising worldwide. Overall, the prospects are looking good for the renewable power industry, and 2018 will be a year to keep an eye on for more breakthroughs.
2. Virtual Reality/Augmented Reality
Virtual (VR) and Augmented Reality (AR) have lingered around for a while, but it wasn’t until recent years that saw tremendous improvements in compatible technology and content to further enhance its experience. This upward trend is predicted to extend well into 2018, with shipments for these devices expected to reach a grand total of 26 million next year, along with more developments in the works. One such development is Facebook’s Oculus, looking to launch a stand-alone VR headset next year that’s made much more convenient and affordable for consumers.
While VR and AR have largely been adopted for entertainment purposes, its practical uses extend to areas like education, therapy, and safety testing. For example, Walmart has incorporated VR as part of its job training for workers; one of the technology’s applications generates realistic simulations of unplanned events like Black Friday sales and emergencies, so that the employees will be better equipped to handle a range of situations.
With big names like Walmart and Facebook investing in the technology and propelling its popularity further, it won’t be long before VR and AR advance beyond bulky headsets and steep prices, and become embraced by the masses.
3. Drones
Drones were originally developed for military use, touted as a cheaper and safer alternative to manned aircrafts. They have since proven useful for matters beyond the military, such as tracking volcano activity from a safe distance, and lent a hand in enhancing media and entertainment experiences. The growing success has therefore forecasted personal and commercial sales of drones to hit $11.2 billion by 2020.
With Singapore itself aiming to be a drone hub in the near future, 2018 might be a good year to start investing in the technology, if you haven’t already. If you’re in the advertising and marketing industry, consider investing in a drone for better video footage. Thinking of starting a drone-related business instead? Consider going into drone repairs and servicing, industrial inspection, or small business delivery.
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