The start of a new year and decade brings with it new opportunities for profit, but only if you know where to look for it. Due to fundamental shifts in market sentiment, consumer behavior, geopolitical relations, and government regulations, there will be industries and businesses that will have a higher chance of success. Here are four of them:
Despite the planet’s composition being 71 percent water, close to 800 million people still don’t have access to clean water, according to the CDC. Catastrophes, such as the Flint, Michigan water crisis, have helped shed light on the hazardous effects of water contaminants and the importance of proper water filtration. In the last five years, investment in companies that focus on improving water quality has shot up by 25 percent to roughly $51 million. Note, however, that building pipelines that bridge hardware and software components will require significant capital and time investments.
As consumers become more aware of how their dietary choices affect not only the climate but also the lives of billions of animals used in the agriculture industry, meat substitutes are growing into a larger market that entrepreneurs cannot ignore anymore. Last year, Beyond Meat launched a successful initial public offering, with the stock price shooting up by 250 percent. Several fast-food chains, including Burger King and Carl’s Jr, have also included meat alternative options on their menu.
3D Printing Technology
3D printers were once limited in what they can print and how fast they can dish out finished models. Fast forward to today, 3D printing technology is capable of life-sized printing structures and even whole buildings. The technology is gaining more attention as its applications expand to the medical and manufacturing industries.
Solar power continues to be one of the most sought after energy alternatives in the US. As the human population continues to grow at a rapid pace, the demand for energy alternatives will follow. Last year, the industry posted total revenue of $10 billion, with the number of companies operating in the sector reaching 413.
Knowing what businesses and industries are expected to grow in 2020 already puts you at a high success rate. Now all you need to do is create the perfect business plan and execute.