China is fast becoming the land of opportunity for many skilled professionals, so, today we wanted to take a look at some of the fastest growing industries in China. Many industries are growing rapidly in China, but we wanted to highlight these industries.
Top 5: Green technologies
Currently, China is the largest producer of solar energy in the world, hitting over 77 gigawatts of solar power capacity at the end of 2016 and under China’s 13th Five-Year Plan, China aims to have 110 gigawatts of solar capacity installed by 2020.
Also, China is the biggest producer of wind power, installing 23.3 gigawatts of wind power turbines in 2016 to reach a total capacity of 169 gigawatts. China plans to have 250 gigawatts of wind power capacity by 2020, and 495 gigawatts by 2030.
And to top it off, China is now the world’s largest electric vehicle market, registering 352,000 new electric vehicles in 2016. China’s auto market is also the world’s largest, and electric vehicles now represent about 1.2 percent of the total market, which means there is plenty of room to grow.
These three green fields are just the tip of the iceberg, China is also investing in green buildings, recyclables, biofuels, vertical farming and more. Total investment in pollution prevention alone is expected to reach $1.2 to 1.5 trillion USD over the 2016-2020 period, this means green tech will be one of the fastest growing industries over the next few years.
Top 4: Healthcare
According to the latest report from McKinsey, China’s healthcare market is projected to grow at an unprecedented compound annual growth rate of about 12%, which is why we have it at number 4 on our list.
Healthcare spending in China is expected to nearly triple, reaching $1 trillion USD by 2020, up from $357 billion USD in 2011. The government has decided to take major steps towards improving the local healthcare infrastructure, by approving a blueprint called “Healthy China 2030”, pledging to build a healthy China in the next 15 years.
By 2030, the size of the healthcare market is expected to reach $2.3 trillion USD. This means the demand for highly skilled professionals is exploding.
Right now, healthcare service providers and companies working in the healthcare sector are seeing a major increase in demand, which makes it one of the fastest growing industries in China.
This next one on our list might not be reaching the trillions of dollars, but it is growing fast!
Top 3: Drones
According to China’s Ministry of Industry and Information Technology (MIIT) the country’s civilian unmanned aerial vehicle (UAV) industry is expected to rise 40% year on year on average to about $9 billion USD by 2020 and by 2025, the market value could be tripled to around $27 billion USD.
Popular Chinese drone manufacture DJI is currently leading the charge with consumer drones, but has as more people find different uses for drones, we will see incredible growth rates. Look up because this industry is flying fast!
Top 2: Artificial Intelligence
China, in recent years, has made it clear it wants to be the global leader in AI Technology, which means number two on our list is the Artificial Intelligence industry.
According to a report, policy makers want the AI industry to generate more than $59 billion USD of output per year by 2025. Key development areas include AI software and hardware, intelligent robotics and vehicles, virtual reality and augmented reality.
Right now, China is playing catchup with the rest of the world, which means many companies, government organizations, and universities are working hard to reach this lofty output goal. That makes this one of the fastest growing industries in China.
Tech companies from Baidu to Tencent and from startups to incubators are working on AI, which is causing a major boom in the industry. With a strong government push, these companies will help reach China’s goal and most likely become global leaders by 2045.
Top 1: Robotics
The government has recently released the Robotics Industry Development Plan, a five-year plan to rapidly expand the country’s industrial robotics sector.
By 2020, China wants to be able to manufacture at least 100,000 industrial robots annually. By the end of the next decade, the country wants to be producing 400,000 industrial robots annually.
This is a massive undertaking, but according to the International Federation of Robots, China is already home to the biggest share of robots, a global market worth about $30 billion USD. It is currently ranked the No.1 sales market for industrial robots, with the United States.
The report shows that China will likely represent 40 percent of the total worldwide sales for robots by 2019, an increase from 27 percent in 2015.
What do you think of China’s fastest growing industries? What industry would you add to this list? Leave a comment below.