Fastest Growing Industries in the UK by Revenue Growth (%) in 2024

1. Building Societies in the UK

2024-2025 Revenue Growth: 82.4%

Building society revenue is anticipated to increase at a compound annual rate of 9% over the five years through 2023-24 to £26 billion. Low interest rates prior to the COVID-19 outbreak aided demand, as residential mortgage repayments became more affordable and the number of mortgage approvals picked up. Building societies have also benefited from an influx of re-mortgaging activity, as homeowners have sought to lock in lower rates before expected interest rate rises. However, societies faced challenging operating conditions, including intense competition from other financial institutions like retail banks, and a tightening regulatory environment.

The COVID-19 outbreak hurt revenue in 2020-21... Learn More

2. Chemical & Fertiliser Mineral Mining in the UK

2024-2025 Revenue Growth: 58.9%

The Chemical and Fertiliser Mineral Mining industry's revenue has expanded at a compound annual rate of 1.1% over the past five years. The industry's production has shifted considerably as the largest mineral extractor, Cleveland Potash, changed its mine's production from muriate of potash to sulphate of potash (polyhalite) in 2018, causing revenue to fall as the company had to ramp up production. The two other major companies in the industry, Schlumberger Oilfield and Fluorsid British Fluorspar have also shifted production, with Schlumberger opening a new mine and Fluorsid moving mining operations from the western to the eastern portion of its... Learn More

3. Lithium Battery Manufacturing in the UK

2024-2025 Revenue Growth: 56.0%

Lithium battery manufacturing is ramping up in the UK following substantial support from government-backed R&D investment. Manufacturers are increasingly focused on producing high-quality, low-volume batteries – often to spec – for the defence, medical and automotive industries. Business confidence is a key driver of investment in lithium battery manufacturing, which is driven by the state of the economy. Exports are a key source of revenue; the sustained weakness of the pound has made UK-manufactured batteries more competitively priced, helping to raise export levels. Over the five years through 2023-24, lithium battery manufacturers' revenue is forecast to grow at a compound... Learn More

4. Electricity & Telecommunications Infrastructure Construction in the UK

2024-2025 Revenue Growth: 54.0%

The industry relies on public sector investment towards maintaining and expanding electricity and telecommunications infrastructure. The essential nature of this infrastructure ensures a consistent stream of work repair and maintenance work. At the same time, the government has pumped significant funds into the energy value chain in pursuit of decarbonisation objectives, boosting opportunities in the renewable energy generation market. Over the five years through 2023-24, the electricity and telecommunication infrastructure construction industry is expected to climb at a compound annual rate of 1.9% to £7.3 billion.

Contractors have capitalised on significant expansion of the UK's renewable generating capacity in recent years,... Learn More

5. Waste Management Services in the UK

2024-2025 Revenue Growth: 45.7%

The Waste Management Services industry plays a vital role in ensuring that residential and commercial development sites meet regulatory standards regarding contamination. Waste companies provide a range of services, including the remediation and decontamination of soil, groundwater and surface water, the cleaning of pollution such as oil spills and the safe treatment of toxic materials. Interest in site preparation, the level of public concern over environmental issues, weather conditions and the level of government expenditure all play a vital role in driving waste management companies' performance. Revenue is anticipated to expand at a compound annual rate of 0.6% over the... Learn More

6. Corporate Travel Services in the UK

2024-2025 Revenue Growth: 34.5%

Interest in corporate travel deals is sensitive to business confidence. A poor economic situation and multiple shocks like the pandemic and Brexit have contributed to the contracting revenue for agencies. Demand for travel services is also influenced by the cost of travel, which has risen due to the low value of the pound and rising prices. However, the pandemic was the most significant factor contributing to the fall in revenue. Travel restrictions domestically and internationally during the pandemic caused the industry to come to a standstill, which it has struggled to recover from.

Demand from the industry's largest downstream market, the... Learn More

7. Financial Technology in the UK

2024-2025 Revenue Growth: 32.3%

The UK Financial Technology (FinTech) industry highly fragmented and is expanding rapidly. Over the past five years, areas such as peer-to-peer lending, money transfer and digital banks have performed well. Industry revenue is expected to grow at a compound annual rate of 6.7% over the five years through 2022-23 to reach £12.8 billion. The industry relies heavily on third-party financing. Despite volatile economic conditions over the past five years, both private and public funding have been strong.

Government initiatives have identified the FinTech industry as an important area of future economic growth; in response, the government has put considerable effort into... Learn More

8. Non-Alcoholic Beer Production in the UK

2024-2025 Revenue Growth: 27.1%

Per-capita alcohol consumption, income, price, health consciousness and consumer preferences drive non-alcoholic beer producers' performance. Over the five years through 2022-23, revenue is set to grow at a compound annual rate of 30% to £807.6 million, including growth of 34.2% in 2022-23, with the average industry profit margin hitting 19.7%.

Shrinking alcohol consumption per capita alongside growing health consciousness is paving the way for industry growth. Popular craft beer producers are rapidly introducing no-alcohol and sustainable beer varieties, driving growth in the non-alcoholic beer industry. During the COVID-19 pandemic, many consumers stuck at home cut out booze, dabbing into non-alcoholic beer... Learn More

9. Railway & Underground Railway Construction in the UK

2024-2025 Revenue Growth: 23.4%

Rail construction companies work under contract from public sector bodies funded by the Department for Transport (DfT) to develop and maintain the UK rail network. Network Rail organises investment in rail into five-year cycles called Control Periods (CP), which can induce volatility – this was displayed at the end of CP5 when revenue peaked in 2018-19 before crashing at the start of CP6. A full public sector wallet for rail infrastructure has added to volatility and fuelled a decreasing revenue trend. Over the five years through 2023-24, the railway and underground construction industry is expected to contract at a compound... Learn More

10. Language Learning Software Developers in the UK

2024-2025 Revenue Growth: 22.2%

The language learning software industry has boomed, with revenue estimated to hike at a compound annual rate of 17% over the five years through 2023-24. Its successful performance is partially due to the infancy of the industry, with the majority of language learning platforms being less than 10 years old. Language learning apps surged in popularity among consumers, providing a cheaper alternative to traditional face-to-face courses while offering greater flexibility to users with regard to the time they are willing or able to dedicate to language learning. The number of start-up developers has increased markedly, with many companies having attracted... Learn More