IBISWorld - Industry Market Research, Reports, and Statistics (2023)

1. CBD Product Manufacturing in the US

2023-2024 Revenue Growth: 28.0%

The CBD Product Manufacturing industry comprises manufacturers that produce CBD products such as supplements, foods and concentrates. Over the five years to 2022, the industry has experienced substantial growth, primarily driven by advances in industry regulation and increasingly favorable consumer attitudes to industry products. Most notably, The Agriculture Improvement Act of 2018 (Farm Bill) authorized the production of hemp and removed hemp and hemp seeds from the Drug Enforcement Administration (DEA)'s schedule of Controlled Substances. Therefore, the bill provided further legitimization for the industry. Overall, industry revenue is expected to increase an annualized 45.9% to $2.4 billion over the five... Learn More

2. Solar Power in the US

2023-2024 Revenue Growth: 25.5%

The Solar Power industry owns and operates solar power-generating facilities in the form of either photovoltaic (PV) panels or solar thermal power stations. Solar power companies have gone through significant growth, propelled by improvements in the technologies used for electricity generation and government incentives, like the renewable portfolio standard (RPS) targets. RPS legislation requires local utility companies to diversify their portfolio and generate percentages of their energy production through renewable resources. Increases in public support for green energy led to tax incentives and grants to encourage investment in solar power. This has resulted in more companies powering facilities with solar... Learn More

3. International Airlines in the US

2023-2024 Revenue Growth: 24.9%

Demand for the International Airlines industry has experienced significant volatility over the past five years. During the beginning of the current period, mounting competition from foreign competitors and chronic overcapacity within the industry's cargo transportation segment forced industry operators to slash ticket prices and reduce freight shipping rates, causing industry revenue to decline. Unprecedented disruption from the COVID-19 (coronavirus) pandemic generated the most substantial revenue decline in industry history. As global economies and health recover, pent-up consumer demand is anticipated to drive industry recovery toward the end of the period. Overall, industry revenue has decreased at a CAGR of 0.5%... Learn More

4. Unmanned Aerial Vehicle (UAV) Manufacturing in the US

2023-2024 Revenue Growth: 24.8%

Over the five years to 2022, the Unmanned Aerial Vehicles (UAV) Manufacturing industry has declined, contending with government budget cuts. Industry companies produce and develop UAVs, or drones, which are remotely piloted or autonomously operated aircraft. Since most demand for drones comes from the US military, an overall decline in defense funding for industry products has led the industry to decline, despite expected increased civil demand. Moreover, demand for new UAVs fell as the industry has supplied the military with an enormous fleet over the past decade. Consequently, industry revenue is expected to decline at an annualized rate of 5.6%... Learn More

5. Tour Operators in the US

2023-2024 Revenue Growth: 24.4%

Tour operators encountered growth over most of the five years to 2023 and immense volatility in recent years. The industry is highly susceptible to geopolitical and global health events, which can dampen demand for tour packages in specific countries or regions. The pandemic led to mandatory government lockdowns and travel restrictions to curb the spread of the virus. This resulted in consumer confidence declining severely and inbound trips by non-US residents and domestic trips by US residents to plunge, causing revenue to plummet.

Operators have encountered intensifying competition from mobile apps and websites that assist consumers in finding lower travel... Learn More

6. Hotels & Motels in the US

2023-2024 Revenue Growth: 22.8%

The Hotels and Motels industry offers short-term lodging in hotels, motels and resorts. The need for hotels and motels relies heavily on domestic and international tourism levels, making them dependent on the overall economic environment. Travel trends were impacted by the 2020 pandemic, as travel restrictions limited tourism in the United States, causing hotels and motels to be one of the hardest hit industries by the pandemic. Since 2020, travel spending, corporate profit and general consumer spending soared, causing a rise in domestic and international tourism. Industry-wide revenue grew at a CAGR of 7.7% to $341.7 billion over the past... Learn More

7. Hybrid & Electric Vehicle Manufacturing in the US

2023-2024 Revenue Growth: 22.0%

The Hybrid and Electric Vehicle Manufacturing industry has boomed as the use of renewable energy sources surged in popularity. Hybrid electric vehicles (HEV) and electric vehicles (EV), including plug-in electric vehicles (PEV) and plug-in hybrid electric vehicles (PHEV), have seen a dramatic rise in sales amid elevated oil and gas prices. With concerns about the environment, new entrants continue to flood in looking to establish market share. New government incentives and infrastructure funding have increased the accessibility of electric and hybrid vehicles domestically. Industry-wide revenue has increased at an annualized 24.0% to $48.1 billion over the past five years, including... Learn More

8. Sightseeing Transportation in the US

2023-2024 Revenue Growth: 20.6%

The Sightseeing Transportation industry provides a variety of ground, nautical and aerial sightseeing transportation for everyday consumers. Industry operators generally offer services such as bus tours, whale watches, helicopter rides, boat and dinner cruises and locomotive excursions. The industry benefited from improving economic conditions over most of the years to 2022, which resulted in many consumers increasing their recreational expenditure. However, travel activity dropped during the five-year period, most notably in 2020 due to COVID-19 (coronavirus), which restricted consumers from international and domestic travel. Improving global economic and health conditions have spurred demand, increasing revenue an estimated 42.9% in 2022... Learn More

9. Commercial Banking in the US

2023-2024 Revenue Growth: 19.7%

The Commercial Banking industry is composed of banks regulated by the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors (Fed) and the Federal Deposit Insurance Corporation (FDIC). Banks generate most of their revenue through loans they originate to customers and businesses. Loans are made at various interest rates that are influenced by different factors, including the federal funds rate (FFR), the prime rate, debtors' creditworthiness and macroeconomic performance.

The industry experienced mixed performance. Industry operators benefited between 2017 and 2019 due to interest rate hikes by the Fed and increasing economic activity. In 2020, the COVID-19... Learn More

10. Smart Thermostat Manufacturing in the US

2023-2024 Revenue Growth: 19.1%

The Smart Thermostat Manufacturing industry is anticipated to grow rapidly over the five years to 2020. Demand for smart thermostats has been driven by the rise in environmental consciousness coupled with the rising accessibility of fast and inexpensive broadband connections. Additionally, smart thermostats typically generate more cost savings than their more analogue counterparts. This is due to their advanced sensors, remote connectivity and friendlier user interfaces. Despite rising popularity, the industry is expected to be derailed in 2020 due to the economic downturn caused by the COVID-19 (coronavirus) pandemic. Taking these factors into account, IBISWorld expects industry revenue to increase... Learn More