Samil PwC Management Research Institute has selected five promising industries to watch next year amid paradigm shifts such as digital transformation, ESG (environment, social, and governance), and aging population: artificial intelligence (AI), batteries (secondary batteries), nuclear power, smart agriculture, and robotics.
On the 18th, Samil PwC Management Research Institute announced the release of its report titled "Industries to Watch in 2024."
According to the report, the major paradigm changes next year can be summarized into three categories: digital, ESG, and population aging. First, from the perspective of digital transformation, AI is predicted to emerge as a core technology driving future industrial and economic changes. Since the emergence of generative AI at the end of last year, AI services have been advancing and expanding in application, and the report forecasts rapid growth in the AI semiconductor market, which is considered the brain of AI.
From the ESG perspective, secondary batteries and nuclear power generation were identified as promising industries. The report forecasts that the secondary battery market will grow segmented by application. In particular, in the electric vehicle battery market, which holds a significant share, the penetration rate of lithium iron phosphate (LFP) batteries, which are cheaper, is increasing, posing a threat to Korea’s main product, the ternary lithium-ion battery market. However, the report points out that ternary batteries have an advantage in recycling, which could influence future market dynamics.
Next, the report mentioned the nuclear power industry, which is gaining attention in the era of carbon neutrality and energy security, predicting fierce competition to secure a leading position in the small modular reactor (SMR) market. According to the World Economic Forum (WEF), the SMR market is expected to grow at an average annual rate of 22% until 2040.
Regarding aging, smart agriculture and robotics were identified as promising industries. Smart agriculture, emerging as a solution to aging, food security, and climate change, refers to integrating 4th industrial revolution technologies throughout the agricultural value chain. The report explained, "Initially focused on automation and remote control equipment, it will evolve into unmanned and intelligent systems through the convergence of advanced technologies such as AI, big data, and the Internet of Things (IoT)." Regarding the robotics industry, it forecasted that robotics will be a mid- to long-term trend rather than a short-term theme, highlighting the growth potential of collaborative robots and service robots.
Lee Seung-ho, Industry Specialization Leader, said, "In an era of rapid changes in economic and technological paradigms like now, companies must have foresight about which industries will be promising," adding, "It is essential to thoroughly analyze technological and demand changes and make efforts to build new business models."
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