For decades, three major industries have dominated Poland’s economy: agriculture, industry, and mining. However, although these industries continue to play important roles in the country’s future, they are gradually losing ground to newer, more innovative industries.
Working in a fast-growing industry can result in higher compensation, more employment stability, and better prospects for progress. If you’re looking for a job in an exciting profession, you’ll want to know which industries in Poland are growing the fastest.
This article is written by Jacek Michałski, an expert on Poland and the current economy. For more information, take a look at his profile, or read on to discover Poland’s booming industries.
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One of the most important sectors of the current Polish economy is the car industry. At the moment, the automotive manufacturing industry employs almost 180,000 people in Poland. This makes it the country’s fourth-largest employer. Some of the biggest automotive companies in the world have a presence in the country, including Fiat, Opel, Toyota, Volkswagen, MAN Nutzfahrzeuge, Volvo, and Scania AB.
Between 2013 and 2016, the total value of sold production from automotive firms in Poland climbed by over 26%. Currently, Poland ranks 8th in the EU for automotive production, having produced 662 thousand cars in 2016 for a 3.5% market share.
The Business Services Sector includes Business Process Outsourcing (BPO), Information Technology (IT), Shared Services Centre (SSC), and Research and Development (R&D) firms. Right now, this is one of Poland’s fastest-growing industries, benefitting from the global trend of centralizing back-office services.
In Poland, the high availability of competent and dedicated people and labor cost arbitrage, make the country an attractive location for outsourcing business services.
Information and Communications Technology
In recent years, Poland has become one of the preferred locations for Information and Communication Technology (ICT) firms from Western and Northern Europe. The country benefits from low labor costs compared to other areas and its proximity to Western Europe compared to India, for example, making it stand out.
In terms of Research and Development initiatives, particularly in fields such as Artificial Intelligence, Poland was also the premier destination in the Central and Eastern Europe region. This growth has been primarily driven by foreign software corporations that have opened up operations in the country.
Defense and Aerospace
Poland has recently begun to focus on a large-scale investment and modernization program for its military forces. The government has set a target for military spending to reach 2% of its GDP, making it one of the highest among all the NATO countries. The outlook for the Polish defense sector appears bright.
Between 2015 and 2019, the Polish aerospace and defense market generated total revenues of $6.8 billion, reflecting a compound annual growth rate (CAGR) of 10.1 percent. Defense spending in Poland is predicted to continue to rise over the coming years. Industry experts predict that it will grow to 2.2 percent of GDP by 2022 and 2.5 percent by 2030.
Renewable Energy Sources
Poland’s renewable energy sector has seen a lot of growth in recent years, thanks to European Union regulations. The Renewable Energy Directive is a legally binding regulation established in 2009. It set a 15 percent renewable energy target for Poland’s total energy use by 2020. Polish industry figures expect that the country will exceed this target by 0.5 percent, and the country has invested a lot into this area.
Wind farms and photovoltaic plants have been key in helping Poland reach its targets, and the country looks set to continue its focus on renewable energy sources in the future. The renewable energy market in the country is one of the fastest-growing industries, growing at a rate of around 8%.
The future is looking bright for Poland, which has seen its economy improve significantly over the past few years. It was also one of the least affected countries by the global pandemic in 2020, and the country has managed to develop a diverse range of successful industries.