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The industrial sector is having its day in the sun, at least for the moment, with the top ten growth leaders on the Industrials Supergrowers list having an impressive average two-year growth rate of 44%.
Many of these companies are benefitting from the energy transition and infrastructure build-out; this might put a cloud on the horizon for those in the United States, depending on whether the administration decides to pause or cancel projects authorized by the Inflation Reduction Act and the Infrastructure Investment and Jobs Act. On the flip side, the surge of interest in reshoring manufacturing facilities is bound to favor companies in the industrial equipment and automation segments.
In addition to growth from clean energy and reshoring trends, the industrial super growers are driving growth by pulling levers they themselves control. These include their embrace of AI and digital tools that enable real-time data visibility, use of innovative business models, including “as a service” offerings, and overall focus on operational resiliency to manage costs effectively.
By harnessing AI and machine learning to optimize its advanced solar tracking systems, Nextracker is an exemplar of two of the industrial sector’s growth themes. Predictive analytics and automation—often powered by AI—have been a common success factor across the sector. Examples include Fluence, with its AI-powered energy storage product platform, Powell Industries, which makes products to modernize electrical grids, and Axon, through its digital-first approach to developing and producing equipment for law enforcement agencies. All demonstrate the power of data to improve efficiency, reduce costs, and drive customer engagement.
Taking a page from the tech industry playbook, some industrial companies such as railcar producer Trinity Industries are moving from transactional sales to long-term service contracts to generate recurring revenue as an example of a shift toward service-oriented business models.
As the industrial sector continues to evolve in the months ahead, these companies will need to monitor macro trends and policy shifts while continuing to focus on technology and innovation, plus basic blocking and tackling, to hold on to the sector’s top spots.
Fluence Energy, an energy storage technology and services company operating in over 50 global markets, offers battery-based solutions for grid management and renewable integration. By 2024, the company deployed 5.0 GW of energy storage assets and secured 7.5 GW of contracted backlog, reflecting growing demand for its solutions. With the introduction of the Gridstack Pro line, the company expanded into the market for utility-scale products, a move complemented by the launch of its U.S. battery module production facility in Utah, showcasing its ability to address diverse energy needs.
By leveraging its digital platform, Fluence IQ, recurring revenue streams have been a key growth driver for the company. Additionally, the company makes effective use of digital tools through its Digital Services Center (DSC), enabling real-time, data-driven decision making and remote diagnostics that resolve up to 90% of storage asset issues without a site visit. By combining proactive monitoring with secure access to fleetwide insights, Fluence empowers customers and field engineers alike to maximize asset performance and minimize downtime.
Blue Bird Corporation is in the driver’s seat as the industry-leading provider of alternative-powered school buses, including propane, gasoline, and electric buses. The company has already delivered over 2,000 electric school buses and continues to invest in expanding production capacity. Their well-established dealer network, commitment to safety, and manufacturing efficiency provide a competitive edge. With government incentives and environmental regulations driving demand for zero-emission vehicles, Blue Bird is well-positioned for future growth, despite occasional supply chain challenges.
Nextracker doesn’t just follow the sun—it guides solar panels to follow its every move from dawn to dusk. The company’s solar trackers and software solutions optimize solar panel performance by enabling them to follow the sun's movement across the sky to maximize solar output. The innovative independent row tracking system provides better performance, reliability, and lower operating costs than traditional linked-row trackers. Nextrack’s smart software solutions (TrueCapture, NX Navigator, Zonal Diffuse) use machine learning to further optimize solar output.
Nextracker has been growing organically, fueled by strong industry trends, technological innovations, and operational efficiency. The company’s focus on advanced tracking solutions, AI-driven software, and sustainability positions it as a market leader with high profitability and a growing customer base. With over 100 gigawatts shipped, they’re lighting the way to a cleaner, sun-powered future.
Axon Enterprise, Inc., formerly known as TASER International, specializes in public safety technology. Originally recognized for its TASER electroshock devices, Axon’s expanded product line includes body-worn cameras, digital evidence management software, and VR training tools for public safety and military training. Axon’s innovative cloud-connected ecosystem integrates its hardware (body cameras, TASERSs) with a robust suite of cloud-based software, creating a cohesive ecosystem that enhances functionality and user experience.
Given its deep market penetration—with most U.S. law enforcement agencies counted among its customer base along with growing global adoption—and strong annual recurring revenue, which reached $697 million in 2023, the company is positioned to lead in the development of integrated technology solutions for public safety professionals.
Return to the Supergrowers homepage to view the full list, or learn more about our methodology
