Emerging Industry

Published Mar 22, 2023

Definition of Emerging Industry

An emerging industry, also known as a sunrise industry, is a new sector of the economy that is experiencing significant growth potential and has the potential to become a major force in the market in the future. These industries typically emerge from new technologies or changes in consumer demand.

Example

A great example of an emerging industry is renewable energy. For years, the vast majority of global energy consumption has come from non-renewable sources such as coal, oil, and gas. However, as concerns over climate change and air pollution continue to grow, many governments and private companies are investing in renewable energy sources like solar, wind, and hydropower as an alternative. This investment has led to significant advancements in the technology used to harness renewable energy and has fueled growth in the industry. As a result, the value of the global renewable energy market is expected to surpass USD 2.15 trillion by 2025 (source: staista.com), making it one of the fastest-growing industries in the world.

Why Emerging Industries Matter

Emerging industries are crucial to the growth and development of the economy. They often provide new opportunities for entrepreneurs and workers, they can boost local economies and create new jobs, and they drive innovation and technological advancement. As emerging industries develop, they can also lead to increased competition and better products and services for consumers.

Furthermore, emerging industries can have significant positive impacts on the environment and can help address some of the world’s most pressing challenges, such as climate change and environmental degradation. Thus, overall, emerging industries are an important driver of economic growth and can play a pivotal role in shaping the future of our society.