A sunset industry is an
industry
Industry may refer to:
Economics
* Industry (economics), a generally categorized branch of economic activity
* Industry (manufacturing), a specific branch of economic activity, typically in factories with machinery
* The wider industrial sector ...
in decline, one that has passed its peak or boom periods. As one example,
analogue recording technologies for audio or video have been supplanted by
digital equivalents; although analogue equipment is still offered, sales have declined dramatically and are not expected to recover, so this segment of the market has been branded a 'sunset industry'.
Many countries try to protect domestic sunset industries as they still provide important employment. They use
protectionist
Protectionism, sometimes referred to as trade protectionism, is the economic policy of restricting imports from other countries through methods such as tariffs on imported goods, import quotas, and a variety of other government regulations. ...
policies to slow down the decline whilst
sunrise industries develop.
See also
*
Sunrise industry
*
Primary sector of the economy
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining.
The primary sector tends to make up a larger portion of the economy in d ...
*
Secondary sector of the economy
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction. ...
References
Industries (economics)
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