Industry is the word used to describe the goods or services that are available within an economy. Industry is often broken into three groups: primary (extractive), secondary (manufacturing) and tertiary (service). Primary industries are those which extract a substance from the earth such as mining, farming or logging. Secondary industries are those which process the products from primary industry (factories and refineries are a good example of secondary industries). Tertiary industries are those that provide services such as teachers and accountants. Sometimes the breakdown of industry also includes Quaternary industry such as the research of science and technology and the Quinary Sector which includes top level officials in fields such as the sciences, government, universities etc. So what is the largest industry in the world? Read this article to find out.
What is the Largest Industry in the world?
It is difficult to accurately pinpoint which industries are the largest in the world. This is partially because they are not measured with the same scale and partially because many industries are interrelated. It is easy to see that one of the largest primary industries in the world is mining, particularly of the fossil fuels. Many of the world’s food sources are also major primary industries.
A major secondary industry would be the production of energy. Without energy the world, as we known it, ceases to function. Another major player in the secondary industry sector is the arms industry. The construction of weapons, jets, ships, aircraft and land vehicles is huge. The construction of cars, trucks and motorcycles is also a strong secondary industry. Technology also holds a top spot in the secondary industry market. As technology advances so too does the need for it in everyday life.
Some of the major tertiary industries include the financial industry, the healthcare industry and the tourism industry. The financial industry encompasses businesses such as banks and insurance companies. The healthcare industry includes hospitals, aged care facilities, special needs services. Tourism is also another growing global industry that impacts on all 3 levels of industry within each country.