What does sunset industry mean?

Means a declining industry. The concept of sunset industry comes from the innovative theory of American economist joseph schumpete, which refers to those industries that are in recession, the market demand is decreasing, the technological progress is slow, and the competition is intensifying. These industries are often accompanied by problems such as overcapacity, declining profit margins, and increasing losses, which leads to a decrease in the number of enterprises in the industry and a decline in the number of employed people, and the overall trend is shrinking. The formation of sunset industry is caused by technological upgrading, changes in consumption preferences, social and economic development and other factors. For example, with the development of digital technology, the film photography industry has been greatly impacted, and the bankruptcy of Kodak Company is a typical sunset industry.