The global business industry is a comprehensive collection of businesses of different scales engaged in varied commercial activities for earning a profit. The main activity may classify particular business industries they are involved in. The size of a business is typically defined by the number of employees and the volume of annual sales. Among the significant business industries worldwide are coal, petroleum, airlines, pharmaceuticals, and insurance.
Here are some of the largest business industries in the world:
Coal Industry
From the 1980s to the early 21st century, the global coal industry has increased complex coal production by 97%. According to the World Coal Institute findings, coal reserves are expected to last 133 years at the current production rate. The world’s largest coal reserves are in the USA, Russia, Australia, China, India, and South Africa.
Petroleum Industry
It is the single most popular energy source available, making the Petroleum Refining Industry the heart of the economy. It generates fuel, plastic, chemicals used for agricultural purposes, etc. There are about 150 refineries in the USA capable of producing petroleum between 5000 barrels to 50,000 barrels daily. Oil is not a domestic product; any shortage in the same has severe ramifications for all possible industries and economies worldwide.
Aerospace Industry
The international airline industry provides service to virtually every corner of the globe and is integral to creating a global economy. The initiative consists of over 2000 airlines operating over 23,000 aircraft, providing service to over 3700 airports.
Pharmaceutical Industry
The pharmaceutical industry develops, produces, and markets drugs licensed for use as medications. Pfizer’s Pfizer’srol pill Lipitor remains the best-selling drug worldwide, with annual sales of $12.9 billion.
The US accounts for almost half of the global pharmaceutical market, with $289 billion annual sales, followed by the EU and Japan. Emerging markets such as China, Russia, South Korea, and Mexico outpaced that market, growing by 81 percent.
Insurance Industry
Property-casualty insurance companies play a vital role in protecting people, ensuring protection is specific to legal liability. For instance, vehicle insurance would typically cover the property risk (theft or damage to the vehicle) and the liability risk (legal claims arising from an accident).
Links to other major industries that you can check
- Banking Industry
- Computer Office Equipment Industry
- General Merchandisers Industry
- Motor Vehicles Parts Industry
- Chemical Industry