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"emerging industry" is a correct and usable phrase in written English.
You can use it to refer to an industry that has come into existence in recent times, and which is only beginning to gain recognition. For example, you could say: The electric vehicle industry is an emerging industry that is expected to generate significant growth in the near future.
Exact(57)
We can't ignore an emerging industry.
Remanufacturing is becoming a strategic emerging industry in China.
It is a long time since one deal has so comprehensively carved up an emerging industry.
But he argues that better regulation of the emerging industry is needed.
Microsoft has been pushing aggressively to develop interactive television and set standards for the emerging industry.
Production of pelleted biomass for fuel is an emerging industry in the United States.
Veterinary pharmacy is an emerging industry, yet its place within pharmacy curricula is limited.
It is an artifact of the 1990s, intended as a light-touch policy to nurture innovation in an emerging industry.
Similar(3)
Give the same kind of help to emerging industries that virtually every other industrialized country does.
Emerging industries, of course, lack such power.
Emerging industries exist in Austria, Belgium, Chile, Colombia, Egypt, Finland, Hungary, Iraq, Lithuania, Malaysia, New Zealand, Nigeria, Norway, Pakistan, the Philippines, Portugal, Romania, Singapore, South Africa, South Korea, Turkey, Uzbekistan, and Yugoslavia.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com