Green Technology and Sustainability Market Size, Share & Segmentation by Component (solution and services), by Technology (Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cybersecurity, Blockchain), by Application (Green Building, Carbon Footprint Management, Weather Monitoring & Forecasting, Air and Water Pollution Monitoring, Forest Monitoring, Crop Monitoring, Soil Condition/Moisture Monitoring, Water Purification, Others), by Regions and Global Market Forecast 2023-2030

Report Scope & Overview:

Green Technology and Sustainability Market size was valued at USD 16.74 Bn in 2022 and is expected to reach USD 118.45 Bn by 2030, and grow at a CAGR of 27.71% over the forecast period 2023-2030.

Green Technology and Sustainability is a term that refers to a method, set of applications, or a collection of items that are used to protect natural resources and the environment. Green Technology and Sustainability's major goal is to generate renewable energy while minimizing negative effects on human health and the environment. It comprises green chemistry and environmental monitoring, which aid in the development of sustainable and socio-economic models that will ensure a healthy environment for future generations. Green technology is a collection of goods, methods, applications, and behaviors designed to conserve natural resources and protect the environment.

Sustainability, on the other hand, is defined as a route that addresses environmental issues while also promoting economic and social advancement. Green technology encompasses a diverse spectrum of methods and equipment that are continually evolving, ranging from energy-generating techniques to non-toxic cleaning solutions. Green technology has both short- and long-term environmental consequences. Green technology encompasses energy efficiency, recycling, health and safety concerns, renewable resources, and more.

MARKET DYNAMICS:

KEY DRIVERS:

• Consumers are becoming more environmentally conscious.

• Rising demand for environmentally friendly or less damaging items

• RFID sensors are becoming more widely used in a variety of sectors.

RESTRAINTS:

• High product prices are connected with green technology solutions.

• Regulations on green technologies are lacking.

OPPORTUNITY:

• IT and communications infrastructure modernization to reduce carbon emissions.

• To raise customer awareness, retailers are promoting ecologically friendly items.

CHALLENGES:

• Green technology adoption needs a unified legal framework. There is no dedicated consigned body in most nations to control these rules.

• Vendors find it challenging to satisfy end-user expectations due to the shifting structure of regulatory rules and changing macroeconomic conditions.

IMPACT OF COVID-19:

The market for green technology and sustainability has grown significantly in recent years; but, due to the onset of the COVID-19 pandemic, the market is expected to decline somewhat in 2021. This is due to governments in the majority of nations imposing a state of emergency and shutting down numerous solar panel and wind turbine projects throughout the world. Due to strict social distancing measures, even the installation of modest solar panels in homes and other industry projects has been suspended. Various green technology solution suppliers throughout the world, on the other hand, are proposing new tactics and business plans in order to stay afloat and increase their market worth.

MARKET ESTIMATION:

Solution and services make up the component section. During the projection period, the solution segment is expected to account for a greater market share. The environment has been continually abused since the advent of globalization and innovative development. Emerging technologies provide new avenues for green technology and sustainable development, taking into account their social, economic, and environmental components. As a result, growing awareness of technology's negative impact on the environment is a significant driver driving the adoption of green technology and sustainability solutions across verticals throughout the world, which drives the green technology and sustainability market growth.

IoT, AI and analytics, digital twin, cloud computing, security, and blockchain are the technology segments of the green technology and sustainability market. Several firms are already utilizing blockchain to make energy networks more accessible and sustainable by encouraging real-time data exchange. Because energy-intensive cryptocurrency mining has resulted in an increase in carbon emissions, blockchain has the potential to drive green technology innovation. During the projection period, the cloud computing technology category is predicted to have the greatest market size. The benefits of the cloud in providing real-time remote access to data via sensors, satellite photos, and weather can be ascribed to this increase.

The green technology and sustainability market includes applications such as carbon footprint management, green building, water purification, water leak detection, fire detection, soil condition/moisture monitoring, crop monitoring, forest monitoring, weather monitoring and forecasting, air and water pollution monitoring, and sustainable mining and exploration. The green building category is predicted to be the largest market over the forecast period. The technique of developing and executing structures and procedures that are ecologically responsible and resource-efficient throughout the life cycle of a building, from site selection to design, construction, operation, maintenance, renovation, and deconstruction, is known as a green building. The technique incorporates characteristics of economy, usability, durability, and comfort into traditional building design. Energy and water efficiency, resource efficiency, interior environmental quality, and the building's overall influence on the environment are all important factors to consider.

KEY MARKET SEGMENTS:

On The Basis of Component

• solution

• services

On The Basis of Technology

• Internet of Things (IoT)

• Cloud Computing

• Artificial Intelligence & Analytics

• Digital Twin

• Cybersecurity

• Blockchain

On The Basis of Application

• Green Building

• Carbon Footprint Management

• Weather Monitoring & Forecasting

• Air and Water Pollution Monitoring

• Forest Monitoring

• Crop Monitoring

• Soil Condition/Moisture Monitoring

• Water Purification

• Others

REGIONAL ANALYSIS:

In terms of market share, North America dominates the green technology and sustainability sector. Due to the quick adoption of innovative technology in industrialized nations such as the United States and Canada, this trend is projected to continue in the near future. Due to increased government and corporate efforts to combat climate change by implementing technological solutions for diverse applications, Europe is expected to be the second-largest regional market. Due to a vast customer base and a growing government focus on expanding the use of eco-friendly solutions, Asia-Pacific is predicted to develop at the quickest rate throughout the projection period. China, India, and Japan all have faster growth rates than the rest of the world. Increasing R&D initiatives for technology-based renewable energy sources in developing nations like China and India are expected to boost regional market expansion throughout the research period.

REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

The major key players are Cropx inc., Enablon, Enviance, General Electric company, Hortau, International business, machines corporation, Lo3 energy, Oracle corporation, Trace genomics, inc., Tech Mahindra limited

Frequently Asked Questions (FAQ) :