Luton, Bedfordshire, United Kingdom, March 14, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Green Technology and Sustainability Market.
The global green technology and sustainability market size is projected to reach USD 99.60 billion by 2029, at a CAGR of 28.2% during the forecast period. The concept of green technologies involves the implementation of environmentally sustainable solutions that aim to achieve economic and social sustainability. This form of technology emphasizes the production of clean energy from natural and alternative sources, which is less harmful to the environment compared to traditional fossil fuels. The primary objective of green technology is to safeguard the environment while also repairing the damages caused to it in the past. Governments worldwide are making significant investments in green technology to promote environmental conservation and minimize the negative impact on the ecosystem, which is driving the growth of this market.
Industry Developments:
- February 2022: IBM Corporation introduced the IBM Sustainability Accelerator. It's a professional social impact program that uses IBM technologies such as AI, hybrid cloud, and an ecosystem of experts to help government and non-profit organizations improve and scale their operations, focusing on people who are vulnerable to environmental threats such as extreme weather & climate change and pollution.
- March 2021 - CropX Inc. announced its strategic partnership with NASA Harvest, a Food Security and Agriculture Program. This partnership aims to advance sustainable agriculture and improve food security by utilizing satellite data and CropX soil data monitoring insights to assist and improve farmer production.
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Green Technology and Sustainability Market Overview
The green technology and sustainability market has experienced significant growth in recent years, driven by the increasing awareness and concern about the impact of human activities on the environment. This market encompasses a wide range of products and services that promote sustainable practices, including renewable energy, energy efficiency, water conservation, waste management, and sustainable agriculture.
Renewable Energy: Renewable energy sources such as solar, wind, hydro, and geothermal power have become increasingly competitive with fossil fuels. Solar power has seen particularly rapid growth, with the cost of solar panels falling significantly over the past decade, making it one of the most affordable and widely available renewable energy sources.
Energy Efficiency: Energy efficiency technologies and practices, such as smart home systems, LED lighting, and building automation systems, have become increasingly popular, as they help reduce energy consumption and costs. The adoption of energy-efficient practices has been driven by a combination of government regulations and consumer demand for products that reduce their environmental impact.
Water Conservation: Water conservation technologies and practices, such as rainwater harvesting, greywater reuse, and drip irrigation, are becoming increasingly popular as concerns about water scarcity grow. These technologies and practices are particularly important in regions experiencing drought or water stress.
Waste Management: Waste management technologies and practices, such as recycling, composting, and waste-to-energy systems, are becoming increasingly important as the world generates more waste. These technologies and practices help reduce the amount of waste sent to landfills and incinerators, reducing greenhouse gas emissions and other environmental impacts.
Sustainable Agriculture: Sustainable agriculture practices, such as organic farming, agroforestry, and regenerative agriculture, are becoming increasingly popular as concerns about food security, climate change, and environmental degradation grow. These practices prioritize soil health, biodiversity, and ecosystem services, promoting long-term sustainability and resilience.
Overall, the green technology and sustainability market is expected to continue to grow in the coming years, driven by increasing demand for sustainable products and services, as well as government policies and regulations aimed at reducing greenhouse gas emissions and promoting sustainable practices.
| Report Attribute | Details |
| Revenue forecast in 2029 | USD 90.60 billion |
| Market Growth rate | CAGR of 28.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2020 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Revenue in USD Million, volume in units, CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, trends |
| Segments covered | By Technology; Application; Component and By Region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | U.S; Canada; Mexico; Germany; U.K.; France; China; India; Japan; Brazil |
| Key companies profiled | GE, IBM, Enablonc, Salesforce, Microsoft, Schneider Electric, Engie Impact, Intelex, Enviance, Sensus, LO3 Energy, Isometrix, ConsenSys, CropX, Hortau, IOT Solutions and Consulting, Pycno, MineSense Technologies, WINT, Envirosoft, ProcessMAP Accuvio, Taranis, Trace Genomics, OIZOM, SMAP Energy, Treevia, Ecotrack, EcoCart and AquiPor Technologies and others. |
| Customization scope | Free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Companies Covered in Green Technology and Sustainability Market Report:
- Enablonc
- Salesforce
- Microsoft
- Schneider Electric
- Engie Impact
- LO3 Energy
- Isometrix
- ConsenSys
- Hortau
- IOT Solutions and Consulting
- Pycno
- MineSense Technologies
- WINT
- Envirosoft
- ProcessMAP Accuvio
- Taranis
- Trace Genomics
Report Benefits
- Develop business strategies by understanding the trends shaping and driving the Market.
- Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Green Technology and Sustainability Market in the future.
- Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Green Technology and Sustainability Market leaders.
- Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
- Track sales in the global and country-specific Market.
- Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.
Browse Full Premium Report | Green Technology and Sustainability Market Analysis with Strategic Developments
Drivers and Restraints:
Rising demand for electric vehicles
The global market for green technology and sustainability is experiencing a significant boost in growth due to the increasing demand for electric vehicles. The International Energy Agency (IEA) predicts that the demand for electric vehicles will soon exceed 3 million units, as more people become aware of environmental issues and seek eco-friendly transportation options. This growing demand for electric vehicles is driving the steady growth of the global market for green technology and sustainability, and this trend is expected to continue over the forecasted period.
High capital costs
The implementation of green technology and sustainability solutions and services involves significant costs that can be quite expensive. To successfully install and implement these solutions and tools, proper infrastructure is required. Additionally, advanced technologies such as artificial intelligence, blockchain, and the internet of things, which are used in green technology and sustainability solutions, are high-cost in nature. Therefore, the high capital costs associated with the adoption of these technologies and solutions are acting as a barrier to the growth of the global green technology and sustainability market.
Regional Insights
North America held the highest revenue share of over 39% in the global green technology and sustainability market in 2021 and is expected to continue to offer new business opportunities in the future. The region's leadership can be attributed to its initiatives and investments in promoting a green environment. The North American Climate, Energy, and Environment Partnership encourage the adoption of sustainable policies and the purchase of renewable energy and electric vehicles.
The U.S., Canada, and Mexico are launching a Trilateral North American initiative to help remote, indigenous communities transition to clean, renewable energy sources in partnership with the International Renewable Energy Agency. Market players are focusing on research and development efforts to integrate innovative technologies that can address the challenges of climate change and rising pollution, emissions, and waste.
The APAC region is expected to offer significant growth potential, with a high CAGR projected over the forecast period. Countries like China, India, and Japan are actively working towards integrating new technologies to enhance business operations.
For example, India hosted the Huawei APAC Digital Power Green Energy Summit 2022, which provided a platform for industry experts, policymakers, and sustainability practitioners to discuss green development trends and explore opportunities to accelerate the energy transition.
Key Market Segments: Green Technology and Sustainability Market
Green Technology and Sustainability Market by Technology, 2022-2029, (USD Billion)
- IOT
- Ai And Analytics
- Digital Twin
- Cloud Computing
- Security
- Block chain
Green Technology and Sustainability Market by Application, 2022-2029, (USD Billion)
- 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
- Sustainable Mining and Exploration
Green Technology and Sustainability Market by Component, 2022-2029, (USD Billion)
- Solution
- Services
Green Technology and Sustainability Market by Regions, 2022-2029, (USD Billion)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Frequently Asked Questions About This Report
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