LONDON, March 15, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the green technology and sustainability market forecasts the global green technology and sustainability market size to grow from $12.13 billion in 2022 to $15.23 billion in 2023 at a compound annual growth rate (CAGR) of 25.6%. The green technology and sustainability market size is then expected to reach $35.84 billion in 2027 at a CAGR of 23.8%.
Fuel price increases and rising pollution levels are expected to propel green technology and sustainability market growth in the coming years. The rise in fuel prices refers to the global increase in gasoline prices. Pollution is caused by many human activities, including using fossil fuels in industry and transportation and using synthetic fertilizers and pesticides in agriculture. As a result, there is a greater demand for green technology and sustainability in harnessing natural energy through the use of solar panels, wind turbines, dams, and geothermal wells, among other things. For instance, in January 2022, according to US department of energy, a government department in US, retail gasoline prices rose across the United States. The retail price of standard-grade gasoline ranged from $2.67/gal on the Gulf Coast to $3.70/gal on the West Coast in 2021. Furthermore, in January 2021, according to data published on Our World in Data, an online scientific publication that focuses on large global problems, air pollution is attributed to 11.65% of deaths globally, with several deaths in 2018 marked at 6.61 million, increasing to 6.67 million 2019.
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The adoption of innovative technologies and technological advancements are the key trends gaining traction in the green technology and sustainability market. Many players are investing heavily in technical improvements to deliver sustainable solutions and lessen their reliance on fossil resources. For instance, in November 2022, ABB Ltd., a Switzerland-based electrification and automation company, launched ABB Ability™ OPTIMAX®, an energy management system for green hydrogen. This management system will assist hydrogen manufacturing companies in reducing electricity-related expenditures by up to 20%. It incorporates forecasting and intra-day planning and ensures that businesses can trade competitively with the grid.
Major players in the green technology and sustainability market are General Electric Company, Intelex Technologies Inc., Microsoft Corporation, ConsenSys, Salesforce Inc., Schneider Electric SE, Trace Genomics, ENGIE Insight Services Inc., LO3 Energy, Enablon, MineSense Technologies Ltd., Enviance, IsoMetrix, Oracle Corporation, Tech Mahindra Ltd., and International Business Machines Corporation.
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North America was the largest region in the green technology and sustainability market in 2022. The regions covered in the green technology and sustainability report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global green technology and sustainability market is segmented by component into solution, services; by technology into internet of things (IoT), AI and analytics, digital twin, cloud computing, security, block-chain; by application into green building, carbon footprint management, weather monitoring and forecasting, air and water pollution monitoring, forest monitoring, crop monitoring, soil condition and moisture monitoring, water purification, other applications.
Green Technology And Sustainability Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032 by The Business Research Company provides green technology and sustainability market statistics and insights on the green technology and sustainability market size, green technology and sustainability market segments, green technology and sustainability market trends, drivers and restraints, major competitors’ market positioning, revenues and green technology and sustainability market share.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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