Dubai, UAE, March 22, 2023 (GLOBE NEWSWIRE) -- As per Extrapolate’s report, Global Green Technology and Sustainability Market is projected to reach USD 78.64 billion by 2030 from USD 15.54 billion in 2022 at a promising CAGR of 19.7%. This is majorly attributed to the rising adoption of emerging green technologies, an international collaboration for lowering carbon emissions, and progress toward energy efficiency by utilizing renewable and clean energy sources.
The green technology and sustainability market have positively impacted by creating new business opportunities. This has resulted in a surge in demand for environmentally friendly products from governments concerned about their procurement decisions' environmental impact, and in line with this, renewable energy jobs reached 12.7 million worldwide in 2022, representing an increase of 700,000 jobs from the previous year. This growth was driven by expanding solar and wind power industries, particularly in Asia.
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According to Extrapolate's research, this market has significantly influenced companies' operations. Both governments and private organizations are now prioritizing sustainability and actively seeking ways to reduce their carbon footprint, minimize waste, and adopt renewable energy sources. For instance, the European Union has set a target of reducing greenhouse gas emissions by at least 55% by 2030 compared to 1990. The EU is also aiming to become carbon-neutral by 2050. In line with this, The United Nations Environment Programme (UNEP) estimates that global investment in renewable energy will need to reach $4 trillion per year by 2030 to meet the goals of the Paris Agreement on climate change.
This trend has given rise to global green technology and sustainability services that help companies achieve these objectives, such as energy-efficient lighting systems, waste management solutions, and renewable energy systems.
“By collaborating on the development of the critical mineral supply chains that we need to achieve our net-zero future, we can reinforce global energy security and advance the fight against climate change,” said Jonathan Wilkinson, a member of the Parliament of Canada, while speaking about enhancing green technology supply chains by collaborating with the United Kingdom.
Competitive Landscape of Global Green Technology & Sustainability Market
The competitive landscape of the global green technology and sustainability industry is highly fragmented. The key players operating in the market are launching several green technologies and sustainability solutions and integrating them with advanced technologies. The significant investments to achieve net zero emissions are contributing heavily to the growth of the market.
For instance,
- In July 2022, Xylem’s smart digital solutions were spread across New Mexico water utility management plans to improve the operations. Furthermore, in May 2022, Wint collaborated with Empire State Realty Trust in an attempt to conserve water and prevent water leaks by utilizing AI and machine learning-enabled solutions.
- In 2021, renewable energy company NextEra Energy acquired GridLiance for $660 million.
- In 2020, waste management company Waste Management acquired Advanced Disposal Services for $4.6 billion.
Key Players Covered in the report:
- Accuvio
- CropX
- ENGIE Impact
- General Electric
- Hortau
- IBM Corporation
- Intelex Technologies
- ISOMETRIX
- LO3 Energy
- Microsoft
- MineSense Technologies Ltd
- OIZOM INSTRUMENTS PVT. LTD.
- Oracle
- Pycno
- Salesforce Inc.
- Schneider Electric
- Trace Genomics
- Wint
- Wolters Kluwer N.V.
- Xylem
- Others
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Market Segmentation 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, and Others.
Green Building Segment to Capture Largest Market Share During Forecast Period
The green building segment generated the highest market revenue in 2021 and is projected to keep its dominance in the global market intact during the forecast period. Favorable government regulations, cost savings, and increasing demand from tenants and investors drive the trend. The construction industry is also embracing new technologies and materials to reduce the environmental impact of buildings. Moreover, increasing demand for sustainable building practices and materials drives green technology and sustainability market growth.
Governments around the world are setting ambitious sustainability goals for their building stock. As per Extrapolate’s study, China is leading the segment, followed by the US, and Europe. For example, the European Union has set a target of achieving nearly zero-energy buildings by 2050, while Singapore has set a goal of having 80% of its buildings achieve Green Mark certification by 2030.
Many end users opt for green building practices for significant cost savings over time due to reduced energy and water consumption. Green building practices can result in an average savings of 33% in energy, 39% in water, and 16% in operational costs. As a result, building owners and investors are increasingly interested in developing green buildings to improve their bottom line and attract tenants. Also, sustainability is becoming more important to tenants, while an increasing number of investors see sustainability as a way to reduce risk in their portfolios.
The construction industry also embraces new technologies and materials to make buildings more sustainable. For example, some companies use 3D printing technology to construct buildings with lower carbon emissions and less waste.
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Market Segmentation by Organization Size:
- Small and Medium Enterprises
- Large Enterprises
SMEs Expected to Dominate Global Green Technology and Sustainability Market
SMEs are expected to dominate the global green technology and sustainability market due to their agility, innovation, and ability to adapt to changing market conditions. They fill niche markets and serve specialized customer needs that larger corporations might overlook, enabling them to thrive in this rapidly evolving sector.
These SMEs have attracted significant investment from government grants, venture capital, private equity, and crowdfunding as investors recognize the long-term growth potential of sustainable and environmentally friendly technologies. International organizations, such as the World Bank and the European Investment Bank, also support green SMEs.
To stay competitive, green technology and sustainability sector SMEs are collaborating with research institutions and universities for cutting-edge technology development. They also form partnerships with larger corporations to access more extensive resources, networks, and customer bases. Additionally, participating in industry events, trade shows, and conferences helps them showcase their products and services and engage with potential clients, partners, and investors.
North America to Dominate Green Technology & Sustainability Market Share
North America is leading the way in the green technology and sustainability market. Clean energy companies in the United States have reported creating more than 100,000 new jobs across 31 states since the passage of the IRA in 2021. This massive growth can be attributed to the US$ 369 billion in tax incentives and subsidies for clean technologies and low-carbon infrastructure, which has attracted investors worldwide. The three countries, namely, the United States, Canada, and Mexico have collaborated to move towards more sustainable ways of improving energy efficiency.
According to this collaboration, the U.S. and Canada announced their goal to reach 100% of electricity consumption derived from clean or renewable energy sources by 2025. The partnership efforts also aim to reduce methane emissions by 45% from the oil and gas industry by the end of 2025. Furthermore, the countries aim to support the development of cross-border transmission projects with renewable electricity. North America also aims to reach the Target 12.3 of the UN Sustainable Development Goals to reduce 50% of global food waste by 2030.
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Key Insights
- According to the report, for China to achieve its goal of achieving net-zero emissions by 2060, it would require an estimated additional investment of USD 14-17 trillion in green infrastructure and technology solely in the power and transport sectors.
- Electric vehicles (EVs) and related charging infrastructure are experiencing rapid growth, with major automakers investing heavily in this technology. For example, Ford has pledged to invest $22 billion in EVs through 2025, while General Motors plans to spend $27 billion on EVs and autonomous vehicles through 2025.
- Solar power is becoming increasingly cost-competitive with traditional power sources, leading to significant growth in the solar industry. In 2022, global solar installations added 268 GW of new capacity and reached a total of over 1 Terawatt as of April 2022
Table of Content:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 COVID-19 Impact On Green Technology and Sustainability Market
Chapter 5 Global Green Technology and Sustainability Market Overview, By Technology, 2017 - 2030 (USD Million)
Chapter 6 Global Green Technology and Sustainability Market Overview, By Component, 2017 - 2030 (USD Million)
Chapter 7 Global Green Technology and Sustainability Market Overview, By Application, 2017 - 2030 (USD Million)
...
Chapter 14 Competitive Landscape
Chapter 15 Key Vendor Analysis
Chapter 16 Sourcing Strategy and Downstream Buyers
Chapter 17 Marketing Strategy Analysis, Distributors/Traders
...TOC Continued
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