Westford, USA,, March 22, 2023 (GLOBE NEWSWIRE) -- The green technology and sustainability market is poised for substantial growth in the coming years, with North America expected to maintain its position as the dominant regional force. However, the Asia Pacific region is emerging as a close competitor in this market. The driving force behind this expansion is the growing awareness and concern among organizations and individuals about the impact of global warming and environmental degradation. In addition, governments and private sector organizations are taking significant steps to tackle climate change and air pollution, presenting a significant market opportunity. The increasing deployment of RFID sensors that reduce carbon emissions and the rising consumer and corporate interest in sustainable energy resources are among the major drivers expected to fuel the market's growth in the next few years.
According to the latest research by SkyQuest, the global cloud computing industry is projected to achieve a staggering valuation of USD 1281 billion by 2028. This significant growth is expected to be driven by a CAGR of 16.3%, indicating a massive potential for green technology and sustainability in the market. As businesses worldwide prioritize eco-friendliness and sustainability, cloud computing has emerged as a game-changing technology that can significantly reduce energy consumption and carbon emissions. Furthermore, by leveraging the power of the cloud, organizations can significantly reduce their reliance on physical infrastructure and instead move towards more efficient, cloud-based solutions that utilize virtual resources.
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Browse in-depth TOC on the "Green Technology and Sustainability Market"
- Pages - 242
- Tables - 72
- Figures - 64
The concepts of green technology and sustainability are critical in ensuring a sustainable future for generations to come. Adopting these practices and technologies can help reduce the negative impact of human activities on the environment, promote sustainable living, and lead to economic benefits. Therefore, individuals, businesses, and governments must embrace these concepts and work towards a more sustainable future.
Prominent Players in the Green Technology and Sustainability Market
- Enablon
- Microsoft
- Sensus
- Engine Impact
- Trace Genomics
- Salesforce
- Enviance
- Hortau
- MineSense Technologies Ltd
- Schneider Electric
- Intelex
- SMAP Energy
- Pycno
- CropX
Green Building Segment to Register Remarkable Growth Thanks to Demand for Sustainable Buildings among Consumers, Businesses, and Governments
The global green technology and sustainability market has been witnessing a significant shift towards environmentally responsible practices in recent years. One segment that has mainly gained traction is the green building industry. In 2021, the green building segment captured a higher market share, expected to continue in the coming years. According to market research, the segment is projected to grow from 2022 to 2028. The rise in construction activities, government initiatives to promote sustainable practices, and the increasing demand for energy-efficient buildings are expected to drive the growth of this segment.
The green technology and sustainability market have rapidly grown in recent years, with North America leading the charge as the high revenue-contributing region in 2021. This trend is expected to continue, with North America projected to remain the fastest-growing region in the market by 2028. In addition, consumers and businesses alike are becoming increasingly aware of their environmental impact and are taking steps to reduce their carbon footprint. This has led to a huge surge in demand for green technology and sustainable solutions.
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Cloud Computing Segment to Dominate Market as Cloud Computing Solutions are More Energy-Efficient than Traditional Computing Methods
In recent years, the green technology and sustainability market has significantly shifted toward cloud computing. In 2021, the cloud computing segment held a remarkable market revenue share, predicted to dominate the market from 2022 to 2028. Cloud computing has been hailed as a game-changer in the technology industry, and its impact is now being felt in the sustainability space. The cloud offers a cost-effective and scalable solution for managing data and applications, crucial for companies looking to reduce their carbon footprint.
In recent years, the Asia Pacific region has witnessed a significant surge in adopting green technology and sustainability practices. This growth has been primarily driven by the increasing awareness of environmental issues and the need for sustainable development. In 2021, the region already showed promising growth in this sector, with many countries implementing policies and initiatives to promote sustainable practices. For instance, China has announced a goal of achieving carbon neutrality by 2060 and has launched various renewable energy projects, including wind and solar power. As a result, according to market research, the green technology and sustainability market in the Asia Pacific is set to grow exponentially by 2028.
The green technology and sustainability market is an ever-evolving and crucial industry that has gained significant attention recently. A recently published market report offers a comprehensive analysis of the major players in the industry, covering a wide range of aspects such as collaborations, mergers, innovative business policies, and strategies. This report is an essential resource for anyone seeking valuable insights into the key trends and breakthroughs in the market.
Key Developments in Green Technology and Sustainability Market
- Varennes Carbon Recycling, a Canadian company dedicated to reducing carbon emissions, has selected Accelera, a subsidiary of Cummins, to manufacture and supply a 90MW electrolyzer system in Quebec. The electrolyzer system will be used to produce green hydrogen, a clean energy source that can replace fossil fuels in various applications. The system will be one of the largest in the world and will be powered by hydroelectricity, a renewable energy source abundant in Quebec.
- Air Products Qudra, a joint venture between Air Products and Qudra Energy, has announced that it has signed an agreement with ENOWA to build, own, and operate NEOM's first hydrogen fueling station. NEOM is a city under development in Saudi Arabia, which aims to be a hub for innovation and sustainable living. The hydrogen fueling station will be built using Air Products' advanced hydrogen fueling technology, which enables fast and efficient fueling of hydrogen-powered vehicles.
- Coats Group, a leading industrial thread manufacturer, has launched a sustainability hub at its heritage Madurai facility in India. The hub will serve as a center for the company's sustainability initiatives. It will focus on reducing the environmental impact of its operations while improving the social and economic well-being of its employees and the surrounding community.
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Key Questions Answered in Green Technology and Sustainability Market Report
- What specific factors are expected to impact the market's growth significantly, and how have these factors been identified and analyzed?
- How do the competitive advantages of leading companies in the market differ from those of their competitors, and what specific tactics have they used to maintain their dominant positions?
- How have trends and patterns in the global market varied over time, and what key drivers have influenced these changes?
- What challenges and opportunities will emerge in different market regions, and how can companies navigate these trends to achieve sustained growth?
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