The global green technology and sustainability market size is expected to reach USD 68.22 Billion in 2028 and register a steady CAGR over the forecast period, according to latest analysis by Emergen Research. Rising consumer awareness of environmental degradation and global warming might be linked to consistent market revenue growth.
Eco-friendly products that promote economic and social sustainability are included in green technologies. It is commonly referred to as “clean technology production” since the energy is generated using a natural alternative fuel that is less damaging to the environment than fossil fuels. Green technology’s main objectives also include preserving the environment and repairing any harm already done to it. Additionally, a number of governments around the world are making significant investments in green technology in an effort to protect the environment and preserve nature, which is fostering the market’s expansion.
The industry is expanding as a result of rising environmental awareness and concerns about global warming among businesses and consumers. Additionally, increasing consumer and industry interest in using clean energy resources as well as an increase in the deployment of RFID sensors that reduce carbon emissions are some of the key aspects anticipated to propel market expansion in the upcoming years. However, a significant factor that is anticipated to restrain the market’s growth to some extent is the high cost of the products and solutions related with green technology and sustainability solutions.
Due to shutdown, COVID-19 has both positive and negative implications on the market since global carbon emissions have decreased. The COVID-19-induced reduction in emissions is a temporary benefit; however, as businesses and industries restart and try to make up some of their financial losses at the beginning of the year, carbon emissions will actually increase significantly. Across the globe, COVID-19 has had a negative impact on recycling activities. Countries, like the US, have curtailed or reduced recycling initiatives in an effort to concentrate on collecting additional domestic waste or because the virus had a negative impact on services.
The term “Internet of Things” (IoT) has been used to refer to a number of technologies and academic fields that enable worldwide connectivity over physical things. IoT is now advancing to address a variety of applications, including smart grid, eHealth, and intelligent transportation, thanks to enabling technologies like RFID, sensor networks, biometrics, and nanotechnologies. High-speed data-connected sensors and smart devices can carry out some operations independently, necessitating the development of new green communication protocols that minimise power consumption and increase bandwidth use.
Some Key Highlights From the Report:
The solution segment is expected to have largest market size during the forecast period
The solution and services are included in the component segment. During the projection period, the solution segment is anticipated to represent a greater market share. The environment has been continuously exploited since the advent of globalisation and innovation development. New approaches toward green technology and sustainable development, which also take into account their social, economic, and environmental aspects, are made possible by emerging technologies.
The blockchain segment is estimated to grow at the highest CAGR during the forecast period
IoT, AI and analytics, digital twins, cloud computing, security, and blockchain are the technology segments that make up the green technology and sustainability market. By encouraging real-time data exchange, several firms are already utilising blockchain as a tool to improve the accessibility and sustainability of energy systems. Blockchain can stimulate innovation in green technology because carbon emissions from energy-intensive cryptocurrency mining have increased.
The green building segment is expected to account for largest market size during the forecast period.
The 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 are the applications that make up the green technology and sustainability market. During the projection period, the green building sector is anticipated to represent the largest market.
North America to hold the largest market size during the forecast period
In 2020, North America contributed the greatest revenue share to the global market for green technology and sustainability. Demand for green technologies is rising in North America as customers’ preferences for renewable energy sources including solar panels, wind turbines, and solar heating to reduce greenhouse gas emissions grow in the region.
Key participants include General Electric, IBM, Enablon, Salesforce, Microsoft Corporation, Schneider Electric, ENGIE Impact, Intelex Technologies Inc., Cority Software Inc., and Sensus.
Emergen Research has segmented the global green technology and sustainability market on the basis of technology, application, and region:
Technology Outlook (Revenue, USD Billion; 2018–2028)
- Cloud Computing
- Internet of Things (IoT)
- Digital Twin
- Artificial Intelligence & Analytics
Application Outlook (Revenue, USD Billion; 2018–2028)
- Green building
- Crop Monitoring
- Carbon footprint management
- Forest Monitoring
- Air and Water Pollution
- Soil Condition/Moisture Monitoring
- Water Purification
- Weather monitoring and forecasting