Green Technology And Sustainability Market Size And Forecast
Green Technology And Sustainability Market size was valued at USD 10.76 Billion in 2020 and is projected to reach USD 76.55 Billion by 2028, growing at a CAGR of 27.2% from 2021 to 2028.
The increasing awareness related to environmental concerns and the growing consumer and industrial interest in the use of clean energy resources is driving the adoption of Green Technology And Sustainability solutions and services in the market. The Global Green Technology And Sustainability Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Green Technology And Sustainability Market Definition
Green Technology And Sustainability can be referred to as a process, applications, or a set of products used to preserve natural resources & the environment. The main purpose of Green Technology And Sustainability is to develop renewable energy without affecting human health or the environment. It includes green chemistry and environmental monitoring that help in developing sustainable and socio-economic models that will allow future generations to have a healthy environment. Green technology is a set of products, processes, applications, and practices that are created and used to conserve natural resources and the environment.
Conversely, sustainability is referred to as the pathway that overcomes environmental challenges and supports economic & social progress. Green technology includes a range of constantly changing methods and equipment, ranging from energy generation techniques to non-toxic cleaning products. Green technology has short-term as well as long-term impacts on the environment. Energy efficiency, recycling, issues about health and safety, renewable resources, and more are all about creating green technology.
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Global Green Technology And Sustainability Market Overview
Growing environmental awareness among the consumers that has further increased the demand for eco-friendly products or less harmful products is driving the growth of the market. The government initiatives for dropping the carbon footprint and minimizing waste production are a major factor that is anticipated to propel the growth of the market over the forecast period. Consumers are demanding products that are less harmful to the environment. Manufacturers, therefore, started implementing green manufacturing to produce products and solutions. Smart technology operates within its parameters and offers green IT and environmental protection.
The low carbon emission through modernization of IT and telecom infrastructure will drive the market. The smart cutting-edge technologies stimulate the government and industries to offer products and solutions based on technologies, such as IoT, AI, analytics, and cloud. The vendors are offering environmentally smarter products to create awareness among consumers. The energy toll of adding connected devices every year is rising, and it cannot be overseen. It is in the interest of everyone moving forward to create an IoT environment that minimizes energy requirements and the environmental impact.
Improved use of RFID sensors across different industries also acts as a driving factor for market growth. The capital cost of building and installing solar and wind farms is high. Like most renewables, solar and wind fields are exceedingly cheap to operate since their fuel is free and maintenance is also minimum, hence, most of the expense is spent on building technology-based products or solutions. Though, High product costs associated with solutions for green technology will act as a restrain for the market. The lack of green technology regulations is also restraining the market growth.
Global Green Technology And Sustainability Market: Segmentation Analysis
The Global Green Technology And Sustainability Market are segmented based on Technology, Application, and Geography.
Green Technology And Sustainability Market, By Technology
• Internet of Things (IoT)
• Artificial Intelligence (AI) and Analytics
• Digital Twin
• Cloud Computing
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Based on Technology, the market is bifurcated into the Internet of Things (IoT), Artificial Intelligence (AI) and Analytics, Digital Twin, Cloud Computing, Security, and Blockchain. The cloud computing technology segment is expected to have the largest market size during the forecast period. Several startups are already using blockchain as a tool to make energy grids more accessible and sustainable by promoting data sharing in real-time. Energy-intensive cryptocurrency mining has caused a spike in carbon emission, and hence blockchain is capable of driving innovation in the field of green technology. This growth can be attributed to the benefits of the cloud to provide real-time remote access to data through sensors, satellite images, and weather.
Green Technology And Sustainability Market, By Application
• Carbon Footprint Management
• Green Building
• Water Purification
• Water Leak Detection
• Fire Detection
• Soil Condition/Moisture Monitoring
Based on Application, the market is bifurcated into Carbon Footprint Management, Green Building, Water Purification, Water Leak Detection, Fire Detection, Soil Condition/Moisture Monitoring, and Others. Technologies, such as AI and analytics, IoT, predictive maintenance, and blockchain, find multiple use cases in this application and have the potential to change how buildings are designed, built, and managed.
Green Technology And Sustainability Market, By Geography
• North America
• Asia Pacific
• Rest of the world
The Green Technology And Sustainability Market has been segmented into four regions: North America, Europe, Asia Pacific, Rest of the world. The APAC is expected to be a favorable market for investments and has the highest CAGR during the forecast period. North America is projected to account for the largest market size by 2020, majorly due to the broad base of Green Technology And Sustainability vendors in the region. The vendors are focused on R&D and integration of advanced technologies to serve the challenge of climate change and the increasing levels of emissions, pollution, and waste.
Owing to factors such as favorable government initiatives toward the adoption of green technology and high adoption of frontier technologies to promote new sources of economic & employment growth, support structural transformation, and empower access to new opportunities & markets. This growth can be attributed to the focus of developing countries, such as China, India, and Singapore, on the integration of advanced technologies to enhance business processes.
The “Global Green Technology And Sustainability Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Enablon, Salesforce, Microsoft, Schneider Electric, Engie Impact, Intelex, Enviance, Sensus, LO3 Energy, Isometrix, Taranis, Trace Genomics, ConsenSys, CropX.
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