GREEN TECHNOLOGY AND SUSTAINABILITY MARKET ANALYSIS

The global green technology and sustainability market size was valued at US$ 14.28 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 12% from 2023 to 2030. The global green technology and sustainability market is booming, largely due to the rising need for effective pollution monitoring and control. Along with this, there has been an increase in the number of initiatives by governments and private companies to promote environmental conservation, which is also driving the market growth.

Global Green Technology and Sustainability Market: Regional Insights

North America among other regions, is projected to gain significant growth in the global green technology and sustainability market over the forecast period. The region is witnessing growing number of green building initiatives due to which the GHG emissions and fossil fuel demand are reducing in this region. Moreover, the markets for exquisite products, technologies, and practices in North America is seeing competitiveness. The advancements in these markets such as high efficiency appliances, advanced building materials, water-reclamation systems, and advanced insulation systems among others are further supporting growth of the global green technology and sustainability market in the region.

Europe is likely to show robust growth in the global green technology and sustainability market over the forecast period. This is attributed to growing focus of government in the region toward improvement of the standard of living, and mobilization of massive resources across the region. Significant progress in transitioning economies are improving production efficiency and strengthening the economic reconstruction. With adapatative measures, infrastructures are becoming more climate resilience. Thus, the aforementioned factors are expected to aid in growth of the global green technology and sustainability market over the forecast period.

Figure 1: Global Green Technology and Sustainability Market Share (%), in terms of Value, By Region, 2022

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Global Green Technology and Sustainability Market Drivers:

Rise in environmental concerns and awareness to boost the market growth

Environmental concerns have increased in recent years that pose threat to human existence, such as climate change, energy depletion, and global warming. As a result, several green technologies are emerging in the market. Countries around the world are now become aware of need for green technology along with technological transformation and diversification of country’s economy. Moreover, the awareness about benefits of sustainable technologies is increasing all over the world. These factors are in turn expected to support growth of the global green technology and sustainability market over the forecast period.

Growing use of RFID sensors to support the market growth

Radio-frequency identification (RFID) sensors are increasingly being adopted across several industries along with adoption of advanced RFID tags. Along with this, emerging paper-based substrate into low-cost RFID tag designs for conductive ink is now an important factor that help reduce manufacturing cost of electronics. With minimized use of ink per antenna can save large amount of money in the mass production of electronics. Thus, growing use RFID sensors is expected to aid in the growth of the global green technology and sustainability market over the forecast period.

Global Green Technology and Sustainability Market Opportunities:

Growing initiatives for addressing air pollution and climate change are expected to create growth opportunities in the global green technology and sustainability market over the forecast period. The adoption of clean energy sustainable production is increasing in emerging countries along with consumption patterns, and garnering of eco-friendly transport, agriculture, waste management, and industry for promoting clean air. For instance, as per the United Nations Environment Program of July 2019, the government of India and Climate & Clean Air Coalition (CCAC) announced partnership for combating air pollution using a solution-oriented approach.

Increasing number of companies investing in carbon emission free production of electricity is also expected to offer growth opportunities in the global green technology and sustainability market during the forecast period. The demand for electricity production that is free of carbon emissions with cost-effective and safe benefits is increasing. Several companies are making major investments in this approach of energy generation. For instance, in June 2017, the General Fusion, a clean energy firm developed the first commercial fusion power of the world with abundance hydrogen fuel, zero greenhouse gases, and several other benefits.

Global Green Technology and Sustainability Market Trends:

Cloud computing segment gaining traction among Technologies

Cloud infrastructure are developed for addressing two major elements of a sustainable IT approach; resource and energy efficiency. Due to which, virtualization is an important part of deploying cloud infrastructure for allowing a physical server to run various operating system images to improve resource efficiency. As a result, the adoption of cloud computing is increasing all over the world. This trend is expected to continue in the global green technology and sustainability market in the coming future.

Growing focus of market players on developments, acquisition, and innovations

Increasing number of market players are focusing on gaining a competitive edge through technological advancements, innovations, and acquisition. This trend is anticipated to support growth of the global green technology and sustainability market over the forecast period. For instance, in May 2022, MetaVerse Green Exchange in partnership with Red Dot Analytics for introducing carbon-neutral data center operations powered by blockchain and AI. With this partnership, the companies will be assessing and mitigating the carbon footprints of data centers in tropical regions.

Global Green Technology and Sustainability Market Restraints:

High cost of production and solutions of green technology to impede the market growth

The affordability for a long range of applications of green technology is one of the major factor acting as a barrier in the market growth. The application of proper technology in emerging countries depends on the service and product cost. These technologies are intended for diverting production of energy from inexpensive sources to more expensive, high subsidized sources such as wind and solar. Thus, this factor is expected to hamper growth of the global green technology and sustainability market during the forecast period.

Shortage of personalized solutions to address unique environment related issues to hinder the market growth

Increasing advancements in technology are mainly linked to growing carbon footprint and other issues related to environment. Climate change, water quality, loss of biodiversity and among various other issues are major concerns regarding environment conservation. These challenges require custom solutions or technologies that can collect and analyze large amounts of data for deriving new insights and make significant changes. Thus, the lack of such personalized solutions is expected to limit growth of the global green technology and sustainability market over the forecast period.

Figure 2: Global Green Technology and Sustainability Market Share (%), in terms of Value, By Technology, 2022

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Global Green Technology and Sustainability Market Segmentation:

The global green technology and sustainability market report is segmented into Technology and Application.

Based on Technology, the market is segmented into Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cyber Security, and Blockchain. Out of which, Cloud Computing is expected to dominate the global market over the forecast period and this is attributed to the increasing deployment of cloud computing, increasing in smart city initiatives integrating cloud computing services. Cloud infrastructure can address two major elements of environmentally-friendly approach in IT, which is energy efficiency and resource efficiency. Thus, adoption of this technology is increasing, which in turn is supporting growth of this segment.

Artificial Intelligence and Analytics segment is also expected to witness significant growth in the near future and this is owing to the increasing adoption of analytics technology and AI across various industry. Several key players in green energy sector are focused on adoption of analytics technology, as it comprises features such as energy efficiency, energy forecasting, and energy accessibility.

Based on Application, the market is segmented into 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. Out of which, Carbon Footprint Management is expected to dominate the global market over the forecast period and this is attributed to the increasing environmental concerns leading to growing applications of green technology in carbon footprint management. With the use of green technologies such as analytics and cloud computing, companies can measure the environmental impacts, operational costs, and carbon footprints. Thus, the segment is likely to gain major growth in the coming future.

Green Building segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for green buildings with increasing environmental awareness. Green building involves design and implementation process and structure that environmentally responsible and resource-efficient during the building’s lifecycle. The demand for green technology is thus increasing in this application, which is further expected to support growth of the segment.

Global Green Technology and Sustainability Market: Key Developments

In September 2020, CropX announced acquisition of Regen, a cloud-based irrigation and precision effluent decision support tool company based in New Zealand. Through this acquisition, the company aims to increase the income along with improving the market share.

In January 2020, Cority, announced acquisition of Enviance. With this acquisition the companies will be providing the customers with innovative, novel technology-enabled EHS and other solutions.

In October 2020, GE and SB Energy announced partnership for supplying, installing, and to commission 121 sets of the 2.7-132 onshore wind turbines that cumulate 327 MW, which will be installed in the Madhya Pradesh, India.

In August 2020, GE and Walcha entered into an agreement to develop the 500MW Dungowan pumped hydro storage project in the New England Renewable Energy Zone in Australia.

Global Green Technology and Sustainability Market: Key Companies Insights

The global green technology and sustainability market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.

Some of the key players in the global green technology and sustainability market are CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc.

*Definition:

Green technology and sustainability is a wide range of technological solutions that are designed to reduce human impact on the environment. These technologies include renewable energy sources, such as solar and wind power; green materials, such as bamboo and hemp; and intelligent processes that are aimed at increasing efficiency, reducing waste, and minimizing the use of fossil fuels.