Green Technology And Sustainability Market, By Technology (Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cyber Security, and Blockchain), 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), and By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jun 2023

Code : CMI5905

Pages :145

Formats :

Excel and PDF

Industry : Information and Communication Technology

Market Challenges And Opportunities

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 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.