Green Technology And Sustainability Market To Surge To USD 136.4 Billion By 2032 | Driven By Government Initiatives And Renewable Energy Investments | Research By SNS Insider

(MENAFN- GlobeNewsWire - Nasdaq) government policies and rising investments in renewableenergy are accelerating the adoption of green technology, transforming industries globally and driving market growth.

Pune, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Green technology and Sustainability Market Size Analysis:

“ According to SNS Insider, the Green Technology and Sustainability Market Size was valued at USD 19.3 Billion in 2023 and is expected to reach USD 136.4 Billion by 2032, growing at a significant CAGR of 24.35% during forecast period 2024-2032. ”

Increased Focus on Government Initiatives, Policies for Encouraging Green Technologies and Growing Investment in Renewable Energy

All governments around the world have been promoting green technology deployment to varying degrees through a combination of policy and fiscal incentives. According to recent data from the U.S. Department of Energy (DOE), the United States government allocated over $500 billion in green technology investments under the Inflation Reduction Act of 2022. It also includes clean energy projects, climate-friendly infrastructure as well efforts on carbon capture and storage. The industry is anticipated to witness substantial growth owing to increasing environmental consciousness and escalating concerns about global warming among organizations as well as individuals. Using clean energy, that is produced only from the earth like solar panels, wind turbine electricity, electric vehicles, and composting, helps protect the environment by utilizing sustainable energy sources. By enabling a climate for innovation and investment, these policies are speeding the global shift to green economic growth.

The technological innovations are being leveraged in the accelerated transition towards green energy production and utilization as recent movements within the European Union following Russia's Ukraine-related military assault. This includes proposals to increase renewable energy usage and streamline project approvals. While solar and wind farms incur high initial construction costs, their long-term maintenance is minimal due to free fuel sources. Additionally, advanced technologies such as IoT sensors and analytics, used in applications like air and water pollution monitoring, come with high upfront costs, but their benefits in environmental conservation are driving widespread implementation.

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Major Players Analysis Listed in this Report are:

• Cropx inc.
• Enablon
• Enviance
• General Electric company
• Engie Impact
• Hortau
• Wolters Kluwer N.V.
• Salesforce, Inc.
• International business machines corporation
• Lo3 energy
• Microsoft
• Oracle corporation
• Trace genomics, inc.
• Tech Mahindra limited

Green Technology and Sustainability Market Report Scope:

Report Attributes	Details
Market Size in 2023	USD 19.3 Bn
Market Size by 2032	USD 136.4 Bn
CAGR	CAGR of 24.35% From 2024 to 2032
Base Year	2023
Forecast Period	2024-2032
Historical Data	2020-2022
Key Regional Coverage	North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Key Growth Drivers	. Increasing global emphasis on sustainability and environmental protection through government policies and incentives for adopting green technologies. . A growing need for renewable energy sources such as solar, wind, and hydropower to reduce carbon footprints.

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Based on Technology, Internet of Things (IoT) held the largest share in the green technology and sustainability market. IoT plays a pivotal role in energy management and smart grids IoT in multiple industries waste reduction cane be managed efficiently. The U.S. Environmental Protection Agency (EPA) predicts that an IoT-enabled smart grid could cut greenhouse gas emissions up to 30% by the end of 2030, making it a cornerstone in sustainability efforts. It is increasingly used in areas like agriculture, where IoT systems help farmers optimize water consumption and monitor crop condition which leads to natural resources conservation. The technology has the ability to function in tandem with other innovations like AI and analytics which can help monitor and control energy consumption on a real-time basis thereby reducing carbon emissions even more.

Based on component, the solutions segment held a largest share of more than 66% in 2023. Green technology solutions refer to things like renewable energy sources and waste management systems. In order for national climate targets to be met, governments are encouraging businesses and municipalities to utilize these solutions. In addition, the sector is a high contributor to renewable energy solutions in 2023 they accounted for just over three times as much new electricity capacity (80% of total) according to the U.S. Department of Commerce. Furthermore, cloud-based energy management platforms, smart city solutions and carbon footprint management systems are already rolled out in a large volume especially in developed regions around the globe. These steps are helping businesses and municipalities reduce their emissions, meet looming regulatory compliance standards.

Green Technology and Sustainability Market Segmentation:

By Component

• Solution
• Services
  • Consulting
  • Integration and Deployment
  • Support and Maintenance

By Application

• Green Building
• Carbon Footprint Management
• Air and Water Pollution Monitoring
• Forest Monitoring
• Fire Detection
• Crop Monitoring
• Soil Condition/Moisture Monitoring
• Weather Monitoring and Forecasting
• Sustainable Mining and Exploration
• Others

By Technology

• Internet of Things (IoT)
• Cloud Computing
• Blockchain
• AI and Analytics
• Digital Twin
• Others

Regional Analysis

North America Region Held the largest share of Market

Government supportive environment, high investment in green tech and sustainable life style has made North America a leader of the Global Green Technology & Sustainability Market. The renewable energy sector accounted for 21% of total U.S. power generation in 2023, mainly solar and wind, according to the U.S. Energy Information Administration (EIA). The region's robust infrastructure for smart cities and green buildings, coupled with federal tax incentives, has accelerated the adoption of sustainable solutions. Canada is also committing billions of dollars to clean energy projects with $9.1 billion earmarked by the government for its 2030 Emissions Reduction Plan. North America also boasts some of the top technology players leading green tech innovation, such as carbon capture and energy efficient IoT systems, which further drives its global market dominance.

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Recent Development

• IBM Improved Envizi Scope 3 With New Supply Chain Intelligence Module in February of 2024 IBM updated their Solution to Equip Users with Product Carbon Footprint (PCF) data and supplier details which Helps you in submitting accurate reporting eg ORIGAMISC.
• February 2024, Microsoft introduced AI and data tools within its Microsoft Sustainability Manager, including Copilot and intelligent insights, to help businesses streamline emissions, waste, and water tracking under its Microsoft Cloud sustainability offerings.
• November 2023, The U.S. Department of Energy announced a $200 million investment in carbon capture technologies to advance carbon management and support the U.S. goal of achieving net-zero emissions by 2050.
• August 2024, Microsoft launched its new AI-driven carbon footprint management tool designed to help businesses accurately track and reduce emissions, part of its broader sustainability efforts.

Key Takeaways

• Government initiatives and investments are crucial drivers of market growth.
• IoT leads in technology due to its significant impact on energy management and emissions reduction.
• The solutions segment dominates in terms of component, driven by renewable energy and cloud-based platforms.
• North America remains the largest market, fueled by strong government support and innovation.

Table of Contents – Major Key Points

1. Introduction

2. Executive Summary

3. Research Methodology

4. Market Dynamics Impact Analysis

5. Statistical Insights and Trends Reporting

6. Competitive Landscape

7. Green Technology and Sustainability Market Segmentation, By Component

8. Green Technology and Sustainability Market Segmentation, By Application

9. Green Technology and Sustainability Market Segmentation, By Technology

10. Regional Analysis

11. Company Profiles

12. Use Cases and Best Practices

13. Conclusion

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