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Green technology And Sustainability market Size
Rising environmental awareness, clean energy demand, and growing RFID sensor adoption drive the growth of the global green Technology market.
WILMINGTON, DE, UNITED STATES, January 14, 2025 /EINPresswire / -- According to a recent report published by Allied Market Research, the global green technology and sustainability market size was valued at $10.32 billion in 2020, and is projected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030.
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.
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The green technology is gaining high traction in the global green technology and sustainability market, as it includes products, equipment, and systems to conserve natural resources and minimize & reduce the negative impact on environment by human activities. Several countries have developed and adopted green strategies to promote the development of renewable energy technologies, and its wide adoption is witnessed for electric grid applications.
Moreover, surge in environmental awareness and increase in concerns among organizations & individuals about global warming augment the growth of the market. In addition, upsurge in adoption of RFID sensors that minimizes carbon emissions and increase in consumer & industrial interest for use of clean energy resources are projected to notably contribute toward the growth of the market in the coming years. However, high product and solution cost associated with green technology and sustainability solutions acts as a major restraint if the market. In contrast, favorable government and private initiatives to tackle climate change and air pollution is an opportunistic factor of the green technology and sustainability market.
The green building segment is expected to garner a significant share during the forecast period. This is attributed to proliferation of major green building trends such as Climate Resiliency, Green Star Certification, and LEED Certification. However, the crop monitoring segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of artificial intelligence (AI) and Internet of Things (IoT)-enabled crop monitoring systems among the general public of emerging countries.
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Based on technology, the Internet of Things (IOT) segment held the major share in 2018, generating to more than one-fourth of the global green technology and sustainability market. This is attributed to the advent of green networks in IoT connectivity. On the other hand, the artificial intelligence and analytics segment is expected to grow at the fastest CAGR of 28.8% by the end of 2026. This is due to the increase in adoption of analytics technology due to its exquisite features such as energy forecasting, energy efficiency, and energy accessibility propels the growth of the segment.
Based on applications, the green building segment accounted for around one-fifth of the global green technology and sustainability market revenue in 2018, and is projected to rule the roost till 2026. This is attributed to the increase in development of green building application and lowering down the costs of construction. Simultaneously, the crop monitoring segment is expected to cite the fastest CAGR of 29.9% during 2019–2026. The green technology is providing an alternative way to improve the national economy without damaging the environment, which leads to the growth of the segment.
Region wise, the green technology and sustainability market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to increase in number of green building initiatives in the region. In addition, smart devices in the region operate on low emission deployed networks, which is a key growth factor of the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to factors such as favorable government initiatives toward 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.
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The COVID-19 pandemic has brought radical changes to daily lives of people, work, and the surrounding environment. The COVID-19 outbreak has low impact on the growth of the green technology and sustainability market size, as the lockdown implemented during this global health crisis is expected to create significant demand of green technology solutions such as solar panels and LED lighting. Furthermore, increase in government initiatives to curb pollution across various emerging countries such as India and China drives the growth of the market in the pandemic situation.
Key Findings of The Study:
1. By technology, the Internet of Things (IoT) generated the highest revenue in 2020.
2. Region-wise, North America generated the highest revenue in 2020.
3. Depending on application, the green building segment generated the highest revenue in 2020.
The key players profiled in the green technology and sustainability market include 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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
AMR launched its user-based online library of reports and company profiles, Avenue. An e-access library is accessible from any device, anywhere, and at any time for entrepreneurs, stakeholders, researchers, and students at universities. With reports on more than 60,000 niche markets with data comprising 600,000 pages along with company profiles on more than 12,000 firms, Avenue offers access to the entire repository of information through subscriptions. A hassle-free solution to clients' requirements is complemented with analyst support and customization requests.
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