Green Technology and Sustainability Market 2023 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

Introduction:

Green technology, also known as sustainable technology, takes into account the long- and short-term impact something has on the environment. Green products are by definition, environmentally friendly. Green tech–or green technology–is an umbrella term that describes the use of technology and science to reduce human impacts on the natural environment. Green technology encompasses a wide area of scientific research, including energy, atmospheric science, agriculture, material science, and hydrology. Energy efficiency, recycling, health and safety concerns, renewable resources, and more all go into the making of a green product or technology. Green technology uses various forms of sustainable energy to safeguard the environment. Solar panels, LED lighting, wind energy, vertical farming, electric vehicles, and composting are a few examples of green technologies. Reduced carbon emissions, improved solar energy output, increased rainfall received, and growing use cases of various technologies throughout various industrial verticals during the coronavirus pandemic may result in expanded green technology use. A greater emphasis on environmental protection across many businesses will benefit the green technology and sustainability market.

 

The green technology and sustainability market is anticipated to reach USD 417.3 billion by 2030 from USD 35.5 billion in 2021, at a CAGR of 21.6% during the forecast period.

The global market for green technology and sustainability is expected to grow during the forecast period, as environmental awareness and concern about global warming is rising among organizations and individuals.

Growth Drivers:

For the sake of development and globalization there is continuous exploitation of environment. Due to growing awareness and concern consumers demand for products less harmful to the environment has increased rapidly because green technology uses various forms of sustainable energy to safeguard the environment.

Growing awareness regarding energy consumption, rise in greenhouse gas (GHG) and emissions from production industries such as mining and forest monitoring has increased the focus toward clean energy resources to reduce the carbon footprint. Due to growing usage of clean energy, the demand for green technology and sustainability is also rising at a rapid pace.

The growing potential of manufacturing industries to adapt RFID technology, government initiatives and technology advances associated with RFID sensors are driving the growth of green technology and sustainability market. RFID technology improves from 75% of inventory accuracy up to 95%. The investments benefit manufacturers by cutting down costs and streamlining supply chain accuracy.

Developing economics are embracing clean energy, sustainable production, and consumption practices to promote clean air, clean energy, environment friendly agriculture, transport, industry, and waste management. Advanced air quality and climate monitoring technologies, such as remote sensing devices and real-time monitors, are helpful in accessing climate and air pollution parameters among industrial users these benefits are expected to drive the growth of green technology and sustainability market.

 

Green Technology and Sustainability Segmentation:

By Component:

·         Solutions

·         Services

o   Consulting

o   Integration and Technology

o   Support and Maintenance

By Technology:

·         Internet of Things (IoT)

·         AI and Analytics

·         Cloud Computing

·         Cybersecurity

·         Blockchain

·         Digital twin

·         Others

By Deployment Mode:

·         Cloud

·         On – Premises

By Application:

·         Air and water pollution monitoring

·         Crop monitoring

·         Green building

·         Carbon footprint management

·         Fire detection

·         Water purification

·         Water leak detection

·         Soil condition/moisture monitoring

·         Forest monitoring 

·         Weather monitoring and exploration

·         Sustainable mining and exploration

By Vertical:

·         Industrial manufacturing

·         Energy and utilities

·         Chemicals

·         Travel and transportation

·         Retail and consumer package goods

·         Public sector

·         Financial sector

By Region:

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East and Africa 

 

Green Technology and Sustainability Market by Component Review:

Based on the components, the green technology and sustainability market is segmented into solutions and services. The segment for services is further segmented into consulting, integration and technology, and support and maintenance. On the basis of components, solutions segment is expected to dominate the market and the segment for services is forecasted to grow at the highest rate in terms of CAGR during the forecast period.

Green Technology and Sustainability Market by Technology Review:

Based on the components, the green technology and sustainability market is segmented into internet of things (IoT), ai and analytics, cloud computing, cybersecurity, blockchain, digital twin, and others. On the basis of technology, internet of things (IoT) segment is expected to dominate the market and is also forecasted to grow at the highest rate in terms of CAGR during the forecast period. As a result of increasing concerns over the environmental and health issues brought by the rising carbon emission, IoT adoption is expanding at a rapid pace. To avoid the wastage of energy and gather energy consumption data, IoT is useful in several applications, such as factories, hospitals, power grids, utility meters, homes, city administrations, offices, and smart transport.

 

Green Technology and Sustainability Market by Deployment Mode Review:

Based on the deployment mode, the green technology and sustainability market is segmented into cloud and on-premises. On the basis of deployment mode, the cloud segment is expected to dominate the market and is also predicted to show the highest growth rate in terms of CAGR during the forecast period.

 

Green Technology and Sustainability Market by Application Review:

Based on the application, the green technology and sustainability market is segmented into air and water pollution monitoring, crop monitoring, green building, carbon footprint management, fire detection, water purification, water leak detection, soil condition/moisture monitoring, forest monitoring, weather monitoring and forecasting, sustainable mining and exploration. On the basis of application, the green building segment is expected to dominate the market and is also predicted to show the highest growth in terms of CAGR during the forecast period, owing to the various environmental benefits such as energy usage optimization and reduction, operating cost savings, indoor air quality improvement, and efficient water management.

The carbon footprint management is expected to show the second-highest growth in terms of CAGR during the forecast period, due to rising participation of governments and other stakeholders around the world in addressing the greenhouse gas emission due to manufacturing, construction, power generation, and other industrial activities.

 

Green Technology and Sustainability Market by Vertical Review:

Based on the vertical, the green technology and sustainability market is segmented into industrial manufacturing, energy and utilities, chemicals, travel and transportation, retail and consumer package goods, public sector, and financial services. On the basis of vertical, the energy and utilities segment is expected to dominate the market and is also projected to grow at the fastest rate in terms of CAGR during the forecast period.

                                             

Regional Outlook:

The global micro-irrigation systems market research report offers detailed analysis and forecasts for five major regions i.e., North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.

The North America region is expected to dominate the global market for green technology and sustainability, due to North American Climate, Energy, and Environment Partnership encourage governments to adopt more sustainable policies and to purchase more renewable energy and electric vehicles as needed. The large number of market players is operating in the North America green technology and sustainability market, investments from these key players in R&D is driving growth in the region. North America is benefited from the green technology and sustainability because of its advanced IT infrastructure, ongoing commercial research and innovation initiatives and presence of key market players in the region.

Europe is expected to hold the highest CAGR during the forecast period. The governments of Europe region are taking immense efforts for the growth and development of the green technology and sustainability market. The favorable government policies in favor of storage of energy and using clean and green energy are driving the growth of green technology and sustainability market in Europe region over the projected period.

The Asia Pacific region is predicted to be an attractive investment market, with a significant CAGR during the forecast period. The growth in the market is due to growing countries like India, China, and India focusing on integrating new technologies to improve business operations.

 

Key Companies in Green Technology and Sustainability Market:

The research report offers a competitive analysis of prominent companies operating in the green technology and sustainability market. Some of the leading players profiled in the market research report include:

·         Microsoft Corporation

·         IBM

·         Salesforce

·         Enablon

·         General Electric Company

·         Schnider Electric

·         Intelex

·         Engie Impact

·         Sensus

·         Enviance

·         CropX

·         LO3 Energy

·         Isometrix

·         ConsenSys

·         Envirosoft

·         WINT

·         IOT Solutions and Consulting

·         Pycno

·         OIZOM

·         Other Players