PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443387
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1443387
Green Technology & Sustainability Market size was valued at USD 25,600.41 Million in 2023, expanding at a CAGR of 29.6% from 2024 to 2032.
Green technologies encompass a wide range of interdisciplinary, environmentally friendly, and sustainable approaches and systems. This field benefits greatly from a multi-disciplinary research approach. Green technologies go beyond just environmental technologies, as the term "green" signifies the combination of sustainability and eco-friendliness across various contexts such as environment, economy, societies, and technologies. Sustainability involves meeting current societal needs without compromising the ability of future generations to meet their own needs. Initiatives in green technology and sustainability aim to tackle urgent environmental issues like climate change, air and water pollution, biodiversity loss, deforestation, and natural resource depletion. By advocating for the adoption of cleaner, more efficient technologies and sustainable practices across different sectors, societies can reduce their ecological footprint and move towards a more sustainable and resilient future.
Green Technology & Sustainability Market- Market Dynamics
Rising awareness about corporate social responsibility initiatives and Growing awareness and concern towards the environment are expected to drive the market growth.
As the awareness of the environmental impacts of their actions increases, businesses and consumers are showing a greater interest in green technologies and sustainable solutions. Companies that prioritize sustainability in their supply chains and operations are more likely to attract environmentally conscious consumers. This leads to a higher demand for green technologies and sustainable solutions in various industries. According to CSR statistics, a majority of American consumers (55 percent) believe that it is important for companies to take a stand on key social, environmental, and political issues. Additionally, the development of smart cities and sustainable infrastructure provides opportunities for the integration of green technologies such as energy-efficient buildings, smart transportation systems, and renewable energy sources. This integration aims to create more sustainable and resilient urban environments. However, the high initial costs associated with green technologies may pose a restriction on market growth.
Green Technology & Sustainability Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 29.6% over the forecast period (2024-2032)
Based on Component segmentation, solution was predicted to show maximum market share in the year 2023
Based on Technology segmentation, Internet of Things (IoT)was the leading type in 2023
Based on Application segmentation, Green Building was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Green Technology & Sustainability Market is segmented on the basis of Component, Technology, Application, and Region.
The market is divided into two categories based on Component: Solution and services. The market is currently dominated by the solution. The solution component consists of a range of technologies, strategies, and practices that aim to tackle environmental challenges, promote sustainability, and achieve a long-term ecological balance.
The market is divided into five categories based on Technology: Internet of Things (IoT), AI and Analytics, Digital Twin, Cloud Computing, Blockchain and Others. The market is currently being dominated by the Internet of Things (IoT). By combining IoT technology with Green Technology & Sustainability efforts, there are ample opportunities to improve environmental monitoring, resource management, and sustainability practices in different industries.
The market is segmented into Nine categories according to Application: Green Building, Carbon Footprint Management, Air and Water Pollution Monitoring, Weather Monitoring and Forecasting, Fire Detection, Crop Monitoring, Soil Condition/Moisture Monitoring, Forest Monitoring, Sustainable Mining and Exploration, and Other applications. Green Building leads the market. Green buildings integrate energy-efficient technologies to minimize energy usage and carbon emissions. This encompasses top-notch insulation, energy-efficient windows, LED lighting, and cutting-edge heating, ventilation, and air conditioning (HVAC) systems.
Green Technology & Sustainability Market- Geographical Insights
This market is geographically widespread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. The growth of the market is expected to be dominated by North America, primarily due to the increasing adoption of green data centers. Many companies in North America are investing in initiatives to establish environmentally friendly data centers, which not only address environmental concerns but also improve energy efficiency and cost-effectiveness. Despite the rapid growth of the digital economy worldwide, as of the beginning of 2021, 80% of the total 4,714 co-location data centers were located in developed countries, with a significant concentration in North America and Europe. In contrast, Latin America had only 153 data centers, and Africa had only 69, according to UNCTAD. Europe holds the second-largest region for market growth, mainly due to the rising investment in critical infrastructure.
The competitive landscape of the Green Technology & Sustainability market is evolving due to the increasing focus on sustainable construction practices. Companies specializing in green building materials, energy-efficient building systems, and LEED-certified construction are gaining prominence. Leading multinational corporations like Siemens, General Electric (GE), Schneider Electric, and IBM have established themselves as leaders in various segments of the market, such as renewable energy, energy efficiency, smart grids, and sustainable infrastructure. Additionally, the market is characterized by a thriving ecosystem of startups and innovators who are developing unique solutions to address environmental challenges. These companies often concentrate on niche areas like clean energy storage, water purification, sustainable agriculture, and carbon capture technologies.
On June 21, 2023, within the next 60 seconds, GE's energy technology, including gas and wind turbines as well as hydroelectric sources, will produce sufficient electricity to power millions of households for an hour. Simultaneously, approximately 30 aircraft utilizing jet engine technology manufactured by GE or its affiliates will take off into the skies at a rate of one every two seconds.
Schneider Electric, a pioneer in the digital transformation of energy management and industrial automation, is delivering Renault Group with the SF6-free AirSeT equipment, an innovative solution that eliminates the greenhouse gas SF6 from its medium-voltage switchgear at the Flins Refactory.
GLOBAL GREEN TECHNOLOGY & SUSTAINABILITY MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
General Electric
Wolters Kluwer N.V.
Salesforce, Inc.
Microsoft
Schneider Electric
Engie Impact
Cority (Enviance)
Sensus, a Xylem brand
LO3 Energy
CropX, Inc.
Others