Green Technology and Sustainability Market

Global Green Technology and Sustainability Market

Green Technology and Sustainability Market- By Component, Technology, Application¸ and Region.

Market Synopsis:

The Global Green Technology and Sustainability Market is valued at USD 12.62 Billion in the year 2022 and is forecasted to reach a value of USD 81.22 Billion by the year 2030. The Global Market is projected to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.20% over the forecast period.

Green Technologies are eco-friendly solutions that promote social and economic stability. It is frequently referred to as clean technology production, and it involves the generation of energy as an alternative natural fuel that is less harmful to the environment than fossil fuels. Furthermore, the primary purpose of green technology is to safeguard the environment as well as to remedy past environmental damage. Furthermore, governments throughout the world are spending extensively on green technology to conserve nature and lessen the negative influence on the environment, which is encouraging market growth.

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The market is expanding as a result of increased environmental consciousness and concern among organizations and individuals about global warming. Additionally, the expansion of good government and private sector actions to tackle climate change and air pollution is a market opportunity. Moreover, as electrification extends across industries, utilities are anticipated to investigate scalable new business models that add value to storage, microgrids, and services that foster closer, smarter, and stronger interactions with consumers.

Further to that, increased deployment of RFID sensors that reduce carbon emissions, as well as increased consumer and corporate interest in the usage of sustainable energy resources, are among the major drivers expected to fuel market expansion in the next years. The global pandemic problem and climate change have had a significant impact on electrical systems in the last year. Individuals' energy consumption patterns were also substantially affected during the epidemic, as more than half of the workforce worked from home. Concurrent sustainability advances are expected to increase demand for low-cost, environmentally friendly, and dependable technical solutions.

Market Segmentation:

The Green Technology and Sustainability Market are segmented on the basis of Component, Technology, and Application. On the basis of Components, the market is segmented into Solution, and Services. On the basis of Technology, the market is categorized into AI and analytics, IoT, Digital twin, Cloud computing, Security, and Blockchain. On the basis of Application, the market is categorized into green building, Carbon footprint management, Water purification, Water leak detection, Fire detection, Soil condition/moisture monitoring, Crop monitoring, Forest monitoring, Air and water pollution monitoring, Weather monitoring, and forecasting, and Sustainable mining and exploration.

Based on Technology:

The Internet of Things (IoT) category led the Green Technology and Sustainability Market during the projection period and is expected to continue to do so. The use of green networks in IoT connectivity has resulted in lower pollutants and emissions, increased environmental conservation and surveillance, and decreased operational costs and power usage. The artificial intelligence and analytics category, on the other hand, is expected to grow at the quickest rate during the forecast period, owing to the rising use of AI and analytics across numerous industries around the world.

Based on Application:

The green building category is predicted to account for the largest market share during the projection period. Green building, also known as sustainable or high-performance building, is the practice of designing and implementing environmentally responsible and resource-efficient structures and processes throughout a building's life cycle, from site selection to design, building, operation, maintenance, refurbishment, and demolition. The traditional building design is enhanced with elements such as economy, usefulness, durability, and comfort. The primary considerations are energy and water efficiency, resource efficiency, indoor environmental quality, and the structure's total environmental impact.

North America is Predicted to Achieve the Largest Market Share

In terms of market share, North America dominates the Green Technology and Sustainability industry. Due to the quick adoption of breakthrough technology in industrialized countries such as the United States and Canada, this trend is predicted to continue in the near future. Another aspect that has helped the expansion of the North American Green Technology and Sustainability Market is the presence of key solution providers in the industry, such as IBM, Enviance, General Electric, Sensus, Trace Genomics, and LO3 Energy. In addition, owing to the region's significant number of Green Technology and Sustainability vendors. Vendors are concentrating on R&D and the integration of new technologies to address the challenge of climate change and rising levels of emissions, pollution, and waste, North America is expected to have the greatest market size.