Green Technology and Sustainability Market to Reach Valuation of USD 44.4 Billion by 2028 - Growing Consumer and Industrial Interest in Using Clean Energy Resources to save the Environment, as well as the Expanding use of RFID Sensors Across Industries, are Boosting Market Acceptance of Green Technology and Sustainability Products and Services

Vantage Market Research

May 28, 2022

From the period of 2022 to 2028, the Global Green Technology and Sustainability Market is expected to reach USD 44.4 Billion in terms of revenue, growing at a Compound Annual Growth Rate (CAGR) of 26.4%.

The market is growing due to a rise in environmental consciousness and worries among organizations and individuals about global warming. Additionally, an increase in the deployment of RFID sensors that minimize carbon emissions, as well as an increase in consumer and industry interest in the use of clean energy resources, are among the primary drivers projected to drive market expansion in the next years. Moreover, the growth in beneficial government and private activities to combat climate change and air pollution is a market opportunistic factor.

In the past year, the global pandemic crisis and climate change had a substantial impact on electrical systems. Individuals' energy usage patterns were also drastically altered as more than half of the workforce worked from home during the pandemic. Concurrent sustainability developments are anticipated to fuel the demand for affordable, clean, and dependable technological solutions. Furthermore, as electrification spreads across industries, utilities are expected to explore scalable new business models that give enhanced values to storage, microgrids, and services that develop close, smarter, and stronger relationships with consumers.

Key Highlights from the Report

  • On the basis of Technology, the market is segmented into IoT, AI and analytics, Digital twin, Cloud computing, Security, and Blockchain. The Internet of Things (IoT) category led the Green Technology and Sustainability Market in the forecast period and is expected to maintain its dominance during the forecast period. The introduction of green networks in IoT connectivity has led to the reduction of pollution and emission, the exploitation of environmental conservation and surveillance, and the reduction of operational expenses and power consumption. The artificial intelligence and analytics segment, on the other hand, is predicted to develop at the fastest rate during the forecast period, owing to the increased usage of artificial intelligence and analytics across various industries around the world.

  • On the basis of Application, the market is segmented into Carbon footprint management, Green Building, 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. During the projection period, the green building category is expected to account for the greatest market share. Green building, also known as sustainable or high-performance building, is the practice of designing and implementing structures and processes that are environmentally responsible and resource-efficient throughout the life cycle of a building, from siting to design, construction, operation, maintenance, renovation, and deconstruction. The practice adds features of economy, usability, durability, and comfort to traditional building design. The key factors are energy and water efficiency, resource efficiency, indoor environmental quality, and the overall environmental impact of the structure.

  • Asia Pacific is the fastest regional segment in terms of growth. During the projection period, the Asia Pacific market is expected to grow at the fastest rate. East Asia has made great progress toward a sustainable energy future over the previous decade. The primary economic participants in these developments are China, Japan, Taiwan, India, and South Korea. Governments in these countries have also made varied contributions to low-carbon, renewable development programs. They have invested in developing new markets for renewable energy infrastructure manufacturing, such as solar and wind energy, smart grids, electric vehicles, and green buildings. These initiatives are intrinsically linked to the growth of overseas markets and prospective regional development in the export of clean technology items.

Market Dynamics:

RFID Sensors are Increasingly Being used Throughout Sectors

The term "Internet of Things" has been used to denote a variety of technologies and study areas that enable global connectivity over physical items. RFID, sensor networks, biometrics, and nanotechnologies are already commonplace, propelling IoT forward to handle a variety of applications such as smart grid, eHealth, and intelligent transportation. Sensors and smart devices connecting via high-speed data can conduct certain duties autonomously, necessitating new forms of green communication between diverse smart devices in which power consumption and bandwidth utilization are improved. Smart technologies have the potential to automate activities across the production cycle, from irrigation and fertilization to insect management. RFID tag and sensor collaboration could lead to a slew of new green project solutions, including more efficient energy production chains, waste management, and recycling. Nanotechnology is assisting producers in more efficient manufacturing, which is reducing waste significantly.

IT and Communications Infrastructure Modernization for Low Carbon Emissions

Technology businesses are looking for solutions to lower their devices' energy use. Companies are working on designing energy-efficient products, power supplies, and integrated circuits, as well as developing collaborative solutions to assist clients in reducing their carbon footprint. Environmentally friendly corporate policies decrease business risks, boost reputation, and create massive market prospects in the Green Technology and Sustainability Markets. In today's wireless era, countless gadgets use wireless technology in their daily activities; these wireless devices consume a significant amount of energy and generate a significant quantity of carbon when in use. Technological businesses now have the ability to not only cut the amount of energy consumed by wireless devices, but also the quantity of carbon released by these gadgets. Technology powerhouses like Apple are assisting their manufacturing partners in lowering their carbon footprint by collaborating to construct more than four gigatonnes of new clean energy globally by 2020.

During the projected period, North America is expected to lead the Green Technology and Sustainability Market share. North America is expected to have the greatest market size in the coming years, 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. The presence of large firms such as Microsoft Corporation, GE Electric, IBM Corporation, Oracle Corporation, Engie Impact, CropX Inc., and Taranis is primarily responsible for the region's growth. Furthermore, prominent market players intend to grow their worldwide commercial presence through business strategies such as cooperation, mergers, and partnerships.