Global Green Technology and Sustainability Market

Green Technology and Sustainability Market Overveiw

The Green Technology and Sustainability Market size was calculated at USD 11.76 Billion in 2021 and is expected to achieve USD 76.55 Billion by 2028, growing at a CAGR of 27.2% during the forecast period 2021 to 2028. The growing awareness of environmental problems and the increasing consumer and industrial appeal in using clean energy resources drive the adoption of Green Technology and Sustainability solutions and services.

What is Green Technology and Sustainability?

Green Technology and Sustainability can be known as a method, application, or a group of products utilized to maintain natural resources & the environment. The main objective of Green Technology and Sustainability is to produce renewable energy without affecting human health or the environment. It contains green chemistry and environmental monitoring that assist in developing sustainable and socio-economic measures that will authorize future years to have a healthful environment. Green technology is a set of products, methods, applications, and practices created and used to preserve natural resources and the environment. Contrarily, sustainability is guided as the path that overpowers environmental challenges and helps economic & social improvement. Green technology contains a range of continuously changing supplies, ranging from energy generation strategies to non-toxic cleaning outcomes—green technology has short-term and long-term effects on the environment. Energy efficiency, recycling, problems about health and safety, renewable resources, and more are all about making green technology.

Growth Drivers

Increasing use of RFID sensors across industries

IoT has represented several technologies and analysis disciplines that promote global connectivity over physical objects. Promising technologies, such as RFID, sensor webs, biometrics, and nanotechnologies, are growing common, obtaining IoT to address different applications, including smart grid, eHealth, and intelligent transportation. Sensors and smart devices, which transmit via high-speed data, can achieve certain functions autonomously, reaching for new conditions of green communication between different smart devices, where power consumption is optimized and bandwidth utilization is maximized. For example, smart agricultural sensors collect weather conditions, soil grades, and crop development progress data. It can be utilized this data to track staff routine and tools efficiency. Smart devices can automate operations across the production cycle—from irrigation and fertilizing to pest control. RFID tag and sensor association could deliver many new solutions to help green projects, such as a better efficient energy production chain, waste control, and recycling. Nanotechnology is supporting manufacturers’ inefficient manufacturing, further supporting reducing waste drastically.

Opportunities

Digitalization of IT and telecom infrastructure for lower carbon emission

Technology firms are looking for methods to decrease the energy consumption of their outcomes. Companies are concentrating on creating energy-efficient products, power supplies, and integrated circuits and creating cooperative solutions to support customers decrease their carbon emissions. Environment-friendly corporate traditions lower business risks, enhance reputation, and generate massive green technology and sustainability market possibilities. In the recent wireless era, multiple machines utilize wireless technology in their day-to-day activities; these wireless machines use a large quantity of energy and emit substantial carbon while being operated. Various Technological players are offered an opportunity to reduce the energy consumption in these wireless devices and undervalue the amount of carbon ejected by these devices.

Restraints

High Expenses Connected with Green Technology and Sustainability Solutions to Determine the Market Growth

The financial cost of building and integrating green technology solutions and services such as solar and wind farms and forest and water monitoring solutions is high. Air quality control, carbon footprint management, and air pollution monitoring are applications where cutting-edge technology like AI, IoT sensors, Chips, and analytics necessitates a high level of supervision and costs. For example, monitoring air quality software to detect biochemical and chemical components needs progressive hardware such as gas sensors, RFID chips, and other biosensors. The price of this hardware is relatively high. Thus, associated high prices are predicted to restrict green energy and sustainability solutions.

Pre Covid-19 Impact on Global Green Technology and Sustainability

Before the covid-19, through modernization of IT and telecom infrastructure, low carbon emission will push the market. The intelligent, cutting-edge technologies encourage the government and industries to deliver products and solutions established on IoT, AI & analytics, and the cloud. The dealers are showing environmentally smarter outcomes to make awareness among customers. The energy toll of adding related machines is rising and cannot be overseen every year. It is in the attraction of everyone moving forward to design an IoT environment that minimizes energy needs and environmental influence.

Covid-19 Impact on Global Green Technology and Sustainability

During the covid-19 period, the market for green technologies and sustainability solutions has increased significantly in recent years; but, due to the explosion of the covid-19 pandemic, the market declined slightly in 2020. Governments in most countries assessed a state of crisis, thus shutting down multiple solar panel and wind turbine agendas worldwide. The construction of small solar panel tasks in households has been stopped due to the spread of the virus.

Post Covid-19 Impact on Global Green Technology and Sustainability

After the covid-19 era, the improved usage of RFID sensors across various industries also served as a driving element for market growth after the pandemic. The capital cost of building and establishing solar and wind farms is increased. Like most renewables, solar and wind fields are extremely inexpensive to operate since their fuel is free and supervision is minimal, which helps the green technology and sustainable market grow after the covid-19 period.

By Technology Segmental Analysis

Based on segmental technology analysis, the market is segmented into the Internet of things {IoT}, Artificial Intelligence {AI}, Digital Twin and Cloud Computing. The Artificial intelligence segment was calculated as the largest market share during the forecast period. Globalization and technological evolution have controlled the environment, making a massive demand for green technology and sustainability solutions. Arising developments open up new routes for renewable technology and sustainable growth, taking social, economic, and environmental aspects into performance.

By Application Segmental Analysis

Based on application segmental analysis, the market is segmented into Carbon Footprint Management, Green Building, Water Purification and Water Leak Detection. The green building component accounted for the largest market share. The growth of green buildings would improve awareness about sustainable or high-performance buildings and concentrate on expanded energy resources. According to the World Green Building Council (WGB), the construction price of a green building will be smaller than a conventional building. The United Nations Environment Programme states that accepting green buildings has the largest prospect to decrease greenhouse gas emissions corresponded to other industries significantly.

By Regional Segmental Analysis

Based on the regional segmental analysis, the market is segmented into North America, Europe, Asia-Pacific, South America and The Middle East & Africa. North America is anticipated for the largest market share in the green technology and sustainability market and will contribute largely to the global market. The regional market’s growth would occur because of a broad base of green technology vendors. Vendors are concentrating their actions on R&D and the incorporation of arising technology to manage the challenges of environmental change and increasing carbon, pollution, and waste. Also, the North American Climate, Energy, and Environment Partnership, created in June 2016, encourages the greening of government policies and the procurement of better sustainable goods, renewable energy, and electric vehicles as needed.

Competitors Analysis

The companies include Enablon, Salesforce, Microsoft, Schneider Electric, Engine Impact, Intelex, Enviance, Sensus, LO3 Energy, Isometrix, Taranis, Trace Genomic and other prominent players in the global green technology and sustainability market. Key Stakeholders

• Market research and consulting firms
• Green Technology and Sustainability Industries
• Local Governments
• Regulatory bodies
• Green Technology and Sustainability Market
• Suppliers
• Service Providers

Recent Developments

• In September 2019, Salesforce declared Sustainability Cloud, a carbon computation product for businesses. Salesforce’s Sustainability Cloud allows businesses to fast track, analyze, and report reliable environmental data to assist them in reducing their carbon emissions.
• In May 2019, IBM established the Watson Decision Platform for agriculture. The platform incorporates AI, predictive analytics, IoT sensors, and weather data to deliver farmers insights into harvesting, spraying, planting, and pushing.
• In April 2019, GE Renewable Energy declared the opening of a Remote Operation Center in Barcelona, Spain. IT will be a local junction for a digital invention to encourage further agile development and integration between its ROCs worldwide.
• In June 2018, Enablon co-operated with OSIsoft, allowing organizations to leverage real-time data from assets, machines, and IoT machines via OSIsoft’s PI System in Enablon’s EHS, Operational Threat, and Sustainability software medium.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 11.76 Billion
The revenue forecast in 2028	USD 76.55 Billion
Growth Rate	CAGR of 27.2 % % from 2022 to 2028.
Historical data	2017 – 2020
Base Year	2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Enablon, Salesforce, Microsoft, Schneider Electric, Engine Impact, Intelex, Enviance, Sensus, LO3 Energy, Isometrix, Taranis and Trace Genomics are the key players.

Market Modelling

By Technology

• Internet of Things (IoT)
• Artificial Intelligence (AI) and Analytics
• Digital Twin
• Cloud Computing

By Application

• Carbon Footprint Management
• Green Building
• Water Purification
• Water Leak Detection

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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