Global Green Technology and Sustainability Market Report 2023: Concerns About Climate Change, Resource Depletion and Environmental Degradation Bolsters Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Green Technology And Sustainability Market Size, Share, Growth Analysis, By Technology, By Application - Industry Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

The global green technology and sustainability market size was valued at USD 17.8 billion in 2021 and is poised to grow from USD 22.75 billion in 2022 to USD 206.88 billion by 2030, growing at a CAGR of 27.8% in the forecast period (2023-2030).

The global green technology and sustainability market is a growing sector that includes various innovative technologies, solutions, and practices aimed at promoting sustainable development and reducing the negative impact of human activities on the environment.

This market encompasses a wide range of industries, such as renewable energy, green buildings, sustainable transportation, waste management, and water conservation.

The demand for sustainable products and services is increasing, driven by concerns about climate change, resource depletion, and environmental degradation. This trend creates opportunities for businesses to develop new sustainable products and services, and for governments to promote policies that encourage sustainable practices.

Segments covered in this report

The Global Green Technology and Sustainability Market is segmented based on technology as internet of things (IoT), cloud computing, artificial intelligence & analytics, digital twin, cybersecurity, and blockchain.

By application Green Technology and Sustainability Market is segmented based on green building, carbon footprint management, weather monitoring & forecasting, air & water pollution monitoring, forest monitoring, crop monitoring, soil condition/moisture monitoring, water purification, and others. Based on region Green Technology and Sustainability Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The concept of "Internet of Things" encompasses various technologies and fields of study that allow communication between physical objects on a global scale. Technologies like RFID, sensor networks, biometrics, and nanotechnologies are becoming more prevalent, driving the development of IoT for numerous applications such as smart grid, eHealth, and intelligent transportation.

With high-speed data connections, sensors and smart devices can perform tasks autonomously, which calls for new eco-friendly communication methods that enhance power consumption and bandwidth usage between different smart devices. An example of this is the use of smart agricultural sensors to gather information on weather conditions, soil quality, and crop growth progress, which can be utilized to monitor equipment efficiency and employee performance.

Restrain

Constructing solar and wind farms requires a significant investment in capital. Although renewable energy sources like solar and wind are relatively cheap to maintain since they use free fuel and have minimal upkeep costs, the majority of the expenses are incurred in developing technology-based products or solutions.

Advanced technology IoT sensors are required for various applications such as air quality monitoring, carbon footprint management, and air and water pollution monitoring. These sensors incur significant maintenance costs. For instance, the analysis and testing of air quality parameters using air quality monitoring software necessitate the use of expensive advanced technologies such as gas sensors, RFID, and PCR-based biosensors to detect chemical and biological components in the air.

Trend

In recent times, there has been a significant increase in the demand for sustainable development, with a global focus on achieving carbon neutrality. The European Union's Climate Target Plan, for example, aims to reduce harmful gas emissions by 55 percent by 2020 and attain climate neutrality by 2050. To this end, companies are now investing heavily in green and clean technology.

One such example is Ford Motor Company, which launched a USD 11.5 billion electric car plant in January 2020, thereby contributing to the creation of North America's most extensive electric vehicle charging network. As a result of such efforts, the Green Technology and Sustainability Market is expected to witness significant growth in the coming years.

Companies Mentioned

• GE (US)
• Enablon (France)
• Salesforce (US)
• Microsoft (US)
• Schneider Electric (France)
• Engie Impact (US)
• Intelex (Canada)
• Enviance (US)
• Sensus (US)

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