Green Technology and Sustainability Market Statistics: 2030
The global green technology and sustainability market size was valued at $10.32 billion in 2020, and is projected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030. Green technologies include eco-friendly solutions that result in economic and social sustainability. It is widely known as clean technology production, where the energy is produced as an alternative natural fuel that is less harmful to the environment than fossil fuels. Furthermore, the major goal of green technology is to protect the environment as well as to repair the past damages done to the environment. In addition, various governments across the globe are investing heavily in green technology to conserve nature and to reduce the negative impact on the environment, which is boosting the growth of the market.
Surge in environmental awareness and increase in concerns among organizations & individuals about global warming drives the growth of the market. Furthermore, rise in adoption of RFID sensors that eliminates the carbon emissions and increase in consumer and industrial interest for the use of clean energy resources are among some of the major factors expected to boost growth of the market in the coming years. However, high product and solution costs associated with green technology and sustainability solutions is a major factor expected to hamper the growth of the market to a certain extent. Furthermore, rise in favorable government and private initiatives to tackle climate change and air pollution is an opportunistic factor of the market.
By technology, the green technology and sustainability market was led by the Internet of Thing (IoT) segment in 2020, and is projected to maintain its dominance during the forecast period. The primary factor that drives the growth of IoT technology segment is advent of green networks in IoT connectivity, which has contributed to curb pollution & emission, reduce exploitation of environmental conservation & surveillance, and minimize operational costs & power consumption. However, the artificial intelligence & analytics segment is expected to grow at the highest rate during the forecast period, owing to surge in adoption of artificial intelligence and analytics among various industries across the globe.
Region wise, the green technology and sustainability market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to surge in adoption of energy-saving technology in North America and increase in government initiatives to reduce carbon emission. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to the emergence of the green technology, which has emerged as an eco-innovation approach in the region.
The report focuses on the growth prospects, restraints, and trends of global green technology and sustainability market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on global green technology and sustainability industry.
The global green technology and sustainability market is segmented on the basis of technology, application, and region. By technology, the market is bifurcated into Internet of Things (IoT), cloud computing, artificial intelligence & analytics, digital twin, cybersecurity, and blockchain. On the basis of application, it is divided into green building, carbon footprint management, weather monitoring & forecasting, air & water pollution monitoring, forest monitoring, crop monitoring, soil condition/moisture monitoring, water purification, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players profiled in the green technology and sustainability market include CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
COVID-19 impact analysis
The green technology and sustainability market has witnessed significant growth in past few years; however, due to the outbreak of the COVID-19 pandemic, the market is projected to exhibit a slight downfall in 2020. This is attributed to implementation of lockdown by governments in majority of the countries and shutdown of various ongoing projects of solar panels and wind mills across the globe. Even installation of small solar panels at households and other industries projects are halted due to stringent measures of social distancing. However, various green technology solution providers across the globe are introducing new strategies and business plans for surviving in the market and to upsurge their market value.
Top impacting factors
Increase in consumer and industrial interest for the use of clean energy resources
Increase in energy consumption and rise in greenhouse gas (GHG) emissions are major factors that drive the development of green technology innovations. Rise in awareness regarding emissions from production industries such as mining and forest monitoring has increased the focus toward clean energy resources to reduce the carbon footprint. Moreover, with rapid adoption of smart grid technology in various industries and benefits associated with grid technology such as cost-effectiveness and reliable grid integration as well as technological innovation of green technology, major leading players are opting for these solutions at a significant rate.
IoT is projected as one of the most lucrative segments.
The forest monitoring industry accounts for major share in total energy consumption worldwide. Approximately, three quarters of industrial energy consumed is related to the production of energy-intensive commodities such as non-ferrous & ferrous metals, petrochemicals & chemicals, non-metallic mineral materials, and pulp & paper. Green technology offers systemic innovations in patterns of material flows that has helped drastically reduce the ecological footprint of human economic activities and maintain the ecosphere, which is a major factor expected to drive the growth of the green technology and sustainability industry during the forecast period.
Existing innovation and sustainability R&D concepts are being further developed and applied to future paradigm parameters, such as the generation of extremely consistent recycling management approaches. Transformative innovations that link organizational and technological solutions help develop new patterns in Production Consumption 3.0, a transformation increasingly being in demand from politics, research, economy, and industry to achieve the necessary drastic reductions in the ecological footprint of human economic activities.
Green Building is projected as one of the most lucrative segments.
High product and solution costs associated with green technology and sustainability solutions
The major barrier for the adoption of green technology is its affordability for its wider range of application. As product and service cost encourages or discourages the application of appropriate technology in developing economies, the growth of the green technology and sustainability market is expected to restrain due to its high cost factor. Green technologies are the means to divert energy production from inexpensive sources, such as coal and oil to more expensive, highly subsidized sources such as solar and wind.
On the contrary, the integration and research of new technologies such as consumable ink is expected to decrease the cost. This is further expected to increase the number of energy consumers to procure their ideal energy sources and fast-track the countrywide energy transitions across the globe.
Asia-Pacific would exhibit the highest CAGR of 23.0% during 2021-2030.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of global green technology and sustainability market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on global market is provided in the report.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.
- The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.
Green Technology and Sustainability Market Report Highlights
Key Market Players
HORTAU, GENERAL ELECTRIC COMPANY, TECH MAHINDRA LIMITED, ENVIANCE (ACQUIRED BY CORITY), LO3 ENERGY, CROPX INC., ENABLON (SUBSIDIARY OF WALTERS KLUWERS), ORACLE CORPORATION, TRACE GENOMICS, INC., INTERNATIONAL BUSINESS MACHINES CORPORATION
Major executives of almost all businesses have reaped the millennium development goals of keeping the environment undamaged and help civilization to improve its survival chances. This has attributed to high adoption of the green technology and environment sustainability products across diversified industries for clean energy. In addition, according to the top executives, green technologies are playing momentous role in shifting the course of nation’s economic growth toward environment sustainability. In addition, top industries are opting for green technologies, as they provide an alternative socio-economic model, which will enable the future generations to live in a healthy and clean environment.
Adverse impact of rapid technological change on sustainable development has garnered high awareness from the recent past. This has enhanced the scope of existing application for new technologies, which are more environmentally friendly. In addition, given the multidimensional, diverse, ambitious, and absolute nature of the sustainable development goals, increase in demand for development of suitable application of science, technology, and innovation drives the growth of the global green technology and sustainability market.
Strengthening of the economy of the developing nations such as China and India is expected to provide lucrative opportunities for the market growth. North America is expected to dominate the market during the forecast period. Moreover, emerging countries in Asia-Pacific and Latin America are projected to offer significant growth opportunities during the forecast period. The global players are focusing toward product development and increasing their geographical presence, owing to increase in competition among local vendors in terms of features, quality, and price.
In addition, these players are adopting various business strategies to enhance their product offerings and strengthen their foothold in the market. For instance, in September 2020, CropX acquired New Zealand-based Regen, a cloud-based, precision effluent, and irrigation decision support tool company. The major purpose of this acquisition was to improve the market share and to upsurge the company’s income.