The major drivers for the green technology and sustainability market are the increasing focus on low-carbon electricity generation, rapid shift to renewable energy, volatility in the price of electrical power, favorable government initiatives, surging requirement to decrease operational costs, and swift adoption of building automation systems. As a result, the market revenue will increase from $8.3 billion in 2019 to $57.8 billion by 2030, at a 20.0% CAGR between 2020 and 2030. Green technologies are those that can be used to check the degradation of the environment.
The technology segment is categorized into the internet of things (IoT), cloud computing, artificial intelligence (AI) and analytics, digital twin, blockchain, and others. Among these, the IoT category held the largest share during 2014–2019 (historical period) because of the burgeoning utilization of this technology in smart domestic appliances, smart cities, smart mobility, smart factories, and smart healthcare. The technology allows one to monitor the performance of machines with respect to vibrations, heat, noise, and, most importantly, energy consumption and collect data on all these parameters, so their operations can be optimized.
On the basis of application, the categories of the green technology and sustainability market are green buildings, air quality management, environment management, water and wastewater management, climate change management, solid waste management, and others. In 2019, the green buildings category dominated the market as such structures save energy by using only what they produce on site. The fastest growth during the forecast period is predicted in the environment management category, on account of the rapidly degrading soil quality due to intensive farming, usage of chemicals, and pollution.
Presently, North America is the largest user of these technologies because of its advanced infrastructure, high public awareness on the issue, and robust government support. Asia-Pacific (APAC) will be the fastest-growing region in the green technology and sustainability market during the forecast period because of the rapid pace of urbanization, which is putting immense pressure on natural resources and leading to alarming levels of air pollution. Further, regional governments are taking initiatives to increase energy generation from renewable resources and use advanced technologies, such as AI and IoT, to mitigate environmental degradation.
Hence, the market will keep growing with the increasing concerns about the state of the environment.
The report "Green Technology and Sustainability Market by Technology (IoT, AI & Analytics, Digital Twin, Cloud Computing), Application (Green Building, Carbon Footprint Management, Weather Monitoring & Forecasting), Component, and Region - Global Forecast to 2025 " The global Green Technology and Sustainability market size to grow from USD 11.2 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period.
Modernization of IT and telecom infrastructure for low carbon emission will provide huge opportunities in the market.
Moreover, the growing use of RFID sensors across industries and increasing consumer and industrial interest for the use of clean energy resources to conserve environment are driving the adoption of green technology and sustainability solutions and services in the market.Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=224421448The solution segment is estimated to have largest market size during the forecast periodThe component segment comprises of solution and services.
Protecting and improving the quality of the environment requires innovative design solutions that meet the increasing demand for sustainable and green technologies while complying with more-stringent government regulations aimed at reducing the overall carbon footprints.
Various startups are already using blockchain as a tool to make energy grids more accessible and sustainable by promoting data sharing in real time.
Energy-intensive cryptocurrency mining has caused a spike in carbon emission, and hence blockchain is capable of driving innovation in the field of green technology.
