The green technology and sustainability market comprises products and solutions that help reduce environmental impact and promote sustainability. This includes renewable energy technologies like solar panels, wind turbines, geothermal systems etc. that help replace conventional carbon intensive fuels. Energy efficiency solutions for buildings like LED lighting, efficient HVAC systems and smart grids also form part of this market. With the growing threat of global warming and climate change, there is a pressing need to curb greenhouse gas emissions and transition to cleaner sources of energy. Industries and governments across the world are focusing on green initiatives to reduce their carbon footprint.
The global Green Technology And Sustainability Market is estimated to be valued at US$ 15.99 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
Growing support through favorable government policies and subsidies present a major market opportunity for players in the green technology and sustainability market. Many countries have ambitious renewable energy generation targets and carbon emission reduction goals lined up for the coming decades. This translates to strong demand for various green technologies. For example, programs like corporate procurement of renewable energy through power purchase agreements are gaining traction. This shifts the burden of high capital costs of renewable projects to large commercial customers and boosts adoption of green solutions in a big way. Continued such support measures will help drive the green technology and sustainability market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: Low due to high capital requirements, established brand loyalty and economies of scale of existing players.
Bargaining power of buyers: Moderate as few large buyers exist in the market. Products being commodities, buyers can negotiate on price.
Bargaining power of suppliers: Low due to easy availability of raw materials and suppliers having less control over distribution.
Threat of new substitutes: Moderate as new eco-friendly and sustainable materials may emerge as substitutes.
Competitive rivalry: High due to presence of numerous global and local players differentiating through innovation.
SWOT Analysis
Strength: Focus on developing innovative green products. growing awareness about environmental protection.
Weakness: High R&D costs and pricing pressure from substitutes. Market still in growth stage with low penetration in some regions.
Opportunity: Increasing regulations supporting eco-friendly practices. Growing demand from developing nations improving living standards.
Threats: Economic slowdowns reducing spends on sustainability. Strict environmental norms increasing compliance costs.
Key Takeaways
The Global Green Technology And Sustainability Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regionally, North America dominates presently due to stringent environmental policies and growing investments in clean technologies by governments and industries. Europe follows closely in terms of early adoption. However, Asia Pacific is likely to grow at the fastest pace led by China, India, and other developing countries ramping up sustainability initiatives.
Key players operating in the Green Technology And Sustainability market are Mueller Sports Medicine, Inc., DJO Global, LLC, ACE Brand, Tynor Orthotics Private Limited, 3M Science, Mava Sports, Bauerfeind AG, Breg, Inc., Ossur, Thuasne USA, Zimmer Biomet, Kao Chen Enterprise Co., Ltd, Össur, Orthosys, Bauerfeind USA Inc., Orliman S.L.U., Steeper Inc., Beagle Orthopedic, Essity Medical Solutions, Bird & Cronin, LLC, Ottobock, Trulife, DeRoyal Industries, Inc., and Remington Medical Equipment. The market is moving towards consolidation as large entities acquire emerging green tech startups to bolster their portfolios.
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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.
