The global green technology and sustainability market comprises companies that develop and provide cleaner and more sustainable energy solutions. This includes renewable energy technologies such as solar, wind, hydropower, and biofuels that are progressively being adopted worldwide to reduce carbon emissions. Green technology also involves green building materials that are more eco-friendly and energy efficient. These materials utilize renewable and recycled content and aid in reducing waste generation during construction and infrastructure development projects. Adoption of green technologies further aids in lowering water usage, enhancing air and water quality. The global green technology and sustainability Market is estimated to be valued at US$ 18.43 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Growing environmental concerns worldwide regarding climate change and carbon emissions have been driving the demand for sustainable energy solutions. Governments across regions have been implementing favorable policies and incentives to encourage the adoption of green technologies and infrastructure among industrial, commercial, and residential end-users. In addition, stringent emission regulations have compelled various industries to incorporate renewable power into their energy mix. These macroeconomic factors are favoring the green technology and sustainability market growth.
The rising focus on environment protection as highlighted in the heading is one of the key drivers propelling the green technology and sustainability market forward. Growing awareness about climate change risks and the need to transition to clean energy is prompting industries and countries to invest aggressively in renewable power generation and emission reduction initiatives. Governmental commitments to achieve carbon neutrality through nationwide projects involving green construction, electric mobility, and sustainable farming are also boosting the demand for various green technologies.
Segment Analysis
Green Technology and Sustainability market is divided into various segments based on technology, application, and geography. The technology segment is further divided into RES, grid energy storage technologies, carbon capture and sequestration technologies, green building, clean transportation, green materials etc. Among these, clean transportation dominates the market as government initiatives, evolving customer preferences and technology innovations are significantly driving the demand for electric vehicles, hybrid vehicles, bio-fuels and public transport systems across the globe.
PEST Analysis
Political: Government regulations and policies play a pivotal role in promoting green technologies and sustainability. Many countries have implemented strict emission norms, renewable portfolio standards, incentives for eco-friendly innovations etc. to curb pollution and boost sustainable development.
Economic: Transition to green technologies help create new jobs, businesses and tax revenues. However, high initial costs of sustainable solutions act as a barrier. Global economic slowdowns also impact green investments.
Social: Growing environmental awareness and health consciousness among public is increasing the acceptance of green products and solutions. Younger generations especially are keen to reduce their carbon footprint.
Technological: Advancements in areas like solar PV, lithium-ion batteries, LED lighting, carbon capture are enhancing the viability and affordability of sustainable alternatives. IoT and blockchain also offer tech-enabled pathways for a greener future.
Key Takeaways
The Global Green Technology And Sustainability Market Share is expected to witness high growth supported by stringent emission norms worldwide.
Regionally, Asia Pacific region dominates currently due to rapid industrialization and urbanization in countries like China and India. Government incentives for E-vehicles adoption, renewable energy projects etc. are driving the growth.
Key players operating in the Green Technology And Sustainability market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. Asian players are also emerging strongly offering cost-competitive green solutions.
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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.
