The global Green Technology and Sustainability Market is expected to grow from USD 17.8 billion in 2022 to USD 60.7 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 27.8% during the forecast period, according to a new report by MarketsandMarkets™. Modernizing IT and telecom infrastructure for low carbon emissions will provide huge opportunities in the market. Moreover, the growing use of RFID sensors across industries and increasing consumer and industrial interest in using clean energy resources to conserve the environment are driving the adoption of green technology and sustainability solutions and services in the market.
Solution segment is estimated to have the largest market size during the forecast period
The component segment comprises solutions and services. The solution segment is estimated to account for a larger market size during the forecast period. The emerging technologies facilitate new pathways toward green technology and sustainable development, which also has taken into consideration their social, economic, and environmental dimensions. Hence, the rise in the understanding of technology causing environmental hazards is a major factor that drives the adoption of green technology and sustainability solution among verticals across the globe, which, in turn, drives the green technology and sustainability market growth.
Cloud computing segment is estimated to have the largest market size during the forecast period
The green technology and sustainability market by technology has been segmented into IoT, AI and analytics, digital twin, cloud computing, security, and blockchain. Cloud computing can be used to gather data from tools, such as soil sensors, satellite images, and weather stations, to help farmers make better decisions related to managing their crops. The cloud’s analytic capabilities also aid farmers in understanding their production environment. Agricultural companies are harnessing the power of the cloud to create solutions.
Green building segment is expected to account for the largest market size during the forecast period.
Green building refers to the practice of creating structures and deploying processes that are environmentally responsible and resource-efficient throughout a building’s life cycle from siting to design, construction, operation, maintenance, renovation, and deconstruction. The practice complements the classical building design with aspects of economy, utility, durability, and comfort. The major considerations include energy and water efficiency, resource efficiency, indoor environmental quality, and the building’s overall impact on the environment. IoT can enable the use of prefabricated building components in the construction of smart buildings and ensure a faster and more cost-effective way than traditional building methods. These buildings with prefabricated components could lead to less construction waste. On the other hand, blockchain can help streamline the supply chain and design documentation needed to build prefabricated offices and homes.
Asia Pacific to grow at highest CAGR during the forecast period
The green technology and sustainability market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. The Asia Pacific is expected to be a favorable investment market and has the highest CAGR during the forecast period. This growth can be attributed to the focus of developing countries, such as China, India, and Singapore, on integrating advanced clean technologies to enhance business processes and promote sustainable development. The rapid expansion of domestic enterprises and the need to automate mundane processes are some of the crucial factors affecting the growth of the green technology and sustainability market. Companies operating in Asia Pacific would benefit from adaptable economic conditions, industrialization- and globalization-motivated policies of governments, as well as from the growing digitalization, which is expected to have an enormous impact on the business community. Other countries in the region, such as Japan, South Korea, Australia, and Malaysia, are also exploring ways to integrate solutions and services of green technology.
Key players in the Green Technology and Sustainability Market include GE (US), IBM (US), Enablon (France), Salesforce (US), Microsoft (US), Schneider Electric (France), Engie Impact (US), Intelex (Canada), Enviance (US), Sensus (US), LO3 Energy (US), Isometrix (South Africa), ConsenSys (US), CropX (Israel), Hortau (US), IOT Solutions and Consulting (Europe), Pycno (UK), MineSense Technologies (Canada), WINT (US), Envirosoft(Canada), ProcessMAP(US) Accuvio (Ireland), Taranis (Israel), Trace Genomics (US), OIZOM (India), SMAP Energy (UK), Treevia (Latin America), Ecotrack(US), EcoCart(US) and AquiPor Technologies (US). These companies are continuously innovating to enhance their green technology and sustainability capabilities for better efficiency and reliability, thereby paving the way for the global green technology and sustainability market to emerge as a mainstream technology. PRNewswire