Green Technology and Sustainability Market worth USD Bn in 2019
Published | January 2021
According to BlueWeave Consulting, the global Green Technology, and Sustainability Market worth
USD in 2019, and is further projected to reach USD by 2026, growing at a CAGR
during the forecast period 2020-2026. Green Technology and sustainability
market involve the procedure of technology in production processes using
sustainable forms of energy. Environmental awareness is increasing among the
consumers, which is largely contributing to the growth of green technology and
the sustainability market. The government is also using proactive approaches to
lessen the use of carbon footprint and ease waste production, which is also
driving the demand. However, the high price related to environmentally friendly
products affects the growth of the market. The capital cost of building and
fitting solar and wind farms is high. Like most renewables, solar and wind
fields are exceptionally cheap to operate since their fuel is free and
maintenance is least; hence, most of the outlay is spent on building
technology-based products or solutions.
Increasing awareness and concerns about the environment are driving the market growth
Due to the rising awareness about the harmful effects of greenhouse gas emission on the environment, the need for low-carbon electricity is growing, which is motivating the global green technology and sustainability market. The progression of decentralized renewable energy sources has increased traction due to the rising consciousness of shrinking natural resources along with the rise on the contrary effect of human technology over the environment. Thus, the demand for products that are hopeful environmental awareness and are less harmful is likely to fuel the green technology and sustainability industry growth.
Initiatives to tackle climate change and air pollution
Global interest in effective pollution check and control has been on the increase owing to the rising public awareness about healthcare, environmental consequences of pollution, and the increasing demand for advanced air quality checking devices. Technologically advanced air quality and climate monitors, such as remote detecting devices and real-time monitors, help retrieve the climate and air pollution parameters amid industrial users. Industries can leverage cutting-edge technologies that make chances for green technology solutions. For instance, a digital twin can estimate weather and can capture real-time situations measured by many sensors and devices, simulating, and visually representing them in digital form to make long-term climate forecasts and short-term estimates.
Internet of Thing (IoT) occupy the largest share of the green technology and sustainability market
The primary factor that drives the growth of the IoT technology section is the arrival of green networks in IoT connectivity, which has donated to curb pollution & emission, decrease the exploitation of environmental upkeep & surveillance, and lessen operational costs & power consumption. However, the artificial intelligence & analytics section is predictable to grow at the maximum rate during the prediction period, owing to the surge in acceptance of artificial intelligence and analytics among various industries crosswise the globe.
Global Green Technology and Sustainability Market: Regional insights
The Global Green Technology and Sustainability Market are segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In 2019, North America was the major green technology and sustainability market, owing to the heavy savings granted to the residential, industrial, and commercial sectors for the deployment of developing technologies, by private and public companies. In the coming years, Asia-Pacific (APAC) is projected to grow the fastest in the industry, because of the increasing awareness about environmental damage. Further, with the thriving population, the electricity demand is increasing, which subsidized to global warming, ultimately.
The leading players” in the Green Technology and Sustainability Market include GENERAL ELECTRIC, IBM Corporation, Microsoft, Enablon S.A, ENVIANCE, Sensus, Taranis, Trace Genomics, Inc., LO3 Energy, CONSENSYS, CropX inc., Hortau, SMAP Energy, TREEVIA FOREST TECHNOLOGIES, Pycno Industries, Inc., IoT Solutions & Consulting, Oizom Instruments Pvt. Ltd., MineSense and other prominent players are expanding their presence in the market by implementing various business strategies.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Green Technology and Sustainability Market size & forecast. The report promises to provide recent technology trends of Green Technology and Sustainability Market and industry insights, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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