Green Technology And Sustainability Market

According to Stratistics MRC, the Global Green Technology and Sustainability Market is accounted for $16.2 billion in 2022 and is expected to reach $64.3 billion by 2028 growing at a CAGR of 25.8% during the forecast period. Green technology, or sustainable technology, handles both the immediate and long-term effects of actions on the environment. Recycling, the use of renewable resources, health and safety concerns, energy efficiency, and other factors are instances of green technology. Technologies and systems classified as "greentech" utilize less energy and resources, rely on renewable resources, generate clean energy, and aid in minimizing and repairing environmental harm.

According to the World Economic Forum, the launch of Ethereum 2.0 and the transition from a proof of work (PoW) to a proof of stake (PoS) consensus model for blockchain is expected to consume 99.0% less energy. PoS requires lesser hardware than PoW, and the amount of energy needed to support safe transactions will decrease.



Market Dynamics:

Driver:

Rise in awareness and concern towards the environment

The world is experiencing new levels of growth because of globalization, which has also accelerated the speed of development in many developing nations, particularly India and China. There is constant environmental exploitation for the purposes of development and globalization. Individuals who care about the environment and ecology believe that if this rate of exploitation continues, the earth and its environment will not be suitable for a sustainable way of life anytime soon. This is where the term "green technology" comes into play, which makes use of technology in such a way that, on the one hand, globalization-related development is continued and, on the other hand, the level of adverse environmental impact is kept to a minimum.

Restraint:

High costs of green technologies and sustainability solutions

Environmental costs that are externalized in many traditional manufacturing processes are represented by green technologies and sustainability solutions, which are typically more expensive than the legacy technologies they are supposed to replace. Since green technology and sustainability are still developing, they are expected to have more development and training costs than well-established technologies. High initial implementation costs may prevent certain businesses from adopting green technologies and sustainable solutions, which could hinder the market from growing.

Opportunity:

Increasing use of green data centers

Green data center technology is primarily implemented in green cloud computing. Data management, storage, and operation are performed primarily by energy-efficient technologies in green data centers, frequently referred to as sustainable data centers. The 2020 U.S. Data Center Energy Use Report estimates that in 2020, data centers in the U.S. will employ 73 billion kWh. Furthermore, according to the European Commission, 259 TWh of electricity would be used by European data centers. However, due to this high energy consumption, green data centers will be adopted across all sectors, accelerating the expansion of the green technology and sustainability sectors.

Threat:

Lack of specialized solutions to environmental issues

New technological developments have traditionally been linked to a larger carbon footprint and other environmental issues. The largest environmental problems currently include climate change, biodiversity loss, poor water quality, and providing sufficient nutrition for a growing human population. Customized solutions or technologies that allow for the gathering and analysis of enormous amounts of data in order to provide fresh insights and make significant changes are required to meet these challenges. Globally, businesses are employing sensors and drones to gather data, which is then transformed into useful information via machine learning (ML) and analytics to improve the management of natural resources. There are, however, a few unique strategies to deal with environmental problems. For instance, companies and scientists are searching for solutions to address climate change challenges.

Covid-19 Impact:

The market for green technology and sustainability has grown significantly in the past few years, but it is anticipated to see a minor decline in 2020 as a result of the COVID-19 pandemic. This is due to the majority of governments placing their citizens on lockdown and stopping different ongoing solar and wind energy projects all around the world. Moreover, due to strict social distancing measures, even the installation of modest solar panels at residences and other industrial projects has been placed on hold. However, numerous green technology solution providers around the world are introducing new business plans and strategies in order to remain competitive and increase their market value.

The solutions segment is expected to be the largest during the forecast period

Due to the fact that green technology and sustainability solutions offer consumers real-time statistics, charting and monitoring tools, management services, and other services, the solutions category is anticipated to hold the largest share of the market over the extrapolated period. However, it consists of tools for monitoring the environment and utilizing renewable energy sources to help build a strong and dependable infrastructure and enhance a healthy ecosystem further augmenting the market growth.

The SMEs segment is expected to have the highest CAGR during the forecast period

Because these businesses are gradually adopting technological advancements to enhance their business operations, the SMEs segment is anticipated to record the highest CAGR throughout the projected period. Small companies are better positioned to implement the Internet of Things (IoT) and have simpler access to this technology, which will increase their profitability and sustainability. However, IoT solutions assist SMEs in better complying with the standards and requirements for green certification. SMEs can access new markets and financial resources by receiving the right subsidies and government assistance.

Region with largest share:

Due to the presence of significant companies like Microsoft Corporation, GE Electric, IBM Corporation, Oracle Corporation, Engie Impact, CropX Inc., and Taranis, North America is anticipated to hold the largest share of the global market throughout the projection period. Additionally, these players seek to increase their commercial presence across the globe by utilizing various corporate strategies like partnerships, mergers, and collaborations. Additionally, due to the region's extensive network of green technology and sustainability providers, it will grow at a rapid pace. As a result of the established economies in the region, green technology and sustainability vendors are able to invest in technological breakthroughs and innovations. The area is renowned as an innovation hub, with IT companies introducing new products and actively collaborating on green technology and sustainability solutions.

Region with highest CAGR:

During the forecast period, the market in Asia Pacific is anticipated to experience the highest CAGR. The main economic powers in the area are China, Japan, Taiwan, India, and South Korea. The development of low-carbon, renewable energy policies has also received different levels of support from the governments of these nations. They have invested resources in developing new markets for the development of renewable energy infrastructure, including solar and wind energy, smart grids, electric vehicles, and green buildings. The expansion of international markets and the region's success in exporting products utilizing clean technology are closely linked to these operations.



Key players in the market

Some of the key players in Green Technology and Sustainability market include Wolters Kluwer N.V., General Electric, Salesforce, Inc., Microsoft, Schneider Electric, Engie Impact, Cority, Sensus, A Xylem Brand, LO3 Energy, CropX Inc., Enablon, Salesforce.com Inc and Intelex Technologies Inc.

Key Developments:

In May 2023, Microsoft has launched a new Payments app, which will allow small businesses to easily manage and collect payments from within Teams on their desktop or mobile device during a meeting. The app will be initially available for users in the US and Canada. Moreover, the company said that it has partnered with some of the largest players in the payments space to combine the core collaboration capabilities in Teams with powerful commerce features.

In April 2023, GE Power Conversion has been chosen by Keppel Shipyard for the design, supply and delivery of two electrical modules for Petrobras’ Floating Production Storage Offloading vessels (FPSO), coded P-80 and P-83, which will be used for offshore energy production. The modules will be constructed in Asia for anticipated delivery during 2024 and 2025 to Singapore for topside integration, utilizing specialist support and expertise from both GE’s Asia and Brazil teams.

In May 2022, Germany and India launched an Indo-German partnership for green and sustainable development. Germany pledged to give funds worth USD 11 billion in further phases to support green growth plans in India by 2030. This assistance was provided to India under the Joint Declaration of Intent (JDI) on green and sustainable development.

In February 2022, IBM Corporation introduced the IBM Sustainability Accelerator. It's a professional social impact program that uses IBM technologies such as AI, hybrid cloud, and an ecosystem of experts to help government and non-profit organizations improve and scale their operations, focusing on people who are vulnerable to environmental threats such as extreme weather & climate change and pollution.

In January 2022, Schneider Electric launched Infrastructure of the Future, an integrated suite of solutions for smart and green infrastructure. This integrated solution includes analytical insights, business continuity & operational services, green technology and sustainability solutions, e-mobility, and software for programs to accelerate the energy transition.

In March 2021, CropX Inc. partnered with NASA Harvest, a food security and agriculture program. The partnership helped advance sustainable agriculture and improved food security by using insights from CropX’s satellite and soil data monitoring solutions to support and improve agricultural production.

Components Covered:
• Services
• Solution
• Other Components

Organization Sizes Covered:
• Large Enterprises
• SMEs
• Other Organization Sizes

Deployment Modes Covered:
• On Premises
• Cloud
• Other Deployment Modes

Technologies Covered:
• Blockchain
• Cyber Security
• Digital Twin
• Artificial Intelligence & Analytics
• Cloud Computing
• Internet Of Things (IoT)
• Edge Computing
• Other Technologies

Applications Covered:
• Fire Detection
• Sustainable Mining and Exploration
• Water Purification
• Soil Condition/Moisture Monitoring
• Crop Monitoring
• Forest Monitoring
• Air & Water Pollution Monitoring
• Weather Monitoring & Forecasting
• Carbon Footprint Management
• Green Building
• Water Leak Detection
• Water Management
• Other Applications

End Users Covered:
• Financial Services
• Public Sector
• Retail and Consumer Package Goods
• Chemicals
• Industrial Manufacturing
• Travel and Transportation
• Energy and Utilities
• Banking, Financial Services and Insurance
• Other End Users

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances