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 according to report published by MarketsandMarkets. Modernization of IT and telecom infrastructure for low carbon emission will provide huge opportunities in the market. The growing consumer and industrial interest for the use of clean energy resources to conserve environment and increasing use of RFID sensors across industries are driving the adoption of green technology and sustainability solutions and services in the market.
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The blockchain segment is estimated to grow at the highest CAGR 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. 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. The cloud computing technology segment is expected to have the largest market size during the forecast period. This growth can be attributed to the benefits of the cloud to provide real-time remote access to data through sensors, satellite images, and weather forecasting.
The solution segment is estimated to have largest market size during the forecast period
The component segment comprises of solution and services. The solution segment is estimated to account for a larger market size during the forecast period. 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. The advent of globalization and innovation development has continuously exploited the environment.
The green building segment is expected to account for the largest market size during the forecast period.
The green technology and sustainability market by applications has been segmented into carbon footprint management, green building, water purification, water leak detection, fire detection, soil condition/moisture monitoring, crop monitoring, forest monitoring, weather monitoring and forecasting, air and water pollution monitoring, and sustainable mining and exploration. The green building segment is projected to account for the largest market size due to the increasing focus on green technology and sustainability while designing and constructing buildings. Technologies, such as AI and analytics, IoT, predictive maintenance, and blockchain, find multiple use cases in this application and have the potential to change how buildings are designed, built, and managed. Green building, also known as sustainable or high-performance building, refers to the practice of creating structures and deploying processes that are environmentally responsible and resource-efficient throughout a buildings life cycle from siting to design, construction, operation, maintenance, renovation, and deconstruction.
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Asia Pacific to grow at the highest CAGR during the forecast period
The green technology and sustainability market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. North America is projected to account for the largest market size by 2020, majorly due to the broad base of green technology and sustainability vendors in the region. Vendors are focused on R&D and integration of advanced technologies to serve the challenge of climate change and the increasing levels of emissions, pollution, and waste. The APAC is expected to be a favorable market for investments 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 the integration of advanced clean technologies to enhance business processes and promotes sustainable developments.
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), Taranis (Israel), Trace Genomics (US), ConsenSys (US), CropX (Israel), Hortau (US), IOT Solutions and Consulting (Europe), Pycno (UK), MineSense Technologies (Canada), WINT (US), OIZOM (India), Treevia (Latin America), SMAP Energy (UK), and Accuvio (Ireland). 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.
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