According to a comprehensive research report by Market Research Future (MRFR), “Green Technology and Sustainability Market information by technology, by application and region – forecast to 2027” market was valued USD 9.6 billion in 2029 and will reach USD 36.4 billion by 2026, growing at a compound annual growth rate of 21.04%.
Green technologies are being considered an integral part of industries looking to adhere to changing laws on emissions. Government laws and corporate social responsibility (CSR) initiatives by companies to curb emission levels and conserve energy in light of the growing climate change crisis are likely to spur the demand. The global green technology and sustainability market report by Market Research Future (MRFR) covers impending issues on greenhouse gases and new technologies used in recycling of resources. The COVID-19 impact and its role in the industry report are explained in high detail.
Dominant Key Players on Green Technology and Sustainability Market Covered are:
- Trace Genomics
- MineSense Technologies
- SMAP Energy
- IoT Solutions and Consulting
- LO3 Energy
- General Electric
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Market USP Exclusively Encompassed:
Use of IoT for Centralizing Processes to Spur Market Growth
The internet of things ecosystem is becoming prevalent in developed and developing economies owing to its ability to monitor and track metrics successfully. Emergence of smart grids, biometrics, and sensors can provide a viable opportunity for the green technology and sustainability market. Smart sensors can be utilized in the agriculture sector to gauge quality of soil, weather conditions, and crop performance in order to assess demand forecasts for seasons. RFID and sensors can be used in combination to provide recycling, waste management, energy-efficient production, and others.
Modernization of IT Infrastructure and Stringent Building Regulations to Propel Market Demand
The focus of companies to encourage sustainability to lower challenges of climate change and reduce energy consumption can drive market growth. Corporate practices encouraging modular construction, lower business risks, and delivery of new technologies can spur market growth. Increasing consumer awareness of new government regulations as well as policies for sustainability can drive the market.
High Product Costs to Restrain Market Growth
Huge products costs associated with green technology owing to capital-intensive nature of building of solar and wind farms can limit market growth. Removal of waivers and subsidies on renewable energy production and ban on exports from components from China can pose a challenge to market growth.
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Segmentation of Market Covered in the Research:
Blockchain Technology to Dominate Global Market
Based on technology, the global green technology and sustainability market has been segmented into security, blockchain, Internet of things (IoT), artificial intelligence (AI) and analytics, digital twin, and cloud computing. The blockchain technology is set to dominate market demand over the forecast period due to transparency in data and security of data. Maintenance of green grids by optimizing renewable energy can bode well for the segment.
Green Building to be Leading Market Application
Based on application, the green technology and sustainability market has been segmented into weather monitoring and forecasting, soil condition/moisture monitoring, green building, water purification, carbon footprint management, water leak detection, fire detection, crop monitoring, forest monitoring, air and water pollution monitoring, and sustainable mining and exploration. Green buildings are likely to be developed in the coming years owing to sustainability targets and efforts by countries in lowering carbon emission levels.
North America to Lead in Global Market Demand
North America is expected to lead the global market owing to early adoption of new technologies and inclination to sustainability initiatives. This is evident with energy companies adopting green approaches and establishment of solar and wind farms.
APAC to Exhibit Robust Growth
APAC is touted to favorable for the green technology and sustainability market owing to integration of advanced technologies and efforts to combat levels of emissions. Digital enterprises and new startups are embracing the technology to combat overconsumption of fossil fuels, deforestation, and natural disasters. High economic growth in India, Japan, and China can be lucrative for companies to invest in the region.
COVID-19 Impact on the Global Green Technology and Sustainability Market
The COVID-19 outbreak can accelerate the demand for green technology owing to efforts to tackle climate change and curb emission levels. Focus of governments on protecting the environment, investments in renewable energy generation, and surge in use cases across various industries can drive market growth. Embracing sustainability and adopting green approaches for tracking net-zero carbon emissions by enterprises can bode well for the market. Need for alliances to curb energy requirements and lower its environmental impact can evoke market demand significantly.
Banco Bilbao Vizcaya Argentaria, S.A., a Spanish multinational firm, has joined the coalition of ‘Every Action Counts’ for supporting initiatives of green energy and sustainable technologies.
Infusion of capital to economies by governments through funds and grants to develop new green technologies such as carbon capture and storage, greenhouse gas removal, and green hydrogen generation can drive market growth.
Collaborations and alliances are likely to be witnessed in the coming years as countries face climate change problems caused by high carbon emissions. This is evident with melting of glaciers and sudden eruption of forests. The European Union (EU) and the U.S. government are likely to enter a partnership to fight global warming after the effects of the pandemic. Focus on scaling of technologies away from fossil fuels and transition to renewable technologies can bode well for the market. Allocation of funds between countries to tune of USD 2.8 billion for fighting climate change and meeting realistic targets can drive market growth
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