Allied Market
The global green technology and sustainability market is analyzed across technology, application, enterprise size and region
PORTLAND, OR , UNITED STATES, UNITED STATES, May 5, 2023 /EINPresswire.com/ — Green technology is a set of products, processes, applications, and practices that are created and used to conserve natural resources and the environment. Conversely, sustainability is referred to as the pathway that overcomes environmental challenges and supports economic & social progress.
The global green technology and sustainability market size was valued at $10.32 billion in 2020, and is projected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030.
The green technology is gaining high traction in the global green technology and sustainability market, as it includes products, equipment, and systems to conserve natural resources and minimize & reduce the negative impact on environment by human activities. Several countries have developed and adopted green strategies to promote the development of renewable energy technologies, and its wide adoption is witnessed for electric grid applications.
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Major industry players such as – CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc.
Moreover, surge in environmental awareness and increase in concerns among organizations & individuals about global warming augment the growth of the market. In addition, upsurge in adoption of RFID sensors that minimizes carbon emissions and increase in consumer & industrial interest for use of clean energy resources are projected to notably contribute toward the growth of the market in the coming years. Favorable government and private initiatives to tackle climate change and air pollution is an opportunistic factor of the green technology and sustainability market.
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Region wise, the green technology and sustainability market was dominated by North America in 2020, and is expected to retain its position during the forecast period. This is attributed to increase in number of green building initiatives in the region. In addition, smart devices in the region operate on low emission deployed networks, which is a key growth factor of the market. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to factors such as favorable government initiatives toward adoption of green technology and high adoption of frontier technologies to promote new sources of economic & employment growth, support structural transformation, and empower access to new opportunities & markets.
The green building segment is expected to garner a significant share during the forecast period. This is attributed to proliferation of major green building trends such as Climate Resiliency, Green Star Certification, and LEED Certification. However, the crop monitoring segment is expected to grow at the highest rate during the forecast period, owing to rise in adoption of artificial intelligence (AI) and Internet of Things (IoT)-enabled crop monitoring systems among the general public of emerging countries.
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Some of the Recent Product Launches, Announces and Merger in Green Technology and Sustainability Market-
• Product Launch – Green Energy Storage launched its modular battery solution, which allows for flexible and scalable energy storage for homes, businesses, and utility-scale applications. The solution uses lithium-ion phosphate batteries, which are known for their safety and long lifespan.
• Announcement: In 2021, PepsiCo announced a set of ambitious sustainability goals, including net-zero emissions by 2040, 100% renewable electricity globally by 2030, and reducing greenhouse gas emissions by 40% by 2030. The company aims to reduce its environmental impact and promote sustainable practices throughout its operations.
• Merger: In 2021, Dutch multinational DSM acquired CSK Food Enrichment, a company specializing in fermentation-based food ingredients. The acquisition will enable DSM to expand its portfolio of sustainable and healthier food solutions.
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The report provides a detailed analysis of key market players operating in the global market. They adopted numerous strategies such as new product launches, collaborations, business expansion, partnerships, mergers and acquisitions, joint ventures, and more in order to stay competitive in the market.
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