The global green technology and sustainability market size was valued at USD 12.90 Billion in 2021, presumed to reach USD 74.99 Billion, expanding at a CAGR of 24.6% during the forecast period. Green technology, sometimes called sustainable technology, uses a variety of sustainable energy sources to safeguard the environment. Green technology or eco-technology is also known as sustainable technology or environmental technology. It encompasses a variety of constantly expanding systems for producing energy as well as non-toxic cleaning solutions. It considers both a thing's immediate and long-term effects on the environment. Solar power, LED lighting, wind power, electric vehicles, vertical farming, and composting are a few of the most compelling examples of green technology.
Additionally, several nations use green technology to manage and recycle waste products collected from businesses and households. Green technology's primary goals are to halt global warming and lessen the greenhouse effect. The basic concept is the development of innovative technologies that do not harm the environment. Green technology also enables businesses to use less energy, less water, less trash, and less emission than traditional technology. The advantages of sustainable technology have a huge global impact on its uptake.
Green technology involves a range of actions. It offers a few elementary tasks that anyone can complete at home. The scope of green technology also includes some highly specialized devices. The main reasons driving the worldwide green technology and sustainability market are the rise in environmental awareness and the growing concern among businesses and individuals about global warming. Additionally, increasing consumer and industry interest in using clean energy resources and increasing the deployment of radio frequency identification (RFID) sensors that reduce carbon emissions are key factors anticipated to enhance market growth in the upcoming years. However, a significant factor that is expected to restrain the green technology and sustainability market's growth to some extent is the high cost of the products and solutions related to green technology and sustainability solutions.
Get more information on this report Download Sample Report
The Growing Concerns and Awareness Regarding Environment and Use of RFID Sensors
Green technologies have recently come into existence due to environmental issues endangering human existence, like energy depletion, climate change, and global warming. The necessity for green technology has been recognized by many nations, along with the need for technological change and economic diversification. Additionally, during the projected period, an increase in awareness of the advantages of sustainable solutions is anticipated to accelerate green technology and sustainability market expansion.
Greenery is also the definition of resiliency. Environmentally friendly technologies are becoming more popular due to observable environmental changes and increased usage worldwide. Additionally, over time, applications of man-made technologies have disrupted the ecological balance of nature and harmed the ecosystem. Therefore, a prominent reason that is anticipated to propel the expansion of the market is the use of green technology for various objectives, such as evaluating and monitoring climate and environmental conditions, pollution control, prevention, remediation, and restoration.
The green technology and sustainability market is growing further as more radio-frequency identification (RFID) sensors are used in various industries. Multiple industries are adopting more complex RFID tags to work with RFID sensor technology. Additionally, introducing paper-based substrate into low-cost RFID tag design using conductive ink has significantly reduced the cost of producing electronics. Therefore, thousands of dollars can be saved in the mass manufacturing of electronics by reducing the amount of ink used per antenna.
Additionally, various organic and inexpensive substrates have been identified as complementary to inkjet printing technology. It has developed into a superb mass-production and prototyping technology for next-generation electronics, particularly in RFID, wireless sensors, flex circuits, and thin-film batteries. This crucial element will likely fuel the green technology and sustainability market expansion in the upcoming years.
The Product and Solution Cost
The primary impediment to the mass adoption of green technologies is its high cost for a broader range of applications. The adoption of relevant technology in emerging economies is encouraged or discouraged by factors such as product and service costs; hence, the market for green technology and sustainability will grow slowly due to its high price. Using green technologies, energy production can be switched from cheap sources like coal and oil to more pricey, heavily subsidized sources like solar and wind. However, it is projected that costs would decrease due to the investigation and adoption of new technologies, such as consumable ink. Additionally, this is expected to enhance the amount of energy users' ability to find their optimum energy sources and accelerate global and national energy transitions.
Initiatives to Handle Climate Change and Pollution
Developing economies are embracing clean energy, sustainable production, and consumption practices to promote clean air, sustainable clean energy, and environmentally friendly agriculture, transportation, industry, and waste management. For instance, India joined the Climate & Clean Air Coalition (CCAC) in 2019. It became the 65th nation to do so, according to the United Nations Environment Programme, to battle air pollution with a solutions-focused strategy. Additionally, it is anticipated that climate-friendly and clean-air technologies will be at the forefront of sustainable development. India is one of the world leaders in creating such policies, technology, and infrastructure. Additionally, businesses are funding projects that generate electricity free of carbon emissions in a secure and cost-efficient manner. This will create a lot of prospects for the green technology and sustainability market.
The global green technology and sustainability market is classified based on technology, application, and region.
The segments are the Internet of Things (IoT), cloud computing, artificial intelligence and analytics, digital twin, cybersecurity, and blockchain-based on technology.
The Internet of Things section is projected to advance at a CAGR of 23% and hold the largest market share. Due to the growth of the digital environment, the sheer number of subscribers, and the sheer number of gadgets, energy consumption levels have risen at worrying rates. The introduction of green networks in IoT connection is the main factor propelling the expansion of the IoT technology segment. These networks have reduced pollution & emissions, reduced misuse of environmental conservation & monitoring, and minimized operational expenses & power consumption. Due to the inclusion of green internet, hardware, middleware, and presentation technologies in the IoT category, it is expected that this market will account for the most significant proportion of the overall market. In addition, various IoT applications, such as green construction, carbon footprint control, water leakage, water filtration, fire detection, and sustainable mining & exploration, are significant drivers of the segment's growth in the global market over the next few years.
The cloud computing section will hold the second-largest market share. Resource efficiency and energy efficiency are two critical components of a green IT approach addressed by cloud infrastructure design and architecture. Thus, virtualization is essential for deploying cloud-based infrastructure because it enables a physical server to run many operating system images simultaneously, increasing resource efficiency. Therefore, a key element driving the market's growth is the increase in cloud computing implementation. Additionally, expanding smart city programs incorporating cloud computing services contributes to the segment's growth. The use of automation software in a green cloud computing network enables businesses to maximize resource consumption and consolidation to increase productivity, self-service, and pay-per-use advantages.
Based on the application, the segments include green building, carbon footprint management, weather monitoring and forecasting, air and water pollution monitoring, forest monitoring, crop monitoring, soil condition/moisture monitoring, water purification, and others.
The green building section is projected to advance at a CAGR of 24.3% and hold the largest market share. Applications for green buildings frequently make use of sustainable products and equipment. Green technology and sustainability solutions are quickly being used to develop green building applications to safeguard the environment and reduce construction costs. Major building contractors want to build net-zero structures to balance the buildings' energy consumption with their energy generation, which is a significant element in the segment's growth. In addition, several key reasons, including the development of significant green building trends like Climate Resiliency, Green Star Certification, LEED Certification, and many others, are anticipated to significantly accelerate the growth of the global market.
The carbon footprint management section will hold the second-largest share. Due to growing environmental concerns, businesses understand the need to decrease their carbon footprints. As a result, various industries are incorporating green technologies into their daily operations. The emergence of green technologies like cloud computing and analytics assists industries in measuring their operating expenses, carbon footprints, and environmental consequences, which is anticipated to fuel the segment's expansion. Major IT companies like Google, Microsoft, and AT&T are committed to minimizing their environmental impact.
The region-wise segmentation of the global green technology and sustainability market includes North America, Europe, Asia-Pacific, and LAMEA.
North America and Europe will Dominate the Regional Market
Regional Growth Insights Request Sample Pages
North America will command the market with the largest share while growing at a CAGR of 23.7%. North America has benefited from the power of green technology because of its advanced IT infrastructure and ongoing commercial research and innovation initiatives. Additionally, nations in the region use technologically based renewable energy sources, such as solar electricity and wind turbines. Countries in North America have recently benefited from cutting-edge energy-saving devices. In North America, there have been a lot of green building programs, which have significantly reduced greenhouse gas emissions and the need for fossil fuels.
Additionally, green technology has ensured North America's competitiveness in the global market for cutting-edge technologies, luxurious goods, and practices, which has fueled the industry's expansion. These improvements include advanced building materials, highly effective appliances, effective cooling and heating systems, water-reclamation systems, energy-efficient lighting, cutting-edge insulation systems, and many others. These have encouraged the expansion of the region's green technology and sustainability market. The green technology and sustainability market is also expanding due to the energy sector's shift from globally conventional power sources to renewable energy sources.
Europe will expand at a CAGR of 24.9% and hold USD 28,827 million. The industrial revolution sparked exceptional economic growth for European nations due to the region's governments' focus on raising living standards and mobilizing vast resources across the continent. Outstanding development in Europe's transitional economies has strengthened economic reorganization and increased production effectiveness. Additionally, it is anticipated that Eastern Europe's transition economies, which are resource-rich in renewable resources, would continue to attract most of the region's energy-intensive nations. Additionally, adaptative measures are intended to enhance Europe's infrastructure's resiliency to climate change and readiness for extreme weather events, which is projected to fuel the green technology and sustainability market's expansion in that region.
List of key green technology and sustainability market manufacturers profiled