The Green Technology and Sustainability Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Green Technology and Sustainability Global Market Report 2024, The green technology and sustainability market size has grown exponentially in recent years. It will grow from $15.28 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to investment and funding, renewable energy expansion, corporate sustainability initiatives, waste management solutions, energy efficiency programs, urbanization and sustainable infrastructure..
The green technology and sustainability market size is expected to see exponential growth in the next few years. It will grow to $44.55 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to consumer demand for sustainability, energy efficiency improvements, circular economy adoption, corporate sustainability commitments, climate change concerns.. Major trends in the forecast period include climate change mitigation, investment in r&d, corporate sustainability commitments, circular economy initiatives, urban sustainability..
The exponential rise in fuel prices and increasing pollution levels are expected to propel green technology and sustainability market growth going forward. The rise in fuel prices refers to the surge in gasoline prices in the international market. Pollution is caused by many human activities, including using fossil fuels by industry and transportation and using synthetic fertilizers and pesticides in agriculture. Due to such reason, there is an increase in demand for green technology and sustainability to harness natural energy using solar panels, wind turbines, dams, and geothermal wells, among other things. For instance, in January 2022, according to US department of energy, a government department in US, retail gasoline prices rose across the United States. The retail price of standard-grade gasoline ranged from $2.67/gal on the Gulf Coast to $3.70/gal on the West Coast in 2021. Therefore, the exponential rise in fuel prices and growing pollution levels will drive the green technology and sustainability market.
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The green technology and sustainability market covered in this report is segmented –
1) By Component: Solution, Services
2) By Technology: Internet of things (IoT), AI And Analytics, Digital Twin, Cloud Computing, Security, Block-chain
3) By Application: Green Building, Carbon Footprint Management, Weather Monitoring and Forecasting, Air And Water Pollution Monitoring, Forest Monitoring, Crop Monitoring, Soil Condition and Moisture Monitoring, Water Purification, Other Applications
Technological advancements and the adoption of innovative technologies are the key trends gaining popularity in the green technology and sustainability market. Many players are investing heavily in technical improvements to deliver sustainable solutions and lessen their reliance on fossil resources. For instance, in November 2022, ABB Ltd., a Switzerland-based electrification and automation company, launched ABB Ability OPTIMAX, an energy management system for green hydrogen. This management system will assist hydrogen manufacturing companies in reducing electricity-related expenditures by up to 20%. It incorporates forecasting and intra-day planning and ensures that businesses can trade competitively with the grid.
The green technology and sustainability market report table of contents includes:
- Executive Summary
- Green Technology and Sustainability Market Characteristics
- Green Technology and Sustainability Market Trends And Strategies
- Green Technology and Sustainability Market – Macro Economic Scenario
- Global Green Technology and Sustainability Market Size and Growth
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- Global Green Technology and Sustainability Market Competitive Benchmarking
- Global Green Technology and Sustainability Market Competitive Dashboard
- Key Mergers And Acquisitions In The Green Technology and Sustainability Market
- Green Technology and Sustainability Market Future Outlook and Potential Analysis
- Appendix
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