Improved environmental awareness, more investments, and growth in sustainability are expected to increase the growth of the Green Technology and Sustainability Market during the forecast period of 2024-2028.
According to TechSci Research report, “Green Technology and Sustainability Market – By Region, Competition Forecast & Opportunities, 2018-2028, the Global Green Technology and Sustainability Market is anticipated to register a robust growth during the forecast period, 2024-2028”. Industrialization, urbanization, population expansion, deforestation, etc. are some of the main factors contributing to environmental degradation. These factors have a detrimental impact on human health, lack of biodiversity, ozone layer depletion, and other key environmental issues. As a result, governments in developed and developing nations are establishing strict environmental requirements for contracts in an effort to reduce their carbon footprints through the use of environmentally friendly goods and services, while also motivating others to adopt more sustainable production and consumption habits. Like the Compensatory Afforestation Bill, River and Water Conservation, Forest Conservation, National Green Tribunal, Solar and Renewable Energy, National Clean Air Program, Green Skill Development Program (GSDP), etc., India has implemented a number of measures to reduce pollution, maintain ecological balance, increase forest area, and keep its rivers clean.
Additionally, the COVID-19 pandemic may have hampered investment in green energy technologies by impeding environmental legislation efforts and slowing the economy. Due to closures, lockdowns, quarantine measures, and restrictions, the world’s major economies of several countries such as India, Saudi Arabia are downturn in 2020. Due to the global pandemic, activities, including gathering, traveling, attending conferences, and socializing, were suspended. During this time, there was a sharp decline in the demand for energy, which meant that less CO2 was emitted into the atmosphere globally. For 2020, it can be concluded that all energy-related industries have experienced a sharp decline, including aviation, which results in lower jet fuel consumption, and transportation, which results in lower consumption.
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Global Green Technology and Sustainability Market is segmented into component, technology, application region, and competitive landscape.
On the basis of Technology, the IoT is expected to be dominant in the Global Green Technology and Sustainability Market. The growth of IoT has resulted in improving connectivity amongst different devices worldwide. It has contributed largely to reducing energy waste by converting normal devices into smart devices, giving them the ability to collect energy data which can then be analyzed to boost delivery and efficiency for environmental resilience. Thus, IoT has resulted in building Smart Technology which promotes environmental sustainability by optimizing the use of conventional power sources, making reuse of materials, and recycling products, thereby further reducing waste and carbon emissions. The sustainable solutions range from smart homes, smart healthcare, smart agriculture, smart cities, etc. The positive impact of the IoT is improving the quality of life while raising environmental sustainability initiatives.
On the basis of regional analysis, North America is expected to dominate the Global Green Technology and Sustainability Market due to the presence of a wide range of green technologies. The growth in the region is also majorly due to increasing government initiatives and a wide base of key manufacturers implementing green technology. Major players are involved in R&D and integrating advanced technologies to overcome challenges related to climate change such as rise in levels of emissions, pollution, and waste. Moreover, early adoption of new technologies and inclination towards sustainability initiatives along with energy companies adopting green approaches and establishment of solar and wind farms are likely to contribute to the market growth.
Major market players operating in the Global Green Technology and Sustainability Market are:
- General Electric Company
- Wolters Kluwer N.V.
- Salesforce.com Inc
- Microsoft Corporation
- Schneider Electric Infrastructure Ltd
- Engie Impact
- Sensus USA, Inc.
- Enviance, Inc
- Intelex Technologies Inc.
- CropX Inc.
- Oracle Corporation
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“The Global Green technology and Sustainability marketwill only continue to expand due to increased environmental consciousness and the growing concerns of businesses and individuals about global warming and other significant environmental issues. In addition, governments throughout the world are beginning to invest in firms that use green technology to reduce carbon emissions and improve energy efficiency.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Green Technology and Sustainability Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2018-2028. Segmented By Component (Solution, Services {Consulting, Integration and Technology, Support and Maintenance}), By Technology (IoT, AI and Analytics, Digital Twin, Cloud Computing, Security, Blockchain), By Application (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, Sustainable Mining and Exploration), By Region, has evaluated the future growth potential of Global Green Technology and Sustainability Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Green Technology and Sustainability Market.
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