August 24, 2022 06:15 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, Aug. 24, 2022 (GLOBE NEWSWIRE) — The Green Technology and Sustainability market Size is expected to grow from USD 13.76 billion in 2022 to USD 51.09 billion by 2029, exhibiting a CAGR of 20.6% during the forecast period, 2022-2029 This vital information is presented by Fortune Business Insights™, in its report, titled, “Green Technology and Sustainability Market, 2022-2029.” As per The global green technology and sustainability market size was valued at USD 11.49 billion by 2021.
Green technology and sustainability are services and solutions deployed across carbon footprint management, water pollution monitoring, air pollution monitoring, crop monitoring, and green buildings. The rising carbon footprint across the globe is expected to enhance the demand for solutions. Furthermore, rising government focus on developing a decarbonized economy may fuel the industry progress in the coming years.
Players Engage in Partnerships to Reinforce Market Position
The prominent companies operating in the market engage in partnerships to reinforce their market position. For example, CropX Inc. engaged in a strategic partnership with NASA Harvest Food Security and Agriculture Program in March 2021. This development may enable the company to attract consumers and boost its market position. Further, the adoption of expansions, mergers, acquisitions, product launches, and the incorporation of advanced technologies may enable manufacturers to boost their annual revenues.
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Report Scope & Segmentation
Increased Adoption of Electric Vehicles to Fuel Market Development
This market is likely to be positively impacted during the COVID-19 pandemic due to the rising adoption of electric vehicles. The resumption of activities is expected to generate remunerative opportunities for the market. Further, the exponential rise in fuel prices and increasing pollution levels led to the adoption of alternative non-pollutant solutions. In addition, increasing worldwide electrification trends are expected to enhance the market growth during the pandemic.
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Drivers and Restraints
Rising Green Data Center Adoption to Boost Market Development
The rising adoption of green data centers and cloud services for monitoring pollution is expected to boost adoption. Further, the adoption of data centers for data management and storage may boost investment in green technology. Moreover, increasing industrial and consumer interest is expected to boost the adoption of green technology and sustainability. Also, the rising greenhouse gas emissions are expected to attract investments in developing a sustainable green economy. In addition, the rising government initiatives for achieving zero emissions may drive green technology and sustainability market growth.
However, the high costs associated with implementing the services are expected to hinder market progress.
Presence of a Wide Range of Green Technology Vendors to Boost Growth in North America
North America is projected to dominate the green technology and sustainability market share due to the presence of a wide range of green technologies. The market in North America stood at USD 4.19 billion in 2021 and is expected to grow positively in the coming years. Further, major market players plan to expand businesses worldwide, which may enhance the industry growth.
In Europe, increasing government initiatives to demonstrate low carbon technologies may enhance green technology and sustainability sales. Further, the rising support for grid solutions, carbon capture and storage, and energy storage is expected to boost the market development.
In Asia Pacific, the rapid transition toward a renewable energy future in India, Japan, Taiwan, China, and South Korea is expected to bolster industry growth. These factors may propel the green technology and sustainability industry progress.
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By component, the market is bifurcated into services and solutions. As per industry, it is classified into air and water pollution monitoring, carbon footprint management, crop monitoring, fire detection, green building, soil condition/moisture monitoring, sustainable mining and exploration, water management, weather monitoring and forecasting, and others. Regionally, it is clubbed into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
The report provides a detailed analysis of the top segments and latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Key Industry Development
April 2021: General Electric declared that it shall supply renewable energy to approximately 42 Onshore Wind turbines to develop CleanMax Wind Hybrid Projects in India. This renewable energy is anticipated to be of totaling around 110MW.
List of Key Players Mentioned in the Report:
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Major Table of Contents:
How big is the Green Technology and Sustainability Market?
The market is projected to grow from USD 13.76 billion in 2022 to USD 51.09 billion by 2029, exhibiting a CAGR of 20.6% during the forecast period.
How big is Green Technology and Sustainability Market In North America?
The market in North America stood at USD 4.19 billion in 2021 and is expected to gain a huge portion of the market share in the coming years.
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