DUBLIN, March 6, 2024 /PRNewswire/ — The “Global Green Technology & Sustainability Market by Offering (Solutions, and Services), Technology (IOT, Al & ML, Cloud Computing, Edge Computing, Digital Twin, Blockchain), Vertical (Manufacturing, Energy & Utilities) and Region – Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The global market for green technology and sustainability is projected to grow from USD 28.6 billion in 2024 to USD 134.9 billion by 2030, at a CAGR of 29.5% during the forecast period. Global businesses are undergoing a significant transformation by embracing green technology and sustainability initiatives. Key drivers include increasing environmental awareness, stringent regulations, and the pursuit of cost efficiencies. Companies are incorporating eco-friendly practices across their operations, from supply chain management to product development.
Renewable energy adoption, waste reduction strategies, and sustainable sourcing are becoming standard practices. Moreover, businesses are recognizing the competitive advantage of portraying a green image, attracting environmentally conscious consumers and investors. This shift towards sustainability is reshaping industries, fostering innovation, and aligning businesses with the growing global emphasis on environmental responsibility.
The retail & consumer goods vertical is projected to hold the largest CAGR during the forecast period
The retail and consumer goods sector is poised for significant growth in the green technology and sustainability space. This growth is driven by several key factors. There is a substantial increase in consumer demand for eco-friendly and sustainable products, particularly among the younger generations. This demand is pushing retailers to offer more sustainable options. Also, regulatory pressure is mounting, compelling retailers to integrate sustainability practices across their supply chains. Additionally, technological advancements and the adoption of sustainability-enhancing technologies are playing a pivotal role in making the retail sector more sustainable. These factors collectively point to a robust growth trajectory for the retail & consumer goods sector in the green technology & sustainability domain.
Among technology, IoT to account for the largest market during the forecast period
The Internet of Things (IoT) is significantly impacting the green technology and sustainability market. IoT is emerging as a viable technology for environmental sustainability solutions due to its ability to offer efficiency, accessibility, and real-time monitoring and control of environmental conditions. IoT devices can collect and share data, enabling the automation of smart decisions to reduce waste and environmental impact. In the context of green technology and sustainability, IoT is being used in various applications such as smart grids for optimizing electricity distribution, monitoring soil conditions in agriculture, and promoting sustainable farming practices. The IoT segment held a dominant market share in the green technology and sustainability market, and its ability to enhance resource efficiency and environmental monitoring positions it as a key player in driving the market’s growth.
Among Services, professional services is anticipated to account for the largest market share during the forecast period
Professional services firms are playing a crucial role in driving the growth of the green technology and sustainability market. According to SAP Insights, professional services firms are prioritizing measures that help them run more efficiently and reduce their environmental impact, such as office utilization and travel. They are also connecting sustainability to their overall service delivery and innovation strategies. Additionally, professional and managed services, including consulting, integration, deployment, support, and maintenance, are among the big growth areas in the market. Green IT consulting firms can help organizations mitigate transition risks in green IT and software adoption, and by nurturing a collaborative ecosystem of stakeholders within the value chain, organizations can benefit from green IT and software.
North America to account for the largest market size during the forecast period
The region’s growth can be attributed to its initiatives and investments in promoting sustainable policies and the purchase of sustainable products and services. Major players in the green technology and sustainability market, such as Microsoft, GE, IBM, Oracle, Engie Impact, and many more are based in North America. These companies are expanding their business presence globally by embracing various corporate mergers and partnerships. The North American Climate, Energy, and Environment Partnership encourages the adoption of sustainable policies and the purchase of sustainable products and services, prioritizing soil health, biodiversity, and ecosystem services. Overall, North America’s leadership in green technology & sustainability is driving the market’s growth and setting a global example for other regions to follow.
Key Topics Covered:
Executive Summary
- Global Green Technology & Sustainability Market and Growth Rate, 2019-2023 (USD Million, Y-O-Y)
- Global Green Technology & Sustainability Market and Growth Rate, 2024-2030 (USD Million, Y-O-Y)
- Solutions Segment to Account for Larger Market During Forecast Period
- Cloud Deployment Mode to Account for Larger Market Share During Forecast Period
- Professional Services Segment to Account for Larger Market Share During Forecast Period
- Consulting Services Segment to Hold Largest Market During Forecast Period
- Internet of Things Segment to Account for Largest Market During Forecast Period
- Energy & Utilities Segment to Account for Largest Market Share During Forecast Period
- North America to Account for Largest Market Share During Forecast Period
Premium Insights
- Attractive Opportunities in Green Technology & Sustainability Market – Emergence of Advanced AI Technologies to Fuel Demand for Green Technology & Sustainability Solutions
- Overview of Recession in Global Green Technology & Sustainability Market – Green Technology & Sustainability Market to Witness Minor Decline in Y-O-Y Growth in 2024
- Green Technology & Sustainability Market: Top Three Technologies, 2024-2030 – IoT Segment to Account for Largest Market Share During Forecast Period
- Green Technology & Sustainability Market, by Offering and Key Vertical, 2024 – Solutions and Energy & Utilities Segments to Account for Significant Market Shares in 2024
- Green Technology & Sustainability Market, by Region, 2024 – North America to Account for Largest Market Share During Forecast Period
Market Dynamics
Drivers
- Growing Environmental Awareness and Concerns
- Rise in Government Initiatives for Low-Carbon Policies
- Increasing Consumer and Industrial Interests in Clean Energy Resources to Conserve Environment
- Surging Demand for AI-Driven Recycling Technologies to Fuel Green Innovations and Sustainability
Restraints
- High Costs for Deployment of Green Technology and Sustainability Solutions
- Lack of Robust Infrastructure
Opportunities
- Rise in Initiatives to Tackle Climate Change and Air Pollution
- Adoption of Advanced Technologies Across Industries
- Transformation of IT and Telecom Infrastructure for Low Carbon Emissions
Challenges
- Lack of Tailored Solutions to Address Unique Environmental Issues
- Lack of Regulations for Green Technology
- Dynamic Nature of Consumer Preferences
Case Study Analysis
- Engie Impact Guided Isbank to Build Energy-Efficient Data Centers to Attain Sustainability
- Arizona State Government Deployed Sensus’ Smart Solution to Improve Water Infrastructure
- Smart City of Varanasi in India Opted for Oizom Air Quality Monitoring Equipment to Reduce Pollution
- GE Helped Bord Gais Energy Reduce Unplanned Downtime
- Indriati Hospital in Indonesia Implemented Schneider Electric’s Ecostruxure Solution to Attain Sustainability
- Enviance System Helped Koch Fertilizer Centralize Documentation and Deploy New Internal Programs Faster
- JCB Manufacturing Plant in India Opted for Oizom Dust Monitoring Solutions for Better Working Environment
- Oizom’s Polludrone Smart Solution Helped Mumbai-based Palava City Achieve Real-Time Air Quality Monitoring
- Havertys Furniture Company Opted for Engie Impact Data-Driven Energy Management Strategy to Establish Sustainability
Technology Analysis
Key Technologies
- AI & ML
- Cloud Computing
- Internet of Things
- Big Data Analytics
Complementary Technologies
- Smart Sensor Technologies
- Renewable Energy Storage
- Sustainable Manufacturing
Adjacent Technologies
- Blockchain
- 3D Printing
- Digital Twin
- Nanotechnology
Business Models of Green Technology & Sustainability Market
- Digital Marketplaces Model
- Sharing Economy Model
- Product-As-A Service Model
- Reuse and Recycling Services Model
- Environmental Credits and Carbon Markets Model
Companies Profiled
- GE
- IBM
- Salesforce
- Microsoft
- Schneider Electric
- Wolters Kluwer
- SAP
- Siemens
- Oracle
- Sensus
- Engie Impact
- AWS
- ABB Ltd
- Huawei
- Bt Group
- Ul Solutions
- Diligent
- Ideagen
- Amcs Group
- Cority
- Intelex
- Treeni
- Isometrix
- Consensys
- Cropx Technologies
- Hortau
- Pycno
- Wint
- Envirosoft
- Trace Genomics
- Taranis
- Oizom
- Treevia Forest Technologies
- Factlines
- Enechange Ltd
- Ecocart
- Aquipor Technologies
For more information about this report visit https://www.researchandmarkets.com/r/5yerbo
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