As per the research, the global green technology and sustainability market is expected to grow from USD 11.5 billion in 2020 and reach USD 73.52 billion by 2028, growing at a CAGR of 26.1% during the forecast period 2021-2028.
The green technology and sustainability market is witnessing significant growth in the past years. This growth is attributed to advancements in technologies IoT, Artificial Intelligence, and analytics. The increasing industrial and consumer interest in the utilization of clean energy resources in order to preserve the environment and the rise in the use of RFID sensors in several industries is driving the green technology and sustainability market. The favorable government and private initiatives to encourage green technology and sustainability are driving the market. Green technology and sustainability help in minimizing waste production.
Green technology is a concept that encourages the adoption and creation of innovations and technologies. Green technology and sustainability aim at minimizing disturbance and depletion of natural resources. A set of goals drives the adoption of green technology across various industries. The plans are focused on creating sustainable technology solutions that effectively reduce the damage caused to nature. Green technology is vastly called clean technology production. Green energy is generated as a substitute for natural fuel which is less harmful to nature than fossil fuels. Green technology helps to reduce the amount of pollution and waste created during manufacturing and consumption.
The increasing public concerns and awareness regarding environmental security and safety have created lucrative demand for green technology and sustainability. Consumer demanding products that are less harmful to the environment has allowed manufacturers to implement green manufacturing to generate solutions and products. Green technology and sustainability help in minimizing waste production. The low carbon emission through telecom and IT infrastructure improvement has caused a surge in green technology and sustainability. Improved utilization of RFID sensors in several industries acts as a driving factor for the green technology and sustainability market. The rise in the adoption of green technology solutions within the organization magnifies the sustainability performance & compliance with environmental regulations. These are the factors driving the global market of green technology and sustainability. Factor such as the high cost of green technology and sustainability solution limits the global market growth of green technology and sustainability.
Some notable players in the market are Enablon France SA, CropX Inc., Enviance Inc., Tech Mahindra Limited, IBM Corporation, General Electric, Hortau Inc., and Oracle Corporation. To gain a significant market share in the global green technology and sustainability market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships. Enablon France SA and IBM Corporation are some of the key manufacturers operating in the green technology and sustainability market.
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The Cloud computing segment dominated the market and held the largest market share of 45.1% in the year 2020
On the basis of technology, the global green technology and sustainability market is segmented into AI & analytics, IoT, cloud computing, and digital twin. The cloud computing segment dominated the market and held the largest market share of 45.1% in the year 2020. This growth is attributed to the benefits of the cloud to offer real-time remote access to data through satellite images, weather, and sensors.
The Green building segment dominated the market and held the largest market share of 48.7% in the year 2020
On the basis of application, the global green technology and sustainability market is segmented into carbon footprint management, green building, and weather forecasting & monitoring. The green building segment dominated the market and held the largest market share of 48.7% in the year 2020. This growth is attributed to the increased need to remotely monitor the health & condition of crops and sanction farmers to implement prompt intervention which ensures optimal yield at the end of the season.