"Green Technology and Sustainability Market is valued at USD 14.32 Billion in 2021 and expected to reach USD 77.13 Billion in 2028 with the CAGR of 27.2% over the forecast period."
Increasing growth of inclusive and sustainable industrial development, awareness about the clean environment as well as surge in government initiatives to tackle pollution and climate change are some of the important factors driving the growth of Global Green Technology and Sustainability Market.
Green technology (GT) is a field of new innovative ways to make environmental friendly changes in life by reducing the amount of waste & pollution. Green technology with sustainable development has provided various applications in products, equipment and systems which are being used to conserve the natural environment and resources. It focuses on minimizing and reducing the negative impact of human activities. It includes the usage of an alternative source of technology that reduces fossil fuels and demonstrates less damage to the human, animal, and plant health, as well as damage to the world. Hence, it is essential to conserve natural resources and the environment by the use of green technology. The environmental and clean technology is adopted that meets present needs without compromising the ability of future generations. The term sustainable development is the process of the allocation of investments, exploitation of natural resources, and the process of technological development and organizational changes in collaboration for both current and future generations demand.
The global green technology and sustainability is segmented on the basis of product type, application, and region & country level. On the basis of product type, the market is classified as Internet of Things (IoT), artificial intelligence (AI) and analytics, blockchain, cloud computing, security, digital twin and others. According to Federation of Indian Chambers of Commerce & Industry, the global IoT market including for sustainable development is expected to reach USD 1.1 trillion by 2025 with 17% CAGR (Compound Annual Growth Rate) from 2017 to 2025. On the basis of application, the global green technology and sustainability, market is segmented into weather monitoring and forecasting, soil condition/moisture monitoring, crop monitoring, air and water pollution monitoring, sustainable mining and exploration, carbon footprint management, green building, water leak detection, fire detection, water purification and others.
The regions covered in global green technology and sustainability market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global green technology and sustainability market sub divided in U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Global Green Technology and Sustainability market reports cover prominent players like,
Global Green Technology and Sustainability Market Dynamics–
Increasing demand of inclusive and sustainable industrial development, awareness about the clean environment as well as surge in government initiatives to tackle pollution and climate change are some of the major factors expected to drive the market growth. Various governments are taking initiatives for the green and sustainable development by implementing the advanced technology and investing in the renewable and clean energy sources to combat the pollution for pollution-free environment. According to the sustainable development goal 7, the global renewable energy share of total final energy consumption was 16.6% in 2010 and gradually increased to 17.5% in 2016, to meet climate change goals.
According to the department of industry, science energy resources of Australia in 2017, the government initialized USD 5 million programs to support local responses to climate change through the installation of rooftop solar panels, as well as invested USD 10 Billion in renewable energy, energy efficiency and low emissions technologies for competitive economy and to be sustainable in a carbon-constrained world. However, high investment required for the adoption of advanced technology for the sustainable development may hamper the market growth. Moreover, rising focus on emerging technologies such as 5G, artificial intelligence, digital twin, edge computing, immersive user experience and etc. in various sectors such as manufacturing, utilities, transport and logistics, agriculture, oil and gas and smart cities to support the cleaner and greener environment can create huge opportunity for the further growth of the global green technology and sustainability market.
Green Technology and Sustainability Market Regional Analysis–
North America is expected to dominate the global green technology and sustainability market with the potential rate due to presence of advanced technology and resources to achieve clean power through renewable energy resources, in this region. In addition, North America strives to achieve a goal of clean power generation including renewable, nuclear, and carbon capture and storage technologies, as well as demand reduction through energy efficiency by 2025 up to 50% of its total usage. Thus, certain actions are being undertaken by each country individuals to achieve this 50% clean energy goal in accordance with their own conditions, specific legal frameworks and clean energy national goals in this region. The U.S. General Services Administration and Public Services and Procurement Canada announced that their intention to generate the percentage of electricity from clean energy sources to 100% by 2025.
Europe is the second largest region in the global green and sustainable technology market due to the rapid adoption of advanced technology and government initiatives to curb the carbon emissions. The Asia Pacific is the largest still the world's strongest growth market in the global green technology and sustainability due to the rapid adoption of advanced technology like IoT, artificial intelligence etc. as well as surge in population. According to FICCII, IoT adoption in Asia Pacific (APAC) is growing at highest rate, in India the IoT market is expected to grow at rate of 62% CAGR and reach USD 9 billion by 2020 followed by Japan.
Key Benefits for Green Technology and Sustainability Market Report–
Global Green Technology and Sustainability market report covers in depth historical and forecast analysis.
Global Green Technology and Sustainability Market research report provides detail information about Market Introduction, Market Summary, Global market Revenue (Revenue USD), Market Drivers, Market Restraints, Market opportunities, Competitive Analysis, Regional and Country Level.
Global Green Technology and Sustainability market report helps to identify opportunities in market place.
Global Green Technology and Sustainability market report covers extensive analysis of emerging trends and competitive landscape.
Regional & Country Analysis
North America, U.S., Mexico, Canada , Europe, UK, France, Germany, Italy , Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of Middle East and Africa
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