What is the global market size of Green Technology And Sustainability Market?

Global Green Technology And Sustainability Market size was valued at USD 17.8 billion in 2021 and is poised to grow from USD 22.75 billion in 2022 to USD 206.88 billion by 2030, growing at a CAGR of 27.8% in the forecast period (2023-2030).

Global Green Technology And Sustainability Market Size, Share, Growth Analysis, By Technology(Internet of Things (IoT), Cloud Computing), By Application(Green Building, Carbon Footprint Management) - Industry Forecast 2024-2031

Q: What is the key driver of Global Green Technology And Sustainability Market?

The term 'Internet of Things' has been used to denote a variety of technologies and study areas that enable global communication over physical items. RFID, sensor networks, biometrics, and nanotechnologies are increasingly commonplace, propelling IoT ahead to handle a variety of applications such as smart grid, eHealth, and intelligent transportation. Sensors and smart devices connecting via high-speed data can conduct certain duties autonomously, necessitating new forms of green communication between diverse smart devices in which power consumption and bandwidth usage are improved. Smart agricultural sensors, for example, collect data on weather conditions, soil quality, and crop growth progress. This information may be utilised to monitor employee performance and equipment efficiency.

Report ID: SQMIG45B2034 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 72 | Figures: 75

Global Green Technology And Sustainability Market Dynamics

Green Technology and Sustainability Market Driver

The term "Internet of Things" has been used to denote a variety of technologies and study areas that enable global communication over physical items. RFID, sensor networks, biometrics, and nanotechnologies are increasingly commonplace, propelling IoT ahead to handle a variety of applications such as smart grid, eHealth, and intelligent transportation. Sensors and smart devices connecting via high-speed data can conduct certain duties autonomously, necessitating new forms of green communication between diverse smart devices in which power consumption and bandwidth usage are improved. Smart agricultural sensors, for example, collect data on weather conditions, soil quality, and crop growth progress. This information may be utilised to monitor employee performance and equipment efficiency.

Green Technology and Sustainability Market Restraint

Building and constructing solar and wind farms has a significant capital cost. Solar and wind farms, like other renewables, are extremely expensive to run because their fuel is free and maintenance is minimal. As a result, the majority of the money is spent on developing technology-based goods or solutions. Air quality monitoring, carbon footprint management, and air and water pollution monitoring are just a few of the applications where the use of cutting-edge technology IoT sensors necessitates significant maintenance costs. For example, when it comes to air quality monitoring software, which is used for analysing and testing air quality parameters, the detection of chemical and biological components from the air necessitates the use of advanced cutting-edge technologies such as gas sensors, RFID, and PCR-based biosensors, all of which are expensive.

Global Green Technology And Sustainability Market Report Snapshots

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Green Technology And Sustainability Market size was valued at USD 17.8 billion in 2019 and is poised to grow from USD 22.75 billion in 2023 to USD 206.88 billion by 2031, growing at a CAGR of 27.8% in the forecast period (2024-2031).

To expand their Green Technology and Sustainability Market offers, green technology and sustainability vendors have employed a variety of organic and inorganic development tactics, such as new product releases, product upgrades, collaborations and agreements, business expansions, and mergers and acquisitions. 'GE (US)', 'Schneider Electric (France)', 'Siemens AG', 'ABB Ltd.', 'Johnson Controls International plc', 'Honeywell International Inc.', 'Tesla Inc.', 'Panasonic Corporation', 'Vestas Wind Systems A/S', 'Enphase Energy Inc.', 'SunPower Corporation', 'First Solar Inc.', 'Yingli Solar', 'Trina Solar Limited', 'Canadian Solar Inc.', 'Jinko Solar Holding Co., Ltd.', 'Hanwha Q Cells Co. Ltd.', 'LG Electronics Inc.', 'Sharp Corporation', 'Toshiba Corporation'

The term "Internet of Things" has been used to denote a variety of technologies and study areas that enable global communication over physical items. RFID, sensor networks, biometrics, and nanotechnologies are increasingly commonplace, propelling IoT ahead to handle a variety of applications such as smart grid, eHealth, and intelligent transportation. Sensors and smart devices connecting via high-speed data can conduct certain duties autonomously, necessitating new forms of green communication between diverse smart devices in which power consumption and bandwidth usage are improved. Smart agricultural sensors, for example, collect data on weather conditions, soil quality, and crop growth progress. This information may be utilised to monitor employee performance and equipment efficiency.

In recent years, there has been an upsurge in demand for sustainable development. The goal of achieving carbon neutrality has become a global concern. For instance, the European Union's Climate Target Plan intends to reduce harmful gas emissions by 55 percent by 2020 and achieve climate neutrality by 2050. Companies are investing in green and clean technology. For instance, Ford Motor Company opened a USD 11.5 billion electric car plant in January 2020. This will aid in the creation of North America's largest electric vehicle charging network. In the coming years, such initiatives are projected to boost Green Technology and Sustainability Market growth.

North America is expected to have the largest Green Technology and Sustainability Market size by 2021, owing to the region's significant number of green technology and sustainability providers. Vendors are concentrating on R&D and the integration of new technologies to address the problem of climate change and rising levels of emissions, pollution, and waste. APAC is predicted to be an attractive investment market, with the largest CAGR throughout the projection period. This expansion may be ascribed to emerging countries such as China, India, and Singapore focusing on the integration of new technology to improve corporate operations.

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Global Green Technology And Sustainability Market Size, Share, Growth Analysis, By Technology(Internet of Things (IoT), Cloud Computing), By Application(Green Building, Carbon Footprint Management) - Industry Forecast 2024-2031

Global Green Technology And Sustainability Market Dynamics

Global Green Technology And Sustainability Market Report Snapshots

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