Green Technology And Sustainability Market Size , Share, Growth, Analysis and Trends Report | 2031 (2024)

Global Green Technology and Sustainability Market size was valued at USD 17.53 Billion in 2022 and is poised to grow from USD 22.66 Billion in 2023 to USD 177.08 Billion by 2031, growing at a CAGR of 29.3 % in the forecast period (2024-2031).

The demand for green technology and sustainability market is gradually growing due to the rising environmental awareness and concerns related to global warming among companies and people. Green technology utilizes different types of sustainable energy for securing the environment. Few examples of green technology consist of solar panels, LED lighting, wind energy, vertical farming, electric vehicles, and composting. Furthermore, many countries globally have started using green technologies for managing and recycling waste from industries and households. Green technology is also helping many companies in minimizing emissions, conserving water, and decreasing waste. Moreover, these technologies also use less energy in comparison with conventional technologies. These benefits of sustainable technology are positively influencing the green technology and sustainability market. In green technology, solar and wind farms might have high capital expense of construction and installation. But they can be managed easily and inexpensively because their fuel is free. Therefore, most of the investment is made towards developing technology-based products or solutions. Innovative technologies like Internet of Things, sensors, and analytics are necessary for carbon footprint management, air quality monitoring, and air and water pollution tracking. These features and innovative technologies are propelling the growth of green technology and sustainable market.

US Green Technology And Sustainability Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

The global green technology and sustainability market is segmented based on offering, technology, application and region. Based on offering, the market is segmented into Solution and Service. Based on technology, the market is segmented into IoT, AI & ML, Digital Twin, Cloud Computing, Blockchain, Edge Computing, and Cybersecurity. Based on application, the market is segmented based on Retail & Consumer, Automotive & Transportation, Energy & Utilities, Chemicals & Materials, Manufacturing, Agriculture, BFSI, and Healthcare & Life Science. Based on region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Analysis by Offering

Based on offering, the market is segmented into solutions and services. The solutions segment is leading the green technology and sustainable market. This segment consists of cloud-based and on-premises solutions which have become an important driving force of sustainable practices throughout various sectors. The demand for solutions is increasing because it plays a vital part in allowing companies to monitor, manage, and minimize their environmental footprint efficiently. These solutions provide the tools that are crucial for energy management, waste decrease, and resource optimization, fulfilling the increasing demand for sustainable operational practices. Cloud-based solutions especially have experienced an increase in adoption owing to their scalability, versatility, and cost-efficiency. They allow real-time data analysis and environmental monitoring without an extended on-site infrastructure, which is attracting a wide range of sectors trying to incorporate sustainability into their operations.

The service segment is witnessing the fastest growth in the green technology and sustainability market. The service segment is rapidly growing in the green technology and sustainability market owing to the increasing awareness about green and clean energy. Furthermore, the private, public, and government firms are also adopting green technologies, which is creating immense opportunities for the development of this segment. Moreover, many government facilities are also offering incentives and subsidies for using green technology. This is encouraging many companies to adopt green technologies in their workforce, resulting in the growth of the green technology market. These factors are cumulatively contributing to the growth of the services segment, which is positively influencing the green technology and sustainability market.

Analysis by Technology

Based on technology, the Internet of Things segment is dominating the market with the largest market share. This is because of the development of digital settings, the rising number of subscribers, and increasing use of gadgets, and high energy consumption. The emergence of green networks in IoT connections is one of the primary factors that is augmenting the expansion of IoT technology segment. These networks have minimized pollution & emissions, decreased the misuse of environmental conservation & monitoring, and reduced operational expenses & power consumption. This market is also growing due to the incorporation of green internet, hardware, middleware, and presentation technologies in the IoT category. Furthermore, different IoT applications like green construction, carbon footprint, water leakage filtration, fire detection, and sustainable mining & exploration. These factors are boosting the growth of the global green technology and sustainability market.

Cloud computing is the fastest growing segment in the green technology and sustainability market. Resource efficiency and energy efficiency are two vital components of a green IT process addressed by cloud infrastructure design and architecture. Therefore, virtualization is important for implementing cloud-based infrastructure as it allows a physical server to operate many systems images, augmenting resource efficiency. One of the primary components boosting the growth of the market is the implementation of cloud computing. Furthermore, increasing smart city programs are also integrating cloud computing services, which is contributing to the growth of the segment. The utilization of automation software in a green cloud computing network also allows organizations to increase resource consolidation and consumption. This increases productivity, self-services, and pay-per-use benefits.

North America is dominating the green technology and sustainability market with the largest market share. The huge number of market players operating in the North America green technology and sustainability market is positively influencing the growth of the market. Furthermore, these market leaders are immensely investing in research and development activities for the advancement of green technologies. They are also installing new and innovative technologies that can help in controlling carbon emissions and greenhouse gas emissions. Furthermore, increasing global warming and pollution is also boosting the growth of the green technology and sustainability market in the region. Moreover, access to huge number of renewable resources like solar and wind power is also providing immense opportunities for green energy projects. The constant infrastructure development initiatives are also supporting the regions position in developing green technology and sustainability solutions.

The Asia Pacific region is experiencing the fastest growth in the green technology and sustainability market. Rapid urbanization and the growth of population in the region has increased the importance of sustainable solutions for managing resources efficiently. Governments have also started applying policies and incentives for boosting the adoption of green technology. Furthermore, these regions are also providing appealing investment opportunities in renewable energy and sustainable infrastructure. The developing countries are also presenting untapped possibilities of the market, supported by increasing awareness and disposable incomes. Environmental concerns along with international collaboration are increasing the region’s dedication towards sustainable development. These factors are helping the growth of the green technology and sustainability market in the Asia Pacific region.

Drivers

Increasing Environmental Concerns and Awareness

• In recent times, environmental concerns have increased as it is creating a threat towards human existence, like climate changes, decrease of energy, and global warming. Therefore, many new green technologies are popping up in the market. Many countries globally are now becoming more aware of the necessity of green technology along with technological transformation and diversification of the economy. Furthermore, the realization of the advantages of sustainable technologies is also increasing worldwide. These factors are supporting the growth of the global green technology and sustainability market.

Increasing Use of RFID Sensors

• The implementation of radio-frequency identification sensors is increasing in various industries along with the use of RFID tags. The advent of paper-based substrate into cost-efficient RFID tag designs for conductive ink has become vital that is helping in the reduction of manufacturing expense of electronics. The reduced usage of ink per antenna can save a huge amount of money in the mass production of electronics. Therefore, the increasing use of RFID sensors is helping in the growth of the market.

Restraints

High Expense of Production and Solutions of Green Technology

• The affordability for a wide range of applications of green technology is one of the primary factors that is hindering the growth of the market. The application of proper technologies in the developing countries relies on services and product expenses. These technologies are used for diverting production of energy from cost-efficient sources to more costly, highly subsidized sources like wind and solar. This factor is hampering the growth of the global green technology and sustainability market.

Lack of Personalized Solutions to Address Unique Enviromental Problems

• Growing innovations in technology are primarily connected to the increasing carbon footprint and other problems related to the environment. Challenges like climate change, water quality, and loss of biodiversity are the major concerns of environmental conservations. These problems need custom solutions or technologies that can gather and analyze huge amounts of data for gaining new information and making important changes. Therefore, the absence of such personalized solutions is restricting the growth of the global green technology and sustainability market.

To gain a competitive edge many prominent organizations in the green technology and sustainability market are focusing on development, innovations, and acquisitions. These companies are going into strategic collaborations and partnerships with the goal of extending their business operations and client base. The major market players are also massively investing in growing technologies for integrating and introducing green technology and sustainability solutions. Furthermore, many small businesses and startups are also securing funds for introducing advanced solutions and extending their global footprint.

Green Technology and Sustainability Market Top Players Company Profiles

• GE (US)
• IBM (US)
• Salesforce (US)
• Microsoft (US)
• SCHNEIDER ELECTRIC (France)
• Wolters Kluwer (Netherlands)
• SAP (Germany)
• SIEMENS (Germany)
• Oracle (US)
• Xylem Inc. (Sensus) (US)
• Engie Impact (France)
• AWS (US)
• Google (US)
• ABB LTD (Switzerland)

Recent Developments

• In March 2024, Schneider Electric highlighted the inclusion of an innovative sustainable reporting to their EcoStruxure IT data center. The objective of the solution is to help data center operators meet the requirements of the European Efficiency Directive.
• In February 2024, IBM Envizi upgraded their Scope 3 emissions accounting solutions with more functions. This segment of IBM Envizi Suite, Supply Chain Intelligence module gathers product carbon footprint data.
• In February 2024, Microsoft launched their AI and data tools to help companies improve their sustainability objectives.

Increasing Use of Cloud Computing

• The demand for cloud infrastructure is increasing as they can address two vital factors of a sustainable IT approach, which are resources and energy efficiency. This is making virtualization an important part of implementing cloud structures as it enables a physical server to operate on different systems, enhancing the efficiency of the resource. This is increasing the adoption of cloud computing globally.

Increasing Focus on Acquisition and Innovations

• The market players are emphasizing on getting a competitive edge with the help of technological advancements, innovations, and acquisitions. This trend will continue to growth contributing to the advancement of global green technology and sustainability market. For example, in May 2022, MetaVerse Green Exchange partnered with Red Dot Analoytics. The objective was to launch carbon-neutral data center operations supported by blockchain and AI.

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, the global green technology and sustainability market is growing rapidly as several key companies have emerged as leaders because of their advanced solutions, strategic partnership, and global footprint. Increasing consciousness about the environment is also increasing the growth of the market. Furthermore, rapid urbanization and growth of population is increasing the demand for smart solutions, which is propelling the growth of eco-friendly technologies and devices. These factors are increasing the growth of the green technology and sustainability market.