Green Technology and Sustainability Market size to grow from USD 11.2 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period, according to a new report by MarketsandMarkets™. Modernization of IT and telecom infrastructure for low carbon emission will provide huge opportunities in the market. The increasing awareness related to environmental concerns and the growing consumer and industrial interest for the use of clean energy resources are driving the adoption of green technology and sustainability solutions and services in the market.
The collective advancement of industrial and technology sectors in developing economies is rapid, leading to the creation of numerous environmental issues. Hence, green technology and sustainability measures are being promoted in parallel with these developments. Green technology encompasses a broad spectrum of production and consumption technologies for monitoring, assessment, pollution prevention, and control. The low-carbon technologies are rapidly evolving in terms of capabilities, costs, and impacts on environmental and natural resources.
The benefits of these technologies
The benefits of these technologies may also vary among regions due to differences in the level of economic development, climate, and other impacting factors.
The Green Technology and Sustainability Market has been segmented by component. The component segment comprises solution and services. The overall services segment has a major influence on the Green Technology and Sustainability Market. These services help lower operational costs, increase the overall revenue, and improve business productivity and performance. The solution segment is estimated to account for a larger market size during the forecast period.
The Green Technology and Sustainability Market by technology has been segmented into IoT, AI and analytics, digital twin, cloud computing, security, and blockchain. Various startups are already using blockchain as a tool to make energy grids more accessible and sustainable by promoting data sharing in real time. Energy-intensive cryptocurrency mining has caused a spike in carbon emission, and hence blockchain is capable of driving innovation in the field of green technology. The cloud computing technology segment is expected to have the largest market size during the forecast period. This growth can be attributed to the benefits of the cloud to provide real-time remote access to data through sensors, satellite images, and weather.
The Green Technology and Sustainability Market
The Green Technology and Sustainability Market by applications has been segmented into carbon footprint management, green building, water purification, water leak detection, fire detection, soil condition/moisture monitoring, crop monitoring, forest monitoring, weather monitoring and forecasting, air and water pollution monitoring, and sustainable mining and exploration. The green building segment is projected to account for the largest market during the forecast period. Technologies, such as AI and analytics, IoT, predictive maintenance, and blockchain, find multiple use cases in this application and have the potential to change how buildings are designed, built, and managed. The crop monitoring segment is expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the increasing need to remotely monitor the health and condition of crops and enable farmers to implement timely interventions that ensure optimal yields at the end of the season.
The Green Technology and Sustainability Market has been segmented into five regions: North America, Europe, APAC, MEA, and Latin America. North America is projected to account for the largest market size by 2020, majorly due to the broad base of green technology and sustainability vendors in the region. Vendors are focused on R&D and integration of advanced technologies to serve the challenge of climate change and the increasing levels of emissions, pollution, and waste. The APAC is expected to be a favorable market for investments and has the highest CAGR during the forecast period. This growth can be attributed to the focus of developing countries, such as China, India, and Singapore, on the integration of advanced technologies to enhance business processes.