Portland, OR, Jan. 14, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global green technology and sustainability market generated $8.79 billion in 2019, and is projected to reach $48.36 billion by 2027, growing at a CAGR of 24.3% from 2020 to 2027.
Rise in environmental awareness and concerns, surge in consumer & industrial interest for use of clean energy resources, and increase in use of RFID sensors drive the growth of the global green technology and sustainability market. However, high product and solution costs associated with green technology and sustainability solutions hamper the growth of the global green technology and sustainability market. On the contrary, initiatives to tackle climate change and air pollution are expected to create lucrative opportunities for the market players in the future.
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Covid-19 scenario:
- Due to the Covid-19 outbreak, several governments imposed lockdown across the country and this led to shutdown of several ongoing projects of solar panels and windmills.
- In addition, the installation of small solar panels at households were suspended to comply with social distancing measures.
- However, green technology solutions providers have introduced novel strategies and contingency plans to maintain a foothold in the market.
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The global green technology and sustainability market is segmented on the basis of technology, application, and geography. Based on technology, the market is classified into internet of things (IoT), cloud computing, artificial intelligence & analytics, digital twin, cybersecurity, and blockchain. The IoT segment held the lion’s share in 2019, accounting for around one-fourth of the market. However, the artificial intelligence and analytics segment is projected to register the highest CAGR of 26.5% during the forecast period.
On the basis of application, the market is divided into green building, carbon footprint management, weather monitoring & forecasting, air & water pollution monitoring, forest monitoring, crop monitoring, soil condition/moisture monitoring, water purification, and others. The green building segment held the largest share in 2019, contributing to more than one-fifth of the market. However, the crop monitoring segment is anticipated to portray the highest CAGR of 28.0% during the forecast period.
The global green technology and sustainability market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2019, accounting for more than one-third of the market. However, the market across Asia-Pacific is projected to register the highest CAGR of 25.6% during the forecast period.
The global green technology and sustainability market report includes an in-depth analysis of the prime market players such as Enablon France SA, CropX Inc., General Electric, Enviance Inc., IBM Corporation, Hortau Inc., Oracle Corporation, LO3 Energy, Inc., Tech Mahindra Limited, and Trace Genomics, Inc.
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