Chicago, March 15, 2024 (GLOBE NEWSWIRE) -- The global Green Technology and Sustainability Market size is projected to grow from USD 28.6 billion in 2024 to USD 134.9 billion by 2030, at a CAGR of 29.5% during the forecast period, according to a new report by MarketsandMarkets™. The green technology & sustainability market in the energy and utilities vertical is experiencing significant growth propelled by a confluence of key factors. Governments worldwide are driving the shift towards renewable energy sources, such as solar and wind power, through stringent regulations and incentives, prompting substantial investments from energy and utilities companies.
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Green Technology and Sustainability Market Dynamics:
Drivers:
- Growing environmental awareness and concerns.
- Rise in government initiatives for low-carbon policies
- Increasing consumer and industrial interests in clean energy resources to conserve environment
- Surging demand for AI-driven recycling technologies to fuel green innovations and sustainability
Restraints:
- High costs for deployment of green technology and sustainability solutions.
- Lack of robust infrastructure
Opportunities:
- Rise in initiatives to tackle climate change and air pollution.
- Adoption of advanced technologies across industries
- Transformation of IT and telecom infrastructure for low carbon emissions
List of Key Players in Green Technology and Sustainability Market:
- GE (US)
- IBM (US)
- Salesforce (US)
- Microsoft (US)
- Schneider Electric (France)
- Sensus (US)
- Wolters Kluwer (Netherlands)
- SAP (Germany)
- Siemens (Germany)
- Oracle (US)
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The sector is witnessing a surge in innovations such as smart grid technologies, advanced metering infrastructure (AMI), and energy-efficient solutions, enhancing operational efficiency and fostering sustainability throughout the energy supply chain. Decarbonization efforts and a global commitment to reducing greenhouse gas emissions are prompting companies to adopt cleaner energy production methods, further boosting the market's expansion.
Based on offering, the market is further categorized into solutions and services. The solution segment is further divided into deployment mode. Based on deployment mode, the solution is divided into cloud, and on-premises. Also, the services segment is further divided into managed services and professional services. Further the professional services is divided into consulting, integration & deployment, and support & maintenance.
Based on technology the market is further bifurcated into internet of things, AI & ML, digital twins, cloud computing, blockchain, edge computing, and cybersecurity. The green technology & sustainability market are rapidly expanding, fueled by the demand for clean energy, digital transformation, and eco-friendly data centers. This growth has attracted environmentally-conscious individuals and investors looking to align their portfolios with positive impact. Key trends, driven by IoT, AI, and emerging technologies, include real-time sustainability monitoring, energy optimization, waste reduction, and ESG investing.
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Based on verticals, the green technology & sustainable market is bifurcated into retail & consumer goods, automotive & transportation, energy & utilities, chemicals & materials, manufacturing, agriculture, BFSI, healthcare & life sciences, and others (government, IT/ITeS, telecommunication, construction & real estate). Various verticals are adopting and growing in green technology & sustainability. The energy & utilities segment holds the largest share of the green technology & sustainability market. Vertical greening systems are becoming increasingly crucial in resolving the energy crisis and environmental problems in a sustainable way. The advantages of sustainable technology have had a substantial impact on its global adoption, and nations worldwide are focusing on technological improvements to deliver more sustainable solutions.
The green technology & sustainability market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. This region sees a significant emphasis on renewable energy, sustainable infrastructure, and practices across industries. Businesses and governments are increasingly investing in clean energy solutions, environmentally responsible policies, and innovations to address climate change. This commitment reflects a collective effort to build a more sustainable future. With a focus on renewable energy, sustainable infrastructure, and responsible business practices, this region is actively embracing green technologies to address environmental challenges and create a more sustainable future.
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