Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The global green technology and sustainability market size is expected to gain momentum by reaching USD 41.62 billion by 2028 while exhibiting an impressive CAGR of 20.3% between 2021 and 2028. Fortune Business Insight, in its report titled “Green Technology and Sustainability Market, 2021-2028.”, mentions that the market stood at USD 9.57 billion in 2020.
The world is transitioning towards greener technology to combat the problems caused by excessive pollution and harmful gases. An article from Soulful Concepts Group Pvt. Ltd mentions that the global investment in green technologies increased by nearly 20% in recent years in various sectors such as the energy, chemical, and manufacturing industry. Whether small or big businesses, all of them are levitating towards the sustainable approach of energy production. Such thoughtful and environment-friendly initiatives are expected to propel the market growth during the forecast period.
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List of the Companies Profiled in the Global Market for Green Technology and Sustainability:
- General Electric Company (New York, United States)
- Enablon (Wolters Kluwer) (France, Europe)
- Salesforce.com, Inc. (California, United States)
- Microsoft Corporation (New Mexico, United States)
- Schneider Electric (Rueil-Malmaison, France)
- Engie Impact (Washington, United States)
- Sensus (North Carolina, United States)
- Enviance (California, United States)
- Intelex Technologies Inc. (Toronto, Canada)
- CropX Inc. (San Francisco, California)
Report Scope & Segmentation -
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 20.3 % |
| 2028 Value Projection | USD 41.62 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 9.57 Billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 160 |
| Segments covered | Component; Industry; Regional |
| Growth Drivers | Increasing Consumer and Industrial Interest about Climate Change to Boost Market Growth |
| Pitfalls & Challenges | High Costs Associated with Green Technology and Sustainability Solutions to Limit the Market Growth |
COVID-19 Impact
The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Since it was a non-essential service, the companies were shut amidst the lockdown. However, the market is expected to boom back during the forecast period, as many nations envision creating a green future for their residents. For instance, In January 2018, the government of the United Kingdom initiated Green Future, a 25-year environment plan to change the environment over the next decade by increasing wildlife habitat, enhancing air and water quality, and reducing the scourge of plastic in the oceans.
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Market Segmentation:
Based on component type, the market is bifurcated into solutions and services.
- Based on component type, the solution segment held a major market share in 2020. The segment is expected to experience considerable growth due to increased technological advancements that negatively impacted the environment. Thus emerging developments are more focused on green and sustainable solutions to fuel the market growth.
By industry, the market is segmented into air and water pollution monitoring, carbon footprint management, crop monitoring, fire detection, forest monitoring, green building, soil condition/moisture monitoring, sustainable mining and exploration, water management, weather monitoring, and forecasting, and Others. Finally, the market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.
What does the Report Provide?
Green technology and sustainability market report provide a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Driving Factor
Increasing Focus to Reduce Carbon Emission to Fuel Market Growth
The demand for sustainable development has increased in recent years. The push toward zero carbon emission has become a global concern. For instance, European Union cut down emissions of harmful gases by 55% by 2020 and aims to establish climate neutrality by 2050 under its Climate Target Plan. Along with nations, major companies are also contributing to green and clean technology. For instance, in January 2020, Ford Motor Company rolled out a USD 11.5 billion electric car plant. This will help in providing North America with the biggest electric vehicle charging network. Such initiatives are expected to drive the market growth in the forthcoming years.
Regional Insights
North America to Remain Dominant; Growing Investments in Green Technologies to Aid Growth
North America is expected to hold the highest position in the green technology and sustainability market share during the forecast period. This is ascribable to green environment investments and initiatives. For instance, the North American Climate, Energy, and Environment Partnership promote government policies and the procurement of more sustainable goods, renewable energy, and electric vehicles as required. The region stood at USD3.50 billion in 2020.
Europe is anticipated to hold a significant share of the market. This is owing to increased research and development in sustainable and green technology. For instance, In July 2020, the European Commission (EU) invested EURO 1 billion funds for low-carbon and clean hydrogen solutions for chemicals, cement, and steel industries.
Competitive Landscape
Key Players to Focus on Establishing Partnerships to Intensify Competition
The market for green technology and sustainability is consolidated by major companies striving to maintain their position by focusing on collaborations and establishing partnerships. For instance, In May 2020, Ballard inked a Memorandum with ITM Power and others to work on Fuel Cell Electric Buses (FCEBs) in Australian public transport systems. Moreover, other key players adopt proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years.
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Industry Development
- September 2020 – ISOMETRIX launched a new solution to help companies better understand, track, and monitor Environmental, Social, and Corporate Governance (ESG) results and risks, resulting in long-term value.
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Table Of Content
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Key Takeaways
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints,Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Green Technology and Sustainability Key Players Market Share Insights and Analysis, 2020
- Key Market Insights and Strategic Recommendations
- Companies Profiled(Covered for key 10 players only)
- Overview
- Key Management
- Headquarters etc.
- Offerings/Business Segments
- Key Details (Key details are subjected to data availability in public domain and/or on paid databases)
- Employee Size
- Key Financials
- Past and Current Revenue
- Gross Margin
- Geographical Share
- Business Segment Share
- Recent Developments
- Overview
- Annexure / Appendix
- Global Green Technology and SustainabilityMarket Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solutions
- Services
- By Industry(Value)
- Air and Water Pollution Monitoring
- Carbon Footprint Management
- Crop Monitoring
- Fire Detection
- Forest Monitoring
- Green Building
- Soil Condition/Moisture Monitoring
- Sustainable Mining and Exploration
- Water Management
- Weather Monitoring and Forecasting
- Other
- By Region (Value)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- By Component (Value)
- North America Green Technology and SustainabilityMarket Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
- By Component (Value)
- Solutions
- Services
- By Industry(Value)
- Air and Water Pollution Monitoring
- Carbon Footprint Management
- Crop Monitoring
- Fire Detection
- Forest Monitoring
- Green Building
- Soil Condition/Moisture Monitoring
- Sustainable Mining and Exploration
- Water Management
- Weather Monitoring and Forecasting
- Other
- By Country (Value)
- United States
- Canada
- Mexico
- By Component (Value)
- Global Green Technology and SustainabilityMarket Size Estimates and Forecasts (Quantitative Data), By Segments, 2017-2028
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