Green Technology & Sustainability Market Is Expected To Reach A Revenue Of USD 193.9 Bn By 2033, At 23.5% CAGR: Dimension Market Research

New York, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Market Overview

The Global Green Technology & Sustainability Market is projected to reach USD 29.0 billion by the end of 2024 and is expected to expand significantly, reaching USD 193.9 billion by 2033 with a CAGR of 23.5%.

Green technology and sustainability involve innovations and practices aimed at minimizing environmental impacts, conserving resources, and supporting ecological balance.

Key technologies include renewable energy sources such as solar and wind power, sustainable farming methods, waste management systems, and water conservation strategies, all aimed at ecosystem preservation.

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The US Green Technology & Sustainability Market

The U.S. Green Technology & Sustainability Market, in particular, is expected to reach USD 10.1 billion by 2024 and grow to USD 60.7 billion by 2033 at a CAGR of 22.0%.

This growth is fueled by regulatory efforts to lower carbon emissions, increased public awareness of environmental issues, and the rising adoption of renewable energy, particularly solar and wind power. The electric vehicle market is also expanding rapidly in the U.S., driven by consumer interest and government incentives.

Important Insights

• Market Growth: The global green technology and sustainability market is anticipated to expand by USD 158.8 billion, growing at a CAGR of 23.5%.
• Component Analysis: The solutions segment is expected to capture the largest share of revenue, making up 69.5% by 2024.
• Deployment Mode Analysis: Cloud-based deployment is projected to contribute significantly to market revenue by the end of 2024.
• Technology Analysis: The Internet of Things (IoT) is forecasted to generate the highest revenue, accounting for 45.2% by 2024.
• Verticals Analysis: The Energy & Utilities sector is expected to lead, representing 24.1% of the market's revenue by 2024.
• Regional Analysis: North America is predicted to hold the largest market share globally, with 40.2% by 2024.

Latest Trends

• Cloud Computing Growth: The demand for cloud infrastructure is rising due to its ability to optimize resources and enhance energy efficiency, making it essential for a sustainable IT strategy.
• Role of Virtualization: Virtualization enables a single server to support multiple systems, improving resource efficiency and driving the global adoption of cloud computing.
• Acquisitions and Innovation: Companies are focusing on technological advancements and acquisitions to stay competitive, boosting the green technology and sustainability market.
• Market Expansion: This strategic focus on innovation and acquisitions is expected to propel further growth in the global market.

Competitive Landscape

• Competitive Market: The green technology and sustainability market is highly competitive, with both large and small players offering innovative solutions domestically and internationally.
• Fragmentation Trend: The market is moderately fragmented and is expected to become more fragmented over time.
• Key Players: Major companies like General Electric, Salesforce, and Microsoft are focusing on partnerships, new technologies, and client base expansion to enhance competitiveness.
• Startups and Innovation: Smaller businesses and startups are securing funding to introduce advanced solutions and scale their operations globally.

Some of the prominent market players:

• General Electric
• Wolters Kluwer N.V.
• Salesforce, Inc.
• Microsoft
• Schneider Electric
• Engie Impact
• Cority (Enviance)
• Sensus, a Xylem brand
• LO3 Energy
• CropX, Inc.
• Other Key Players

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Green Technology & Sustainability Market Scope

Market Analysis

Energy & Utilities sector is projected to lead the green technology and sustainability market in 2024 with a 24.1% market share. This industry plays a vital role in combatting climate change by transitioning towards cleaner sources like solar, wind, and hydropower; increasing usage of smart grids, energy storage systems, and AI-powered energy management helps minimize their environmental footprint while improving energy generation, transmission, and consumption efficiency.

Green Technology & Sustainability Market Segmentation

By Component

• Solution
• Services
  • Professional Services
    • Consulting
    • Integration & Deployment
    • Support & Maintenance
• Managed Services

By Deployment Mode

• Cloud
• On-Premises

 By Technology

• Internet Of Things
• AI & ML
• Digital Twins
• Cloud Computing
• Blockchain
• Edge Computing
• Cybersecurity

By Verticals

• Retail & Consumer Goods
• Automotive & Transportation
• Energy & Utilities
• Chemicals & Materials
• Manufacturing
• Agriculture
• Others

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Drivers

• AI-Driven Recycling: Artificial intelligence enhances resource efficiency in green technology by enabling robotic sorting, supply chain optimization, and real-time decision-making, reducing carbon emissions and boosting sustainability goals.
• Sustainability & Brand Perception: AI-powered solutions improve operational efficiency while enhancing brand appeal among eco-conscious consumers, providing a competitive market edge.
• Circular Economy Advancements: AI-driven innovations support smart waste management, energy-saving practices, and advanced circular economy models, promoting eco-friendly practices across industries.
• Market Expansion: These AI advancements are driving the growth of the green technology market by fostering long-term sustainability across multiple sectors.

Restraints

• High Costs: The expensive implementation of green technologies, especially in developing countries, limits market growth due to the shift from cheaper energy sources to costlier, subsidized options like wind and solar.
• Affordability Barrier: Adoption in lower-income regions is hindered by the high price of green products and services, slowing global expansion.
• Infrastructure Deficiency: A lack of adequate infrastructure, including technological readiness and skilled workforce, poses a major obstacle to green technology adoption.

Opportunities

• Nanotechnology for Efficiency: Manufacturers are turning to nanotechnology to increase product efficiency & decrease waste while simultaneously adopting eco-friendly manufacturing practices.
• Sustainability Opportunity: Nanotechnology represents an immense opportunity in terms of environmental sustainability within the green technology market.
• Increasing Consumer Demand: With consumer environmental consciousness on the rise, increasing environmental solutions demand has skyrocketed.
• Market Growth Potential: Businesses can leverage this demand for green technology products by developing innovative eco-conscious offerings to promote growth in this space.

Regional Analysis

North America is projected to lead the global green technology and sustainability market, accounting for 40.2% of revenue share by 2024. North American growth will be helped by key players that invest heavily in R&D to advance green technologies that reduce carbon emissions and greenhouse gases.

The North American Climate Energy Environment Partnership has encouraged governments across this region to adopt sustainable policies as well as prioritize renewable energy initiatives like electric vehicle adoption.

of revenue share by 2024. North American growth will be helped by key players that invest heavily in R&D to advance green technologies that reduce carbon emissions and greenhouse gases; The North American Climate Energy Environment Partnership has encouraged governments across this region to adopt sustainable policies as well as prioritize renewable energy initiatives like electric vehicle adoption.

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By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

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Recent Developments

• March 2024: Schneider Electric announced the incorporation of innovative sustainable reporting features into their EcoStruxure IT data center, aimed at assisting operators in complying with the European Efficiency Directive.
• February 2024: IBM Envizi enhanced its Scope 3 emissions accounting solutions within the IBM Envizi Suite, specifically the Supply Chain Intelligence module, to better gather product carbon footprint data.
• February 2024: Microsoft introduced AI and data tools to support companies in achieving their sustainability goals.
• March 2024: European Parliament implemented significant updates to building energy operation regulations to reach a climate-neutral building sector by 2050, with the REPowerEU initiative planning to deploy 10 million heat pumps by the year's end.
• February 2024: U.S. Department of Energy announced an investment of over USD 366 million for 17 clean energy projects across 30 Tribal States, supporting President Biden’s clean energy deployment goals in rural and remote areas.
• May 2023: SAP launched 'GreenToken' technology for energy companies in India, a SaaS solution focused on sustainability, carbon footprint reduction, and fair labor practices in industries managing bulk-traded raw materials.
• May 2022: MetaVerse Green Exchange collaborated with Red Dot Analytics to implement carbon-neutral data center operations utilizing blockchain and AI technologies.

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