Green Technology and Sustainability Market Share Growing at 21.9% CAGR to Hit USD 74.64 Billion by 2030

A surge in environmental awareness and an increase in concerns among organizations & individuals about global warming drives the growth of the market.

PORTLAND, PORTLAND, OR, UNITED STATES, August 7, 2023/EINPresswire.com/ -- According to the report, the global green technology and sustainability market was estimated at $6.85 billion in 2018 and is expected to hit $44.61 billion by 2026, registering a CAGR of 26.5% from 2019 to 2026.

Increase in environmental awareness and concerns, rise in consumer and industrial interest for the use of clean energy resources, and growth in use of RFID sensors fuel the growth of the global green technology and sustainability market. On the other hand, high product and solution costs associated with green technology and sustainability solutions restraint growth to some extent. However, initiatives to tackle climate change and air pollution is expected to usher in an array of opportunities in the near future.

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Based on technology, the Internet of Things (IOT) segment held the major share in 2018, generating to more than one-fourth of the global green technology and sustainability market. This is attributed to the advent of green networks in IoT connectivity. On the other hand, the artificial intelligence and analytics segment is expected to grow at the fastest CAGR of 28.8% by the end of 2026. This is due to the increase in adoption of analytics technology due to its exquisite features such as energy forecasting, energy efficiency, and energy accessibility propels the growth of the segment.

Based on applications, the green building segment accounted for around one-fifth of the global green technology and sustainability market revenue in 2018, and is projected to rule the roost till 2026. This is attributed to the increase in development of green building application and lowering down the costs of construction. Simultaneously, the crop monitoring segment is expected to cite the fastest CAGR of 29.9% during 2019–2026. The green technology is providing an alternative way to improve the national economy without damaging the environment, which leads to the growth of the segment.

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Based on region, North America contributed to more than one-third of the global green technology and sustainability market share in 2018, and is anticipated to maintain the lion's share throughout the forecast period. The leveraged advanced energy-saving technologies from the recent past and high number of green building initiatives in this region has augmented the growth of the market. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 27.6% till 2026, this is attributed to the emergence of new technologies and trends associated with the green technology.

The key players profiled in the green technology and sustainability market include CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Key Benefits For Stakeholders:

• The study provides an in-depth analysis of global green technology and sustainability market forecast along with the current trends and future estimations to elucidate the imminent investment pockets.

• Information about key drivers, restraints, and opportunities and their impact analysis on global market is provided in the report.

• Porter’s five forces analysis illustrates the potency of the buyers and suppliers operating in the industry.

• The quantitative analysis of the market from 2021 to 2030 is provided to determine the market potential.

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