CHICAGO, Feb. 12, 2024 /PRNewswire/ -- The market for green technology and sustainability has a bright future because of encouraging government regulations, investments in cutting-edge research and development, consumer demand for environmentally friendly products, corporate sustainability programmes, and global cooperation to tackle climate change issues. It is anticipated that these elements would keep propelling market expansion and innovation in environmentally friendly technology and sustainable methods.
The global Green Technology & Sustainability Market 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. Recognizing the pivotal role of individuals and green technology companies in shaping the intersection of sustainability and digital transformation is paramount. Informed choices, adoption of sustainable technologies, and support for sustainable implementation collectively pave the way for a greener, more sustainable future where innovation and environmental stewardship harmonize seamlessly. Technologies such as artificial intelligence and machine learning are increasingly optimizing energy consumption, predicting environmental trends, and developing sustainable solutions. These technologies will continue to play a significant role in shaping the sustainability landscape. The adoption of carbon pricing mechanisms and emissions trading schemes will incentivize businesses to reduce carbon emissions, with digital technologies facilitating monitoring and reporting, making compliance more manageable.
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298 - Tables
58 - Figures
323 - Pages
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Scope of the Report
Report Metrics | Details |
Market size available for years | 2019-2030 |
Base year considered | 2023 |
Forecast period | 2024-2030 |
Forecast units | USD Billion |
Segments Covered | Offering, Technology, Verticals, and Region |
Geographies covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
Companies covered | GE (US), IBM (US), Salesforce (US), Microsoft (US), Schneider Electric (France), Sensus (US), Wolters Kluwer (Netherlands), SAP (Germany), Siemens (Germany), Oracle (US), Engie Impact (US), AWS (US), Google (US), ABB (Switzerland), Huawei (China), BT Group (UK), AMCS Group (Ireland), Cority (Canada), Intelex (Canada), Treeni (India), IsoMetrix (US), ConsenSys (US), CropX Technologies (Israel), Hortau (US), Pycno (UK), Wint (US), Envirosoft (Canada), Trace Genomics (US), Taransi (US), Oizom (India), Treevia Forest Technologies (Brazil), Factlines (Norway), ENECHANGE (Japan), EcoCart (US), AquiPor Technologies (US) |
Solution segment to account for the largest market size during the forecast period.
Based on the offering segment, the solution is anticipated to hold the largest market size during the forecast period. Businesses are adopting green technology & sustainability solutions to mitigate environmental impacts, comply with regulations, and adapt to changing market demands. The adoption of green technology is viewed as a proactive strategy that enables companies to gain a competitive advantage, improve their financial performance, and enhance their brand image. Green technology & sustainability solutions are generally more expensive than legacy solutions, but businesses are gradually embracing technological advancements to improve their operations and comply with green certification requirements and standards. By adopting green technology, businesses benefit from financial boosts, increased productivity, and tax benefits, among other advantages.
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Managed service to account for higher CAGR during the forecast period.
Based on the services, managed services are anticipated to hold the highest CAGR during the forecast period. Managed services are significantly impacting the Green Technology & Sustainability Market by providing businesses with outsourced, expert management of their IT infrastructure and services. This approach allows organizations to focus on core competencies while benefiting from advanced technologies that enhance sustainability. Technologies such as cloud computing, IoT, and AI play a crucial role in optimizing energy consumption, improving resource efficiency, and enabling real-time monitoring of environmental metrics. Managed services providers leverage these technologies to implement sustainable practices, reduce carbon footprints, and enhance overall operational efficiency, contributing to the growth and integration of green technology across various industries.
Asia Pacific to exhibit the highest CAGR during the forecast period.
The CAGR of Asia Pacific is estimated to be highest during the forecast period. In the Asia Pacific region, the adoption of green technology & sustainability is on the rise, driven by several key factors. The stringent environmental regulations and policies are compelling businesses to integrate sustainable digital solutions into their operations. Additionally, there is a growing awareness among consumers about the environmental impact of products and services, prompting companies to embrace sustainable practices to meet consumer demands. Furthermore, the pursuit of cost savings through energy efficiency plays a pivotal role. Many organizations recognize the long-term financial benefits associated with green technologies, such as reduced energy consumption and lower operational costs. The potential for enhanced corporate reputation and stakeholder trust also serves as a significant driver, as businesses strive to position themselves as socially responsible entities.
Top Key Companies in Green Technology & Sustainability Market:
Major vendors in the global Green Technology & Sustainability Market are GE (US), IBM (US), Salesforce (US), Microsoft (US), Schneider Electric (France), Sensus (US), Wolters Kluwer (Netherlands), SAP (Germany), Siemens (Germany), Oracle (US), Engie Impact (US), AWS (US), Google (US), ABB (Switzerland), Huawei (China), BT Group (UK), AMCS Group (Ireland), Cority (Canada), Intelex (Canada), Treeni (India), IsoMetrix (US), ConsenSys (US), CropX Technologies (Israel), Hortau (US), Pycno (UK), Wint (US), Envirosoft (Canada), Trace Genomics (US), Taransi (US), Oizom (India), Treevia Forest Technologies (Brazil), Factlines (Norway), ENECHANGE (Japan), EcoCart (US), AquiPor Technologies (US).
Recent Developments:
- GE Healthcare and Amgen have announced a digital data exchange program to improve the understanding of the relationship between raw material variability and process performance during the manufacturing of biological medicines. They will connect GE Healthcare's raw material manufacturing sites with Amgen's process development center in Cambridge, MA.
- Deloitte and IBM have collaborated to offer sustainability solutions to help organizations accelerate their sustainability outcomes. The collaboration enables clients to leverage multiple IBM solutions and integrate data from the IBM Envizi ESG Suite with Deloitte's GreenLight Solution. The solutions offered to GreenLight Solution clients under the collaboration include ESG data, green facilities and operations, green IT and cloud migrations, and facilities and workplace management.
- Salesforce has partnered with Accenture to expand its alliance to help companies embed sustainability into their business, meet growing customer and stakeholder expectations, and contribute to advancing the United Nations Sustainable Development Goals (SDGs). Salesforce has also issued its inaugural Sustainability Bond offering, totaling USD 1 billion, as part of an USD 8 billion underwritten public offering of senior notes.
- Fujitsu and Microsoft have entered a five-year strategic partnership to expand collaboration, with a primary emphasis on sustainability transformation. The partnership is expected to drive joint efforts in developing technologies and solutions for environmental and social sustainability..
- HCLTech and Schneider Electric are collaborated to develop carbon-efficient solutions for data centers in the Asia-Pacific region, aiming to reduce emissions and enhance environmental sustainability.
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Green Technology & Sustainability Market Advantages:
- Utility expenses can be lowered over time by reducing energy use with the use of various green technologies, like solar panels and energy-efficient appliances. Comparably, by using less resources and paying less for disposal, sustainable initiatives like recycling and trash reduction can save firms money.
- Businesses that use sustainable practices and green technologies frequently obtain a competitive advantage by attracting eco-aware customers. Increased market share and brand loyalty may follow from this.
- Stricter laws are being enacted by governments all over the world in an effort to lower carbon emissions and advance sustainability. Businesses can avoid fines and penalties by staying compliant with these requirements through the use of sustainable practices and green technologies.
- Enterprises that depend on limited resources or function in ecologically vulnerable regions are susceptible to hazards associated with resource depletion, environmental impairment, and global warming. By minimising their negative effects on the environment and lowering their reliance on scarce resources, adopting green technologies and sustainability can help reduce these risks.
- A company's brand image can be improved by using sustainable practices and green technologies, as they show a dedication to social responsibility and environmental stewardship. Top talent, consumers, and investors may be drawn to this excellent reputation.
- Through resource efficiency, environmental risk mitigation, and less reliance on unstable fossil fuel markets, green technologies and sustainable practices increase resilience.
- Certain markets, like the green building sector, place a higher priority on goods and services that are ecologically beneficial. Gaining entry to these profitable markets can be achieved by making investments in sustainable practices and green technologies.
Report Objectives
- To define, describe, and predict the Green Technology & Sustainability Market by offering (solutions and services), technology, vertical, and region
- To provide detailed information about major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
- To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments with respect to five main regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
- To profile key players and comprehensively analyze their market rankings and core competencies
- To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Green Technology & Sustainability Market
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