Market Analysis
Market Research Future (MRFR) estimates the global green technology and sustainability market size to grow at a CAGR of 21.04% from 2019 to 2026 (forecast period).
Multiple Factors to Augment Market Growth
This is one of the most promising forthcoming technological trends in the field of information technology. This increase can be ascribed to growing public awareness of the adverse impacts of greenhouse gas emissions on the environment, as well as the growing demand for low-carbon electricity. Furthermore, the increase in renewable power generation and the integration of modern energy storage systems are the primary factors propelling the growth of the green technology and sustainability market.
Growing consumer awareness and stringent government laws pertaining to environmental protection are projected to drive market expansion. As a result, the need for green technology has risen considerably in recent years. The rising demand for green technology, particularly in emerging markets, is likely to boost the market growth.
Key Players
The key players in the global green technology and sustainability market are General Electric (US), IBM (US), Enablon (France), Enviance (US), Sensus (US), Taranis (Israel), Trace Genomics (US), LO3 Energy (US), ConsenSys (US), CropX (Israel), Hortau (US), SMAP Energy (UK), Treevia (Brazil), Pycno (UK), IoT Solutions and Consulting (Europe), Oizom (India), MineSense Technologies (Canada), and WINT (US).
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The Global Market to Expand Amid COVID-19 Pandemic
The growing pandemic situation of COVID-19 over the world has had a significant impact on the green technology and sustainability market. Fluctuating consumer attitudes and behavior as a result of a shifting global pandemic scenario will have a significant impact on the green technology and sustainability market over the forecast period. For example, the World Health Organization (WHO) declared COVID-19 a global pandemic in March 2020, putting numerous countries on lockdown. The spread of new coronavirus is likely to have a long-term impact on consumer lifestyle and behavior. It may also result in the increasing use of green technology as a result of lower carbon emissions, increased solar energy generation, increased rainfall, and escalating use cases of various technologies across multiple industrial verticals. Furthermore, greater emphasis on environmental protection across numerous industries will benefit the green technology and sustainability industry.
Market Segmentation
The global green technology and sustainability market has been segmented based on technology and application.
Based on technology, the global green technology and sustainability market has been segmented into the Internet of things (IoT), artificial intelligence (AI) and analytics, digital twin, cloud computing, security, and blockchain.
Based on application, the global green technology and sustainability market has been segmented into carbon footprint management, green building, water purification, water leak detection, fire detection, soil condition/moisture monitoring, crop monitoring, forest monitoring, weather monitoring and forecasting, air and water pollution monitoring, and sustainable mining and exploration.
Regional Analysis
North America to Dominate the Global Market
In terms of market share, North America dominates the green technology and sustainability industry. Due to the quick adoption of breakthrough technology in industrialized countries such as the United States and Canada, this trend is projected to continue in the near future. Another aspect that has helped to the expansion of the North American green technology and sustainability market is the presence of key solution providers in the market, such as General Electric, IBM, Enviance, Sensus, Trace Genomics, and LO3 Energy.
Industry News
In September 2020, GE Renewable Energy collaborated with Norwegian energy provider BKK to deploy digital Asset Performance Management (APM) solutions.
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