Green Technology and Sustainability market to Reach USD 74.64 bn by 2030 | Size, Growth, Key Factors and Market Players

Innovation, climate change awareness, and resource efficiency propel the growth of the green tech and sustainability market.

PORTLAND, ORIGON, UNITED STATES, December 9, 2023 /EINPresswire.com/ -- Rise in environmental awareness and concerns, surge in consumer & industrial interest for use of clean energy resources, and increase in the use of RFID sensors have boosted the growth of the global green technology and sustainability market. However, high product and solution cost hinders the market growth. On the contrary, initiatives to tackle climate change and air pollution are expected to unlock new opportunities for the market players in the future.

As per the report published by Allied Market Research, the global green technology and sustainability market was pegged at $10.32 billion in 2020 and is expected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030.

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Covid-19 Scenario:

➢ The Covid-19 pandemic and implementation of lockdown by the government in several countries hampered the green technology and sustainability market. Moreover, the shutdown of various ongoing projects of solar panels and windmills hampered the market.

➢ However, several green technology solution providers have introduced new strategies and business plans for surviving in the market. The report segments the global green technology and sustainability market on the basis of technology, application, and region.

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Based on technology, the internet of things (IOT) segment held the largest share in 2020, accounting for around one-fourth of the market. However, the artificial intelligence and analytics segment is estimated to register the highest CAGR of 23.7% during the forecast period.

On the basis of application, the green building segment dominated the market in 2020, contributing to more than one-fifth of the market. However, the crop monitoring segment is projected to manifest the highest CAGR of 24.9% during the forecast period.

The global green technology and sustainability industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 23.0% during the forecast period.

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Leading Market Players

➢ Trace Genomics, Inc.

➢ Enablon (Subsidiary Of Walters Kluwers)

➢ Tech Mahindra Limited

➢ Cropx Inc.

➢ General Electric Company

➢ Oracle Corporation

➢ International Business Machines Corporation

➢ Lo3 Energy

➢ Enviance (Acquired By Cority)

➢ Hortau

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Similar Report:

1. Sustainability Reporting Software Market

2. Green Information Technology Service Market
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