The major drivers for the green technology and sustainability market are the increasing focus on low-carbon electricity generation, the rapid shift to renewable energy, volatility in the price of electrical power, favorable government initiatives, surging requirement to decrease operational costs and swift adoption of building automation systems. As a result, the market revenue will increase from $8.3 billion in 2019 to $57.8 billion by 2030, at a 20.0% CAGR between 2020 and 2030.
Green technologies are those that can be used to check the degradation of the environment. The technology segment is categorized into the internet of things (IoT), cloud computing, artificial intelligence (AI) and analytics, digital twin, blockchain, and others. Among these, the IoT category held the largest share during 2014–2019 (historical period) because of the burgeoning utilization of this technology in smart domestic appliances, smart cities, smart mobility, smart factories, and smart healthcare.
The technology allows one to monitor the performance of machines with respect to vibrations, heat, noise, and, most importantly, energy consumption and collect data on all these parameters, so their operations can be optimized. On the basis of application, the categories of the green technology and sustainability market are green buildings, air quality management, environment management, water and wastewater management, climate change management, solid waste management, and others.
In 2019, the green buildings category dominated the market as such structures save energy by using only what they produce on-site. The fastest growth during the forecast period is predicted in the environmental management category, on account of the rapidly degrading soil quality due to intensive farming, usage of chemicals, and pollution. The burgeoning demand for renewable energy is the strongest driver for the market as renewable energy suppliers are using AI and other technologies to more accurately forecast weather patterns.
This market research report provides a comprehensive overview of the market
Green technologies are those that can be used to check the degradation of the environment. The technology segment is categorized into the internet of things (IoT), cloud computing, artificial intelligence (AI) and analytics, digital twin, blockchain, and others. Among these, the IoT category held the largest share during 2014–2019 (historical period) because of the burgeoning utilization of this technology in smart domestic appliances, smart cities, smart mobility, smart factories, and smart healthcare.
The technology allows one to monitor the performance of machines with respect to vibrations, heat, noise, and, most importantly, energy consumption and collect data on all these parameters, so their operations can be optimized. On the basis of application, the categories of the green technology and sustainability market are green buildings, air quality management, environment management, water and wastewater management, climate change management, solid waste management, and others.
In 2019, the green buildings category dominated the market as such structures save energy by using only what they produce on-site. The fastest growth during the forecast period is predicted in the environmental management category, on account of the rapidly degrading soil quality due to intensive farming, usage of chemicals, and pollution. The burgeoning demand for renewable energy is the strongest driver for the market as renewable energy suppliers are using AI and other technologies to more accurately forecast weather patterns.
This market research report provides a comprehensive overview of the market
- The Future potential of the market through its forecast for the period 2020– 2030
- Major factors driving the market and their impact during the short, medium, and long terms
- Market restraints and their impact during the short, medium, and long terms
- Recent trends and evolving opportunities for the market participants
- Historical and the present size of the market segments and understand their comparative future potential
- Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings
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