The major drivers for the green technology and sustainability market are the increasing focus on low-carbon electricity generation, 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 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. Since the operation of solar and wind plants is directly dependent on weather, the usage of such technologies allows utilities to make better decisions on when to store most of the energy and when to sell it to the grid. This is essentially because of the surging number of solar and wind power plants in order to produce low-carbon electricity.
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. Since the operation of solar and wind plants is directly dependent on weather, the usage of such technologies allows utilities to make better decisions on when to store most of the energy and when to sell it to the grid. This is essentially because of the surging number of solar and wind power plants in order to produce low-carbon electricity.
Apart from the global outcry for air pollution and government initiatives for low-carbon energy, another reason behind its growing generation is the price volatility conventional electricity witnesses. Due to the limited availability of crude oil, coal, and natural gas, conventional power is becoming increasingly expensive. And, since these fossil fuels account for the highest amount of electricity produced, energy is all over costly. Hence, a key reason behind the growth of the green technology and sustainability market, especially with regards to the surging clean energy production, would be the rising electricity costs.
Presently, North America is the largest user of these technologies because of its advanced infrastructure, high public awareness on the issue, and robust government support. Asia-Pacific (APAC) will be the fastest-growing region in the green technology and sustainability market during the forecast period because of the rapid pace of urbanization, which is putting immense pressure on natural resources and leading to alarming levels of air pollution. Further, regional governments are taking initiatives to increase energy generation from renewable resources and use advanced technologies, such as AI and IoT, to mitigate environmental degradation.
Hence, the market will keep growing with the increasing concerns about the state of the environment.
Presently, North America is the largest user of these technologies because of its advanced infrastructure, high public awareness on the issue, and robust government support. Asia-Pacific (APAC) will be the fastest-growing region in the green technology and sustainability market during the forecast period because of the rapid pace of urbanization, which is putting immense pressure on natural resources and leading to alarming levels of air pollution. Further, regional governments are taking initiatives to increase energy generation from renewable resources and use advanced technologies, such as AI and IoT, to mitigate environmental degradation.
Hence, the market will keep growing with the increasing concerns about the state of the environment.
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