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Green Technology and Sustainability Market overview
The size of the global market for green technology and sustainability was estimated at 19.1 billion dollars in 2022. The market for green technologies and sustainability is anticipated to increase from USD 20.6 billion in 2023 to USD 37.2 billion by 2032, with a compound annual growth rate (CAGR) of 7.70% over the course of the forecast period (2023-2032). The government is taking action to minimise carbon emissions and waste output, and consumers are becoming more ecologically concerned, which are the main factors boosting market growth.
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Consumer demand for products that are environmentally friendly is rising. Businesses started utilising green manufacturing as a result to create products and services. Smart technology offers green IT within its limitations and safeguards the environment.
Globalisation, which has also accelerated the pace of development in many developing countries, particularly India and China, has helped the world achieve unprecedented heights of growth. Environmental resources are regularly used for industrialisation and growth goals. The Earth and its ecosystem won’t be suited for a sustainable way of life anytime soon, environmentalists and ecologists warn if this rate of exploitation continues. “Green technology” comes into play in this situation.
It makes use of technology in such a way that, while maintaining a development brought on by globalisation, the negative environmental impact is kept to an absolute minimum.
The sector is expanding because of rising environmental awareness and consumer and business concerns about global warming. Other significant aspects that are anticipated to contribute to market expansion in the upcoming years include growing interest among consumers and businesses in using sustainable energy sources and a rise in the use of RFID sensors that reduce carbon emissions. However, a prominent factor that is anticipated to restrain the market’s growth is the high cost of the goods and services connected to green technology and sustainability solutions.
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Major Companies Including
Segmentation
Green Building, Carbon Footprint Management, Water Leak Detection, Fire Detection, Water Purification, Soil Condition/Moisture Monitoring, Crop Monitoring, Forest Monitoring, Weather Monitoring & Forecasting, Air & Water Pollution Monitoring, and Sustainable Mining & Exploration are the application-based segments of the global green technology and sustainability market. In 2022, the global market for green technology and sustainability was dominated by the green building segment.
Based on technology, the Internet of Things (IoT), Artificial Intelligence (AI) and Analytics, Cloud Computing, Digital Twin, Security, and Blockchain are the segments of the global market for green technology and sustainability. In 2022, the Internet of Things (IoT) segment’s revenue share was the highest.
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The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. In 2022, this market was headed by the North American Green Technology and Sustainability Market (45.80%). Additionally, through applying various corporate strategies including alliances, mergers, and collaborations, these companies want to expand their global commercial reach. Additionally, the North American green technology and sustainability market in North America was led by Canada, which had the quickest rate of growth, and the United States, which held the largest market share.
In 2022, Europe’s Green Technology and Sustainability market held a sizable market share. Market growth is predicted to be fueled by prominent government initiatives to emphasise the ingenuity of low-carbon technologies. For instance, in July 2020, the European Commission (EC) proposed funding under its “Innovation Fund” for projects that were prepared for commercialization, such as clean and low-carbon hydrogen solutions for energy-intensive industries like chemicals, cement, and steel. Additionally, the U.K. green technology and sustainability market grew at the highest rate in the European region, while the German green technology and sustainability market retained the largest market share.
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