Green Technology and Sustainability Market Trends

Green Technology and Sustainability Market Overview

The Green Technology and Sustainability Market is projected to grow from USD 22.18 billion in 2024 to USD 37.2 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.67% during the forecast period (2024 - 2032). Additionally, the market size for green technology and sustainability was valued at USD 20.6 billion in 2023.

Consumers are becoming environmentally conscious, and the government is taking steps to reduce trash generation and carbon emissions, are the key market drivers enhancing the market growth.

Figure 1: Green Technology and Sustainability Market Size, 2023-2032 (USD Billion)

Technology: Secondary Research, Primary Research, MRFR Database and Analyst Review

Green Technology and Sustainability Market Trends

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  Growing environmental awareness among consumers is driving the market growth

  
  

The demand for eco-friendly or less damaging items has increased in response to customers' growing environmental consciousness. The primary factors that are driving the market's growth over the forecast period are the government initiatives for reducing waste output and reducing carbon footprint. Environmentally friendly items are in high demand from consumers. As a result, businesses began using green manufacturing to develop goods and services. Smart technology protects the environment and offers green IT within its bounds.

The world has reached new levels of growth thanks to globalisation, which has also quickened the speed of development in many developing nations, especially India and China. Environmental resources are continuously exploited for the purposes of industrialization and expansion. Environmentalists and ecologists warn that if this rate of exploitation continues, the world and its ecosystem won't be suitable for a sustainable way of life any time soon. This is where "green technology" enters the picture. It uses technology in a way that, on the one hand, maintains a development brought about by globalisation while lowering the amount of unfavourable environmental impact to the barest minimum.

Growing environmental consciousness and worries about global warming among businesses and consumers are driving the industry's growth. A few other important factors projected to drive market expansion in the approaching years include rising consumer and business interest in employing clean energy sources as well as an increase in the deployment of RFID sensors that cut carbon emissions. The high cost of the products and solutions associated with green technology and sustainability solutions, however, is a significant factor that is predicted to somewhat constrain the market's expansion. The market is also benefiting from the rise in good public and private initiatives to tackle climate change and air pollution. The majority of green cloud computing uses green data centre technology. In green data centres, also known as sustainable data centres, energy-efficient technologies are largely used for data management, storage, and operation. According to the 2020 U.S. Data Centre Energy Use Report, data centres in the U.S. are expected to use close to 73 billion kWh in 2020. Furthermore, 259 TWh of electricity would be consumed by data centres in Europe, according to the European Commission. Green data centres will be widely implemented due to the high energy consumption, increasing the market share for green technology and sustainability.

Due to environmental threats to human life, such as energy depletion, climate change, and global warming, green technologies have lately emerged. Many governments have acknowledged the necessity of green technology, as well as the need for technological transformation and economic diversity. Additionally, it is estimated that the market for green technology and sustainability would expand faster throughout the projected period as more people become aware of the benefits of sustainable solutions. Thus, driving the Green Technology and Sustainability market revenue.

Green Technology and Sustainability Market Segment Insights

Green Technology and Sustainability Technology Insights

The global Green Technology and Sustainability market segmentation, based on Technology, includes Internet of Things (IoT), Artificial Intelligence (AI) and Analytics, Cloud Computing, Digital Twin, Security, and Blockchain. Internet of Things (IoT) segment accounted for the largest revenue share in 2022. Energy consumption levels have increased at unsettling rates as a result of the expansion of the digital environment, the sheer quantity of gadgets and the sheer number of subscribers. The primary driver behind the expansion of the lot technology market is the introduction of green networks via loT connections.

Figure 2: Green Technology and Sustainability Market, by Application, 2022 & 2032 (USD Billion)

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Green Technology and Sustainability Application Insights

The global Green Technology and Sustainability market segmentation, based on Application, includes 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. Green building segment dominated the global Green Technology and Sustainability market in 2022. Applications for green buildings usually involve equipment and supplies that are environmentally friendly. To protect the environment and lower construction costs, green technology and sustainability solutions are increasingly being applied to develop green building applications.

Green Technology and Sustainability Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Green Technology and Sustainability Market dominated this market in 2022 (45.80%). Major companies including Microsoft Corporation, GE Electric, IBM Corporation, Oracle Corporation, Engie Impact, CropX Inc., and Taranis are among those present in the region, and their presence is largely responsible for its growth. Additionally, these businesses intend to increase their commercial footprint across the globe by utilising various corporate methods like partnerships, mergers, and collaborations. Further, the U.S. Green Technology and Sustainability market held the largest market share, and the Canada Green Technology and Sustainability market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GREEN TECHNOLOGY AND SUSTAINABILITY MARKET SHARE BY REGION 2022 (USD Billion)

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Europe Green Technology and Sustainability market accounted for the healthy market share in 2022. Leading government programmes to highlight the inventiveness of low-carbon technology are anticipated to drive market expansion. For instance, the European Commission (EC) suggested funding under its "Innovation Fund" in July 2020 for initiatives that were ready for the market, such as clean and low-carbon hydrogen solutions for energy-intensive industries like chemicals, cement, and steel. Further, the German Green Technology and Sustainability market held the largest market share, and the U.K Green Technology and Sustainability market was the fastest growing market in the European region

The Asia Pacific Green Technology and Sustainability market is expected to register significant growth from 2023 to 2032. East Asia has made great progress in the previous ten years towards a future powered by renewable energy. The main economic powers in the area are China, Japan, Taiwan, India, and South Korea. The development of low-carbon, renewable energy policy has also received varied degrees of support from the governments of these nations. They have invested resources in developing new markets for the development of renewable energy infrastructure, including solar and wind energy, smart grids, electric vehicles, and green buildings. Moreover, China’s Green Technology and Sustainability market held the largest market share, and the Indian Green Technology and Sustainability market was the fastest growing market in the Asia-Pacific region.

Green Technology and Sustainability Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Green Technology and Sustainability market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Green Technology and Sustainability industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Green Technology and Sustainability industry to benefit clients and increase the market sector. In recent years, the Green Technology and Sustainability industry has offered some of the most significant advantages to medicine. Major players in the Green Technology and Sustainability market, including General Electric, IBM, Enablon, Enviance, Sensus, Taranis, Trace Genomics, LO3 Energy, Consensys, CropX, Hortau, SMAP Energy, Treevia, and Pycno, are attempting to increase market demand by investing in research and development operations.

Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT management, IT infrastructure, cybersecurity, and software development tools are all part of IBM's product range. The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The IBM Sustainability Accelerator was introduced by IBM Corporation in February 2022. It's a professional social impact programme that uses IBM technologies like Al, hybrid cloud, and an ecosystem of experts to assist government and non-profit organisations in improving and scaling their operations, concentrating on people who are vulnerable to environmental threats like extreme weather, pollution, and climate change.

Energy management and automation business Schneider Electric SE (Schneider Electric), originally known as Schneider Electric SA, creates associated technologies and solutions for power distribution. Its key offerings include essential power, cooling, and racking, low voltage products and systems, solar and energy storage, medium voltage distribution, and grid automation. The business also provides field and automation, cloud, consulting, and training services, as well as services related to energy and sustainability. Schneider Electric introduced Infrastructure of the Future in January 2022, an integrated set of technologies for smart and environmentally friendly infrastructure.

Key Companies in the Green Technology and Sustainability market include

• General Electric


• Trace Genomics


• LO3 Energy


• IBM


• Enablon


• Enviance


• Sensus


• Taranis


• Consensys


• CropX


• Hortau


• SMAP Energy


• Treevia


• Pycno

Green Technology and Sustainability Industry Developments

In May 2022, Salesforce teamed up with Amazon Web services on open-source technology for non-profits to hasten their effect.

Microsoft entered a deal with L&T Technology in November of 2021 to provide engineering services. The aim of the partnership was to digitally convert and build future eco-friendly factories using L&T Microsoft Azure Energy & Sustainability Manager Solution.

In the North Sea in March 2024, Siemens and a wind energy developer partnered to construct an enormous offshore wind farm that will create renewable energy for many thousands of houses.

Clients can now reduce their carbon footprint as they optimize their power utilization following the launch of Schneider Electric’s new smart home energy management systems in March 2024.

Xylem and Imagine H2O, which is the premier water innovation accelerator and ecosystem for global water businesses, joined hands in October 2021. Through this partnership, both entities would focus on bringing cutting-edge technologies to the fore while helping societies access solutions necessary for providing safe, affordable, and reliable water supplies to their inhabitants.

Hyatt Centric Jumeirah Dubai is an elegant boutique hotel located in Jumeirah that offers breathtaking views of the ocean from its rooms. It is a partner of Schneider Electric. In response to this development, Schneider Electric recently introduced EcoStruxure Building Operation 3.0 at Hyatt Centric Jumeirah Dubai, which is a full building management system. This innovative system will lower not only the building’s total power consumption but also the hotel’s carbon emissions, in addition to operating maintenance expenses.

In March 2024, Tesla announced a significant reduction in prices for its Model 3 electric vehicle, thereby making it more accessible to larger groups of buyers while at the same time possibly increasing demand for electric cars, generally speaking.

Enel revealed last month it had finalized yet another large-scale solar power project within southern Italy’s boundaries, adding further to its portfolio of renewable energy sources.

March 2021 

CropX Inc. collaborated with NASA Harvest, a project focusing on agriculture and food security. The alliance used knowledge from CropX's satellite and soil data monitoring technologies to enhance and improve agricultural production, which helped develop sustainable agriculture and increase food security.

May 2022 

An Indo-German partnership for green and sustainable development was established by Germany and India. Germany promised to support India's objectives for green growth by 2030 with additional contributions totaling USD 11 billion. India received this support as part of the Joint Declaration of Intent (JDI) on environmentally friendly and sustainable development.

Green Technology and Sustainability Market Segmentation

Green Technology and Sustainability Technology Outlook

• Internet of Things (IoT)


• Artificial Intelligence (AI) and Analytics


• Cloud Computing


• Digital Twin


• Security


• Blockchain

Green Technology and Sustainability Application Outlook

• 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


• Sustainable Mining & Exploration

Green Technology and Sustainability Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America