As per SNS Insider analysis, combining government policies, consumer demand, cost savings, technological advancements, and corporate social responsibility drives green technology and sustainability market growth.
Pune, March 16, 2023 (GLOBE NEWSWIRE) — The Green Technology and Sustainability Market was valued at USD 16.74 billion in 2022, and it is projected to grow at a compound annual growth rate (CAGR) of 27.71% during the forecast period of 2023-2030, reaching a value of USD 118.45 billion. SNS Insider reported this information.
Green technology and sustainability are two related concepts that have gained significant importance recently. Green technology refers to developing and using environmentally-friendly products, processes, and services. In contrast, sustainability refers to the ability to meet the needs of the present without compromising the ability of future generations to meet their own needs.
Green technology and sustainability are emerging as key drivers of growth in the global economy. As environmental awareness and concerns about global warming continue to rise, individuals and organizations alike are looking for ways to reduce their carbon footprint and contribute to a more sustainable future. In recent years, countries worldwide have recognized the importance of green technologies and have taken steps to encourage their development and adoption. Additionally, governments have invested in research and development to create more efficient and effective green technologies, such as electric vehicles, energy-efficient buildings, and smart grids.
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Green Technology and Sustainability Market Report Scope:
|Market Size in 2022||US$ 16.74 Bn|
|Market Size by 2030||US$ 118.45 Bn|
|CAGR||CAGR of 27.71% From 2023 to 2030|
|Key Market Segments||• By Component (solution and services)
• By Technology (Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cybersecurity, Blockchain)
• By Application (Green Building, Carbon Footprint Management, Weather Monitoring & Forecasting, Air and Water Pollution Monitoring, Forest Monitoring, Crop Monitoring, Soil Condition/Moisture Monitoring, Water Purification, and Others)
|Key Regional Coverage||North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)|
Key Company Profiles Listed in this Report Are:
Impact of Recession on Green Technology and Sustainability Market Growth
While the recession had an impact on the green technology and sustainability market, it ultimately helped to spur innovation and growth in this important sector. As businesses and individuals continue to look for ways to reduce costs and minimize their environmental impact, the demand for green technology and sustainability solutions will only continue to grow.
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Key Regional Developments
The green technology and sustainability market are experiencing significant growth, with North America leading the way in terms of revenue. The region's focus on investments and initiatives towards a greener environment has resulted in new business opportunities, paving the way for sustainable development. On the other side, the Asia Pacific (APAC) region is poised to become a lucrative investment market, with a significant CAGR projected during the forecast period. This expansion can be attributed to countries like China and India, which are increasingly integrating new technologies to improve their business operations and reduce their carbon footprint.
Key Takeaway from Green Technology and Sustainability Market Study
- The solution segment has emerged as a leading player in the rapidly growing market. This segment comprises solutions and services that are aimed at mitigating environmental impacts and promoting sustainable practices.
- The green building segment has emerged as a major player in the market. With an increasing focus on environmental conservation and sustainable development, the construction industry has been quick to adopt eco-friendly building practices and technologies.
Recent Developments Related to Green Technology and Sustainability Market
- Siemens, the global technology powerhouse, is investing heavily in its Frankfurt-Fechenheim site and sustainable technologies. Siemens' investment in sustainable technologies is part of a broader effort to address the urgent environmental challenges facing our planet. With climate change and other environmental issues becoming increasingly urgent, it is more important than ever that companies like Siemens take a leadership role in promoting sustainability.
- URBAS, a leading provider of sustainable energy solutions, has teamed up with AECOM, a global engineering and infrastructure firm, to work on projects related to green and sustainable fuels. The collaboration between the two companies aims to develop innovative solutions that will help reduce carbon emissions and promote sustainable energy use.
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