Green Technology and Sustainability Market Growth, Size - 2030

Coverage: Green Technology and Sustainability Market covers analysis by Technology (IoT, AI and Analytics, Digital Twin, Cloud Computing, Security, Blockchain); Application (Green Building, Carbon Footprint Management, Weather Monitoring and Forecasting) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00007579
  • Category : Technology, Media and Telecommunications
  • Status : Upcoming
  • No. of Pages : 150
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The green technology and sustainability market size is expected to grow from US$ 15.32 billion in 2022 to US$ 63.94 billion by 2030; it is estimated to grow at a CAGR of 19.6% from 2022 to 2030.

Market Analyst Perspective:

The world is experiencing a large number of challenges, such as extreme climate changes, global impacts of multiple diseases, extensive environmental pollution, energy and resource depletion, and serious food crises. To tackle such issues, the need for various interdisciplinary green technologies is increasing worldwide. Also, the growing environmental awareness and concerns regarding global warming have risen among organizations and individuals, fueling the growth of the green technology and sustainability market. In addition, the rising energy generation by constructing more wind and solar power plants is creating an opportunity for the growth of the green technology and sustainability market. For instance, in Q2 2022, the construction of a 5,230 MW integrated hybrid renewable energy project started in Andhra Pradesh, India, for which an investment of about US$ 2000 million was made.

The construction is expected to be completed in Q4 2025. This project is a combination of wind and solar and pumped storage facilities. Furthermore, the rising sales of electric vehicles to reduce air pollution and rising government initiatives to increase their adoption are propelling the growth of the green technology and sustainability market.

Market Overview:

Green technology or sustainable technology deals with the short and long-term impact of things on the environment. It includes recycling, renewable resources, energy efficiency, health and safety issues, and many more. Various eco-friendly technologies can help in creating a sustainable future. For example, with the help of modern technology, industries and households can adopt a zero-waste lifestyle by separating recyclable and non-recyclable waste. Also, the energy generated from tides, currents, and waves, known as ocean energy, is an excellent resource for sustainability. In addition, to solve food production issues, people can perform vertical farming, an eco-friendly way of farming. This farming can also help reduce greenhouse gas emissions as there is no need to transport the farm produce over long distances. Moreover, there have been massive cases of water wastage globally. To cater to these problems, various new green technologies, such as microbial fuel cells, natural treatment systems, membrane filtration, and biological treatment, can help in the water purification process, helping create a sustainable future. Thus, all the above sustainable technologies can help in reducing greenhouse gas emissions, propelling the growth of the green technology and sustainability market.

Strategic Insights

Market Driver:

Growing Government Initiatives for Net-Zero Emission is Fueling the Growth of Green Technology and Sustainability Market

Due to the restriction on people’s movement and the shutdown of most of the manufacturing and industrial activities, there was a drastic change in the climate. The pandemic led to reduced carbon emissions, increased rainfall received, improved solar energy output, and many more. Because of all these factors, the governments of various countries are taking various initiatives to have net-zero emissions. For instance, in April 2021, the governments of the US and Canada announced a new initiative to engage governments around the world in greening government operations. With this, both countries also announced that they will work together towards the shared goal of net-zero emissions government. Similarly, the European Union (EU) has set a target, under its European Green Deal and Fit for 55 initiatives, to reach Net Zero emissions by 2050. For this, countries like the UK and Germany have laid out different climate strategies to reach their national ambitions of reducing carbon emissions.

These strategies include increasing investments in areas such as carbon capture technology, efficient energy consumption initiatives, hydrogen projects, and expansion of renewable projects. Also, in April 2021, the government of Japan announced that they have raised their previously set goal of reducing emissions by 2030 to 46% from its 2013 levels, stepping up its efforts to reach carbon neutrality. To create such a virtuous cycle of economy and environment, the Japanese government launched the green growth strategy through achieving carbon neutrality in 2050. Moreover, in June 2022, the government of China set new targets to increase total renewable energy consumption to 1 billion tonnes of standard coal equivalent (tce) from 0.68 billion tce in 2020.

In addition, the government also set a target to increase the share of non-fossil fuel energy to 20% of primary energy consumption by 2025 from 15.9% in 2020, which could help reduce carbon emissions by an estimated 2.6 billion tonnes annually. Further, the country has also committed that they will stop building new coal power plants abroad. Thus, the growing number of initiatives by the governments of different countries is propelling the green technology and sustainability market growth.

Market Segmental Analysis:

Based on technology, the green technology and sustainability market is segmented into IoT, AI and analytics, digital twin, cloud computing, security, and blockchain. The IoT segment held the largest green technology and sustainability market share in 2022 and is anticipated to register the highest CAGR during the forecast period. IoT technology helps to provide real-time data and automation, which can help in decision-making processes. The speed of information delivery and the ability to automate various processes can help to use resources in any sector efficiently, including sustainability, where better use of resources is critical. Here, with the help of IoT devices, monitoring emissions or automatically collecting large amounts of data and analyzing it to find patterns has become easier. Through this, IoT technology can help create less waste and reduce environmental impact, fueling the segment growth in the forecasted period.

Market Regional Analysis:

North America is expected to witness significant growth in the green technology and sustainability market in the forecasted period. The US holds the largest green technology and sustainability market share in 2022. The market growth in this region is attributed to the growing electric vehicle sales in the region. According to the report by Cox Automotive, around 300,000 new full battery-electric vehicles were sold in the US in Q2 2023, which was an increase of 48.4% compared to Q2 2022. Tesla was the largest seller of EVs in the US, selling more than 175,000 EVs, which was an increase of 34.8% in Q2 2023 from Q1 2023. Also, as per NADA, fully electric vehicles accounted for almost 7% of North America's total car production in December 2022, which increased from 4.7% in December 2021. Thus, the growing adoption of EVs in the region is fueling the growth of the green technology and sustainability market. In addition, the governments of different North American countries are taking various initiatives for the expansion of renewable energy. The Bureau of Ocean Energy Management has created five new Wind Energy Areas in New York with a capacity of around 9,800 MW, which is one of the largest portions of the 2021 pipeline growth. Also, Massachusetts' Vineyard Wind I became the US's first approved commercial-scale offshore wind energy project. Thus, the growing EV adoption and rising demand for renewable energy are fueling the green technology and sustainability market growth in North America.

Market Key Player Analysis:

ConsenSys Software Inc., Cority, General Electric, IBM, LO3 Energy, Microsoft, Sensus, a Xylem brand, Taranis, Trace Genomics, Inc., and Wolters Kluwer N.V. are among the key green technology and sustainability market players. These green technology and sustainability market players are focused on continuous green technology product development and innovation.

Market Recent Developments: 

Inorganic and organic strategies such as product launches, partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the green technology and sustainability market. A few recent key market developments by these companies are listed below: 

  • In April 2023, Fujitsu introduced its new AI platform, Fujitsu Kozuchi, which can provide global commercial users access to a range of powerful AI and ML technologies. The new platform aims to ensure the reliability of AI solutions to accelerate the social implementation of AI solutions and contribute to the realization of a sustainable society.
  • In July 2022, DIC Corporation partnered with SAP SE to undertake a pilot project using blockchain technology to construct a waste plastics traceability system that will advance the recycling of plastic resources. The new pilot project will use GreenToken by SAP to track raw materials across the entire supply chain, from generation to production and inspection processes and of data about physical properties and quality.
  • In May 2022, General Electric launched Lifespan, a new digital product portfolio enabling customers to optimize renewable asset performance and operations across the fleet. The Lifespan suite of products is fully integrated, technology agnostic, and was designed with operators to drive improved operations.
  • In February 2022, GE Renewable Energy announced the opening of a new Renewable Hybrids factory in India. The site will manufacture the FLEXINVERTER and FLEXRESERVOIR products and will help integrate them with the FLEXIQ offering from GE’s newly launched FLEX portfolio, designed to solve customer needs through multiple applications to enable dispatchable, green MWhs.

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  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL FRAMEWORK

Green Technology and Sustainability Market Report Analysis

Green Technology and Sustainability Market

  • CAGR (2023 - 2031)
    19.60%
  • Market Size 2023
    US$ 18.32 Billion
  • Market Size 2031
    US$ 76.71 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • ConsenSys Software Inc.
  • Cority
  • General Electric
  • IBM
  • LO3 Energy.
  • Microsoft
  • Sensus, a Xylem brand.
  • Taranis
  • Trace Genomics, Inc.
  • Wolters Kluwer N.V.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

By Technology
  • IoT
  • AI and Analytics
  • Digital Twin
  • Cloud Computing
  • Security
  • Blockchain
By Application
  • Green Building
  • Carbon Footprint Management
  • Weather Monitoring and Forecasting
By Geography
  • North America
  • Europe
  • Asia Pacific
  • South and Central America
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
MARKET PLAYERS

Green Technology and Sustainability Market Report Scope

Report Attribute Details
Market size in 2023 US$ 18.32 Billion
Market Size by 2031 US$ 76.71 Billion
Global CAGR (2023 - 2031) 19.60%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Technology
  • IoT
  • AI and Analytics
  • Digital Twin
  • Cloud Computing
  • Security
  • Blockchain
By Application
  • Green Building
  • Carbon Footprint Management
  • Weather Monitoring and Forecasting
By Geography
  • North America
  • Europe
  • Asia Pacific
  • South and Central America
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • ConsenSys Software Inc.
  • Cority
  • General Electric
  • IBM
  • LO3 Energy.
  • Microsoft
  • Sensus, a Xylem brand.
  • Taranis
  • Trace Genomics, Inc.
  • Wolters Kluwer N.V.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    This text is related
    to segments covered.

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    This text is related
    to country scope.

    The List of Companies

    1. ConsenSys Software Inc.
    2. Cority
    3. General Electric
    4. IBM
    5. LO3 Energy.
    6. Microsoft
    7. Sensus, a Xylem brand.
    8. Taranis
    9. Trace Genomics, Inc.
    10. Wolters Kluwer N.V.

    The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

    1. Data Collection and Secondary Research:

    As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

    Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

    1. Primary Research:

    The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

    For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

    A typical research interview fulfils the following functions:

    • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
    • Validates and strengthens in-house secondary research findings
    • Develops the analysis team’s expertise and market understanding

    Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

    • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
    • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

    Below is the breakup of our primary respondents by company, designation, and region:

    Research Methodology

    Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

    1. Data Analysis:

    Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

    • 3.1 Macro-Economic Factor Analysis:

    We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

    • 3.2 Country Level Data:

    Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

    • 3.3 Company Profile:

    The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

    • 3.4 Developing Base Number:

    Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

    1. Data Triangulation and Final Review:

    The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

    We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

    We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

    Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

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