Green Technology & Sustainability Market

Green Technology & Sustainability Market Size & Share - Key Growth Factors

The global green technology & sustainability market is projected to grow from USD  28.6 billion in 2024 to USD 134.9 billion by 2030, at a CAGR of 29.5% during the forecast period. The green technology & sustainability market is witnessing unprecedented growth, driven by a surge in demand for clean energy solutions, digital transformation, and green data centers.

This trend attracts environmentally-conscious individuals and investors seeking portfolios aligned with positive environmental impact. In the digital age, green technology & sustainability have become imperative for businesses relying on technology for operational efficiency and competitiveness. Acknowledging and addressing the environmental footprint is crucial. Integrating green technology & sustainability into digital transformation is not a passing trend but a prerequisite for a sustainable future. Embracing sustainability as a core principle in digital transformation strategies mitigates environmental impact and positions businesses as leaders in an increasingly sustainable world.

The green technology & sustainability market is poised for substantial growth in the coming years, driven by several key factors:

  • Environmental Concerns
  • Government Regulations and Policies
  • Cost Reduction and Efficiency Improvement
  • Technological Advancements
  • Corporate Sustainability Initiatives
  • Consumer Awareness and Demand
  • Investor Interest and ESG Criteria
  • Global Megatrends

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Environmental Concerns:

  • Increasing awareness of environmental issues such as climate change, pollution, and resource depletion is driving demand for green technology and sustainability solutions. Businesses and consumers are seeking eco-friendly alternatives to mitigate environmental impact.

Government Regulations and Policies:

  • Stringent environmental regulations and supportive government policies are incentivizing businesses to invest in green technology and sustainability initiatives. Subsidies, tax incentives, and carbon pricing mechanisms encourage adoption of renewable energy, energy-efficient technologies, and sustainable practices.

Cost Reduction and Efficiency Improvement:

  • Green technology solutions, such as renewable energy systems, energy-efficient appliances, and sustainable construction materials, offer cost savings and efficiency improvements over traditional alternatives. Businesses are increasingly adopting green technologies to reduce operating costs and enhance competitiveness.

Technological Advancements:

  • Ongoing advancements in green technology, including renewable energy technologies, energy storage systems, smart grids, and sustainable materials, are driving innovation and expanding the range of available solutions. Improved performance, affordability, and scalability of green technologies are accelerating market growth.

Corporate Sustainability Initiatives:

  • Growing emphasis on corporate social responsibility (CSR) and sustainability is prompting businesses to integrate sustainability into their operations, supply chains, and product offerings. Corporate sustainability initiatives encompass energy efficiency improvements, waste reduction, carbon footprint reduction, and sustainable sourcing practices.

Consumer Awareness and Demand:

  • Increasing consumer awareness of environmental issues and sustainability is driving demand for green products and services. Consumers are choosing eco-friendly products, supporting sustainable brands, and demanding transparency and accountability from companies regarding their environmental practices.

Investor Interest and ESG Criteria:

  • Environmental, Social, and Governance (ESG) considerations are becoming integral to investment decisions. Investors are allocating capital to companies with strong ESG performance and sustainability initiatives, driving investment flows into green technology and sustainable businesses.

Global Megatrends:

  • Megatrends such as urbanization, population growth, resource scarcity, and technological innovation are shaping the demand for green technology and sustainability solutions. Urbanization drives demand for sustainable infrastructure and transportation, while population growth and resource constraints necessitate sustainable resource management practices.

These growth factors, along with evolving market dynamics and societal trends, are driving the expansion of the global green technology and sustainability market, creating opportunities for innovation, investment, and sustainable development.

Green Technology & Sustainability Market Share - Global Industry Landscape

The Green Technology & Sustainability market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Green Technology & Sustainability industry include:

  • Microsoft (US)
  • Sensus (US)
  • Siemens (Germany)
  • ABB (Switzerland)
  • Huawei (China)
  • Cority (Canada)

Overall, the green technology and sustainability market comprise a wide range of industries, technologies, and solutions, each with its own set of leading companies and market dynamics.

Microsoft (US):

  • Market Share: Microsoft is a dominant player in the global technology industry, with significant market share in various segments, including software, cloud services, and enterprise solutions. While specific market share figures may vary by sector, Microsoft's products and services are widely used by businesses and consumers worldwide.
  • Key Offerings: Microsoft offers a comprehensive suite of software, cloud computing, and productivity solutions, including Windows operating systems, Office productivity suite, Azure cloud platform, Dynamics 365 ERP and CRM software, and various enterprise applications and services.

Sensus (US):

  • Market Share: Sensus is a leading provider of smart metering and utility infrastructure solutions, with a notable market share in the utility industry, particularly in North America and Europe.
  • Key Offerings: Sensus offers a range of smart metering, advanced metering infrastructure (AMI), and smart grid solutions for water, gas, and electric utilities. Their offerings include smart meters, communication networks, data analytics software, and cloud-based utility management platforms.

Siemens (Germany):

  • Market Share: Siemens is a global conglomerate with significant market share in various industries, including industrial automation, power generation, healthcare, and transportation.
  • Key Offerings: Siemens offers a wide range of products and solutions, including automation systems, power generation and distribution equipment, medical imaging and diagnostics systems, transportation systems, and digitalization solutions for industrial applications.

ABB (Switzerland):

  • Market Share: ABB is a multinational corporation with a strong presence in the industrial automation, robotics, power, and electrification sectors, holding a notable market share in these industries.
  • Key Offerings: ABB provides a comprehensive portfolio of products and solutions for industrial automation, electrification, robotics, and power grids. Their offerings include control systems, robotics and motion control solutions, power distribution and transmission equipment, and digitalization solutions for industries.

Huawei (China):

  • Market Share: Huawei is a leading global provider of telecommunications equipment and consumer electronics, with significant market share in the telecommunications infrastructure, smartphone, and networking sectors.
  • Key Offerings: Huawei offers a wide range of products and services, including smartphones, networking equipment, cloud computing solutions, enterprise IT infrastructure, and telecommunications network infrastructure, including 5G technology.

Cority (Canada):

  • Market Share: Cority is a provider of environmental, health, safety, and quality (EHSQ) software solutions, with a growing market share in the EHSQ software market.
  • Key Offerings: Cority offers a comprehensive suite of EHSQ software solutions for managing environmental compliance, occupational health and safety, risk management, quality assurance, and sustainability. Their offerings include software modules for incident management, audit management, regulatory compliance, and reporting.

Related Reports:

Green Technology & Sustainability Market by Offering (Solutions, and Services), Technology (IOT, Al & ML, Cloud Computing, Edge Computing, Digital Twin, Blockchain), Vertical (Manufacturing, Energy & Utilities) and Region - Global Forecast to 2030

Green Technology & Sustainability Market Size,  Share & Growth Report
Report Code
TC 7354
RI Published ON
4/8/2024
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