NEW YORK, Feb. 7, 2023 /PRNewswire/ — The value of the green technology and sustainability market stood at USD 19,499.6 million in 2022, and this number is projected to reach USD 43,453.9 million by 2030, advancing at a CAGR of 10.7% during 2022–2030.
P&S Intelligence majorly credits this growth to the increasing demand for energy, implementation of sustainability legislations, extensive usage of building automation solutions, and ever-changing prices of crude oil.
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Internet of Things Usage Is Set To Grow at Highest Rate
The IoT category is set to lead the industry and experience rapid growth in the coming years. This will mainly be due to the growing awareness regarding the environmental and health problems because of the emission of carbon.
Further, to avoid the wastage of energy and gather energy consumption data, such technology is useful in several applications, such as factories, hospitals, power grids, utility meters, hospitals, homes, city administrations, offices, and smart transport.
Global Warming Is Driving Green Building Development
Because of the rampant industrialization and commercialization, the building and construction industry is growing significantly, to satisfy the increasing demand for space for residential and business purposes.
Resulting from the surge in the production of energy, carbon releases are growing at a shocking rate worldwide. Consequently, to cope with the high energy needs without causing any environmental damage, governments are focusing on green buildings.
The purpose of green building technologies is to decrease the consumption of energy and utilize only the electricity generated onsite, through rooftop solar panels, BIPVs, and other renewable energy sources.
Solution Usage among SMEs To Grow Faster
The SMEs category is projected to accept eco-friendly technologies at a higher rate of growth in comparison to larger enterprises, since the contribution of small enterprises is massive for any nation’s economy. Due to this, the augmenting acceptance of cloud computing technologies and IoT by small and medium-sized enterprises will continuously drive the revenue for solution providers in the coming years.
Browse detailed report on Green Technology and Sustainability Market Share, Growth and Demand Forecast Report 2030
North America Is Rapidly Adopting Green Technologies
In 2022, North America led the green technology and sustainability market, and it will stay on this path in the future. This is credited to the surge in the government effort to decrease carbon releases and the quick uptake of power-saving technologies in the continent.
A number of megacities in the U.S., including New York City, Los Angeles, and Denver, have set ambitious green building targets. Additionally, the Biden Administration has announced plans to have over 50% lower emissions in 2030 than in 2005.
Green Technology and Sustainability Market Report Coverage
By Component
- Solutions
- Services
- Consulting
- Support and Maintenance
- Integration and Deployment
By Technology
- IoT
- AI & Analytics
- Digiital Twin
- Cloud Computing
- Blockchain
By Organization Size
- SMEs
- Large Enterprises
By Deployment Mode
- Cloud
- On- Premises
By Application
- Green Building
- Carbon Footprint Management
- Air Pollution Monitoring
- Water and Wastewater Management
- Weather Monitoring
- Soil Condition/Crop monitoring
- Fire Detection
- Forest monitoring
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia-Pacific
- China
- Japan
- Australia
- India
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- U.A.E.
- Saudi Arabia
- South Africa
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SOURCE P&S Intelligence
