The global green technology and sustainability market size was accounted at USD 13.7 6billion in 2022 and it is expected to hit around USD 89.18 billion by 2032 with a remarkable CAGR of 20.60% from 2022 to 2032. The green technology and sustainability market growth is driven by growing global awareness of environmental issues, escalating energy costs,growing development of smart cities and urban planning, increasing focus on proper waste management and recycling.
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The U.S. green technology and sustainability market size was valued at USD 3.85 billion in 2022 and is predicted to reach USD 25.16 billion by 2032, growing at a CAGR of 20.60% between 2022 to 2032.
North America dominated the green technology and sustainability market in 2022. The large number of market players is operating in the North America green technology and sustainability market. These key market players are highly investing in research and development activities for the development of green technology and sustainability market. In addition, market players are also installing new and advanced technologies which help into carbon control and greenhouse gases emission control. Moreover, rising global warming and pollution is also driving the growth of the green technology and sustainability market in the region.
Europe is expected to develop at the fastest rate during the forecast period. The UK dominates the green technology and sustainability market in Europe region. The government of Europe region is taking immense efforts for the growth and development of the green technology and sustainability market. The favorable government policies in favor of storage of energy and using clean and green energy are driving the growth of green technology and sustainability market in Europe region over the projected period.
Green technologies are considered as eco friendly technologies. These technologies help to gain sustainability by producing green and clean energy. The green technology is prominently used for the protection of environment. That’s the reason, the government all around the globe are heavily investing in the development of green technology. One of the major factors driving the growth of the global green technology and sustainability market is growing awareness regarding environment. In addition, the growing concerns about global warming and saving environment from it, is driving the growth of the global green technology and sustainability market over the forecast period.
Furthermore, growing carbon emissions is emphasizing the importance of adopting green technology all around the globe. This factor is boosting the expansion of the global green technology and sustainability market. Due to growing usage of clean energy, the demand for green technology is also rising at a rapid pace. On the other hand, the high costs for the deployment of green technology and sustainability solutions are restricting the growth of the green technology and sustainability market all around the world. Nevertheless, the favorable government initiatives and guidelines are creating growth prospects for the green technology and sustainability market.
The impact of the COVID-19 pandemic impact on the growth of the global green technology and sustainability market was moderate in nature. However, the growth of the green technology and sustainability market is expected to revive in coming years as lockdown restrictions are being removed all around the globe.
| Report Coverage | Details |
| Market Size by 2032 | USD 89.18 Billion |
| Growth Rate from 2023 to 2032 |
CAGR of 20.60% |
| Largest Market | North America |
| Fastest Growing Makret | Europe |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Component, Technology, Industry, Geography |
| Companies Mentioned | General Electric Company, Enablon, Salesforce.com Inc, Microsoft Corporation, Schneider Electric, Engie Impact, Sensus, Enviance, Intelex Technologies Inc., CropX Inc. |
Thus, the growing concerns all around the globe regarding decline of renewable energy resources, growing pollution levels, and changes in climate are factors boosting the growth of the global green technology and sustainability market. The green technology and sustainability solutions are mostly adopted for reduction carbon levels. In addition, the adoption of innovative technologies such as blockchain, artificial intelligence, and internet of things are creating lucrative opportunities for the growth of the global green technology and sustainability market. Additionally, the adoption of industry 4.0 is also enhancing the growth of the green technology and sustainability market all around the world.
The worldwide green technology and sustainability market is highly concentrated with only a few companies responsible for the most of the market revenue. To secure and retain a strong position in the fast-increasing industry, companies are focused on strategic expansions into unexplored regions and research and development projects to produce more advanced and innovative green technologies and sustainability solutions in the global market. Moreover, the market players are also collaborating with government agencies to increase their market share in the green technology and sustainability market.
The solution segment dominated the green technology and sustainability market in 2022. The trend of globalization and privatization is paving new way for the growth of the segment. In addition, technological advancements and adoption of innovative technologies are creating the demand for solutions for green technology and sustainability in the global market. The green technology and sustainability solutions are largely adopted which are beneficial for environment and does not harm environment in any way.
The services segment is expected to grow at a fastest rate over the forecast period. The services segment in green technology and sustainability market is growing due to the rising awareness about green and clean energy. In addition, the private, public, and government firms are adopting green technology, which is creating lucrative opportunities for the growth of the segment during the forecast period.
The green building segment led the largest market share in 2022. One of the key factors driving the growth of the segment is increased usage of clean and green energy. This energy is used for the construction of green and sustainable building. The acceptance and adoption of green buildings help in the reduction of greenhouse gases emissions. Therefore, the government of developed and developing regions such as Asia-Pacific, North America, and Europe are taking constant efforts for adoption of green buildings on large scale. All of these aforementioned factors are driving the growth of the segment.
The crop monitoring segment is fastest growing segment of the green technology and sustainability market in 2022. The data and information on different crops are mandatory for agriculture companies as well as food companies. The green technology for crop monitoring helps in the reduction of usage of pests. That’s the reason, the key market players are launching new solutions and green technology for crop monitoring. This factor is driving the growth of the segment.
Segments Covered in the Report
By Component
By Industry
By Technology
By Geography
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