February 24, 2024
Green Technology And Sustainability Market

Rapid Adoption of Renewable Energy Resources to Fuel Growth of the Green Technology And Sustainability Market

The global Green Technology And Sustainability Market is estimated to be valued at US$ 15.99 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The green technology and sustainability market comprises technologies and solutions that help reduce environmental impact and essentially create environmental sustainability. Products in this market include green networking, automation, and security technologies that monitor energy usage and consumption and allow organizations to take conservation steps. Other products include carbon footprint calculators and assessment tools, renewable asset management solutions, and clean technology investments and finance management platforms. Organizations adopt green technologies to lower energy bills, reduce carbon footprint, meet sustainability targets, and gain a competitive edge through environmentally-friendly practices.

Market key trends:

Adoption of renewable energy resources is a major trend driving the green technology market. Governments across the globe are implementing favorable policies and offering incentives to reduce dependence on fossil fuels and switch to cleaner energy sources like solar and wind. This is increasing investments in renewable energy production. For example, the U.S. approved investment tax credits for residential and commercial solar installations until 2022. Growing awareness about environmental issues is also prompting companies and individuals to opt for greener choices. Technologies facilitating seamless integration of renewables into existing energy infrastructure will see higher demand.

Porter’s Analysis

Threat of new entrants: The high capital requirements and the established infrastructure of existing players makes the threat of new entrants in the green technology and sustainability market relatively low.

Bargaining power of buyers: Buyers have moderate bargaining power in the green technology and sustainability market due to the availability of alternatives and price transparency.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to the availability of substitute components and inputs.

Threat of new substitutes: Technological developments paves way for new substitutes, posing significant threat.

Competitive rivalry: High as the market is dominated by global key players differentiating products through continuous innovations.

Key Takeaways

Global Green Technology And Sustainability Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing environmental regulations worldwide. According to industry estimates, the market size for 2023 is US$ 15.99 Bn.

Regional analysis

North America dominates the green technology and sustainability market currently due to stringent environmental policies. Asia Pacific is expected to be the fastest growing market during the forecast period with countries like China, India imposing new regulations to curb carbon emissions.

Key players

Key players operating in the green technology and sustainability market are CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc. CropX utilizes AI and IoT to optimize irrigation and fertilization practices of farmers. Enablon provides environmental management system software.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it