The global Green Technology and Sustainability market size to grow from USD 11.2 billion in 2020 to USD 36.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 26.6% during the forecast period. The increasing use of RFID sensors across industries and the growing consumer and industrial interest for the use of clean energy resources to conserve environment are driving the adoption of green technology and sustainability solutions and services in the market.
The solution segment is estimated to have largest market size during the forecast period
The component segment comprises of solution and services. The solution segment is estimated to account for a larger market size during the forecast period. Protecting and improving the quality of the environment requires innovative design solutions that meet the increasing demand for sustainable and green technologies while complying with more-stringent government regulations aimed at reducing the overall carbon footprints. The advent of globalization and innovation development has continuously exploited the environment.
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The blockchain segment is estimated to grow at the highest CAGR during the forecast period
The green technology and sustainability market by technology has been segmented into IoT, AI and analytics, digital twin, cloud computing, security, and blockchain. Various startups are already using blockchain as a tool to make energy grids more accessible and sustainable by promoting data sharing in real time. Energy-intensive cryptocurrency mining has caused a spike in carbon emission, and hence blockchain is capable of driving innovation in the field of green technology. The cloud computing technology segment is expected to have the largest market size during the forecast period. This growth can be attributed to the benefits of the cloud to provide real-time remote access to data through sensors, satellite images, and weather forecasting.
The low-carbon technologies are rapidly evolving in terms of capabilities, costs, and impacts on environmental and natural resources. The benefits of these technologies may also vary among regions due to differences in the level of economic development, climate changes, and other impacting factors such as sustainable developments. The emergence of digital technologies is steering in a new era of productivity across business and industrial operations. Digital solutions enabled by IoT, AI and analytics, digital twin, security, and cloud computing help lower the operation costs, increase business output, and leverage optimum and efficient use of natural resources to mitigate the environmental impact. In 2017, GE and Intel, under the Global eSustainability Initiative (GESI), found out that ICT can help reduce global carbon dioxide emissions by 20% until 2030 through the application of internet-enabled solutions.
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Key players in the green technology and sustainability market include GE (US),IBM (US), Enablon (France),Salesforce (US), Microsoft (US), Schneider Electric (France), Engie Impact (US), Intelex (Canada), Enviance (US), Sensus (US), LO3 Energy (US), Isometrix (South Africa), Taranis (Israel), Trace Genomics (US), ConsenSys (US), CropX (Israel), Hortau (US), IOT Solutions and Consulting (Europe), Pycno (UK), MineSense Technologies (Canada), WINT (US), OIZOM (India), Treevia (Latin America), SMAP Energy (UK), and Accuvio (Ireland). These companies are continuously innovating to enhance their green technology and sustainability capabilities for better efficiency and reliability, thereby paving the way for the global green technology and sustainability market to emerge as a mainstream technology.
Enablon was founded in 2000 and is headquartered in Paris, France. It was acquired by Wolters Kluwer in July 2016. The company provides environmental, health, safety and sustainability, and operational risk management software and SaaS solutions. It also provides a software platform that is a combination of technologies, contents, and services, and enables organizations to be more sustainable. The company’s solutions find applications in air quality management, carbon emission forecasting, environmental analysis, greenhouse gas management, waste management, and water management in the automotive, chemicals, energy and utilities, financial services, food and beverages, healthcare and pharmaceuticals, manufacturing, mining and metals, and oil and gas industries. Enablon also offers implementation, training, and support services. The company has a presence in Europe and North America.
GE is a key player in the green technology and sustainability market, with a strong solution portfolio. The company focuses on clean energy and resource conservation through the integration of technologies and turbines. GE plans to intensify its focus on the growing renewable energy market space by consolidating all its renewable and grid assets into a single and simplified renewable energy business. As a part of its growth strategies, the company innovates and invests in the integration of clean energy solutions, with technologies such as IoT, AI, ML, and predictive analytics, in its offerings. It offers a combination of hardware and software to assist utility providers in maintaining and extending the life of their equipment. GE focuses on partnership and collaboration, and enhancing the company’s product portfolio in the green technology and sustainability market.
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