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Green Technology and Sustainability Market 2020 - Demand, Share, Regional Analysis, Revenue, Forecast to 2026 | CropX Inc., Enablon France SA, Enviance Inc., General Electric , Hortau Inc.
Based on technology, the Internet of Things (IOT) segment held the major share in 2018, generating to more than one-fourth of the global green technology and sustainability market. This is attributed to the advent of green networks in IoT connectivity. On the other hand, the artificial intelligence and analytics segment is expected to grow at the fastest CAGR of 28.8% by the end of 2026. This is due to the increase in adoption of analytics technology due to its exquisite features such as energy forecasting, energy efficiency, and energy accessibility propels the growth of the segment.
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The global green technology and sustainability market was estimated at $6.85 billion in 2018 and is expected to hit $44.61 billion by 2026, registering a CAGR of 26.5% from 2019 to 2026.
Increase in environmental awareness and concerns, rise in consumer and industrial interest for the use of clean energy resources, and growth in use of RFID sensors fuel the growth of the global green technology and sustainability market. On the other hand, high product and solution costs associated with green technology and sustainability solutions restraint the growth to some extent. However, initiatives to tackle climate change and air pollution is expected to usher in an array of opportunities in the near future.
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Based on region, North America contributed to more than one-third of the global green technology and sustainability market share in 2018, and is anticipated to maintain the lion's share throughout the forecast period. The leveraged advanced energy-saving technologies from the recent past and high number of green building initiatives in this region has augmented the growth of the market. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 27.6% till 2026, this is attributed to the emergence of new technologies and trends associated with the green technology.
Based on applications, the green building segment accounted for around one-fifth of the global green technology and sustainability market revenue in 2018, and is projected to rule the roost till 2026. This is attributed to the increase in development of green building application and lowering down the costs of construction. Simultaneously, the crop monitoring segment is expected to cite the fastest CAGR of 29.9% during 2019–2026. The green technology is providing an alternative way to improve the national economy without damaging the environment, which leads to the growth of the segment.
Pandemic disrupted the entire world and affected many industries.
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Some of the key market players profiled in the green technology market include 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. Players operating in the market have witnessed high revenue growth opportunities for analytical solutions and services especially due to digitalization. This study includes the green technology and sustainability market analysis, trends, and future estimations to determine the imminent investment pockets.
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Key Findings of the Study:
• By technology, the IoT segment dominated the green technology and sustainability market share growth in 2018. Whereas, the cloud computing segment is anticipated to grow at a significant rate in the coming years. However, the artificial intelligence and analytics segment is expected to exhibit significant growth rate during the forecast period in the green technology and sustainability industry.
• By application, the green building segment accounted for the highest revenue in 2018 due to high penetration of green technology and sustainability solutions for green building initiatives.
• Region wise, Asia-Pacific is expected to witness a significant growth in terms of CAGR in the upcoming years. Whereas, North America dominated the market in 2018 due to high number of key players operating in the region and is expected to remain dominant in terms of revenue growth during the forecast period.
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