Green Technology and Sustainability Market Drivers, Restraints, Opportunities, and Trends in Coming Years

The surging popularity of building automation systems, primarily on account of skyrocketing electricity prices, is fueling the adoption of green technology and sustainability solutions. Building automation systems enable users to control the electricity consumption of buildings, thereby, allowing them to curtail their power expenditure. In recent years, various countries have released several standards to certify buildings as 'Green'. To be certified as a 'Green' building, the owners of these buildings have to incorporate green building automation, as this technology helps them reduce their power consumption and wastage.

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Moreover, the surging use of artificial intelligence (AI)-enabled robots for strengthening sustainability efforts will help the green technology and sustainability market to advance at a CAGR of 20.0% during 2020–2030. The market revenue stood at $8.3 billion in 2019, and it is expected to reach $57.8 billion by 2030. AI-powered robots help in improving the operations and cost structure of enterprises and the health of their employees, as they can efficiently certify, repair, maintain, and inspect energy installations. For instance, these robots are largely used in the oil and gas industry to efficiently evaluate the various aspects of oil wells.

According to P&S Intelligence, North America led the green technology and sustainability market in the past, due to the hefty investments made in the development of blockchain and analytics technologies for the industrial, commercial, and residential sectors in the region. Moreover, the surging initiatives being launched by the North American countries for integrating advanced technologies in the utilities sector, to ensure sustainability, will augment the demand for green technologies in the region in the foreseeable future. Whereas, Asia-Pacific (APAC) will adopt such technologies at the highest rate in the coming years, owing to the soaring urban population in the region.

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Apart from AI, the internet of things (IoT) technology is also being adopted in smart energy solutions and grids, smart cities, smart homes and buildings, smart mobility and transportation systems, and smart factories and manufacturing facilities to reduce energy wastage and collect energy data. The increasing utilization of IoT can be credited to the soaring environmental and health concerns being raised, owing to the mounting carbon emissions. Moreover, cloud computing, digital twin, and blockchain technologies are also being used in the aforementioned application areas to ensure sustainability.

Thus, the growing popularity of building automation systems and the increasing use of AI-powered robots in end-use industries are expected to augment the need for green technologies for ensuring sustainability in the coming years.

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