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.

Currently, the green technology providers are focusing on securing client deals to strengthen their customer base. For example, in January 2020, Xylem Inc. secured a contract with Tacoma Public Utilities for its Sensus solution, for an advanced metering infrastructure (AMI) plan. As per the agreement, Sensus water meters and Stratus IQ electricity meters of Xylem will be deployed, which will assist the utility firm in capturing the water and electricity consumption data of 110,000 and 190,000 consumers, respectively, to offer them better services.

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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.

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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This release was published on openPR.