Green Technology Market Insights, Competitive Analysis, Latest Trends, And Forecast To 2033

The green technology market size has grown exponentially in recent years. It will grow from $18.69 billion in 2023 to $23.6 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to raising awareness of the benefits of green technologies, growing demand for biomass solutions, urgency to address climate change increases, shift towards shorter-term deployment-ready climate tech solutions, inclination towards sustainable investment.

The green technology market size is expected to see exponential growth in the next few years. It will grow to $61.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to increasing corporate commitments to achieving net-zero emissions, emerging economies investing in green infrastructure, growing concerns about climate change and environmental degradation, increasing industrial and consumer awareness, government initiatives to promote the use of green technologies. Major trends in the forecast period include data measurement technologies and software solutions, improve efficiency, create new revenue streams, performance monitoring, drives innovation in climate tech, provide scalable and profitable solutions.

Market Overview -
Green technology, also known as sustainable technology or clean technology, refers to the development and implementation of products, processes, and systems that are designed to address environmental challenges and minimize negative impacts on the planet. It include technologies that reduce energy consumption, utilize renewable energy sources, decrease pollution and greenhouse gas emissions, conserve natural resources, and promote ecological sustainability.

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Shift Towards Sustainable Investing Driving Growth In Green Technology Market
The rising shift towards sustainable investing is expected to propel the growth of the green technology market going forward. Sustainable investing, also known as ESG investing (Environmental, Social, and Governance), is an investment approach seeking to generate financial returns while considering environmental, social, and governance (ESG) factors. With the increasing awareness of environmental and social issues, a more extensive scope of investments contributes to a sustainable future. Sustainable investing incorporates green technology by allocating capital to companies developing and implementing environmentally friendly solutions to address pressing global challenges while generating financial returns and advancing a more sustainable future. For instance, in December 2021, according to the data published by Thomson Reuters Lipper, a US-based financial services company, a record $649 billion flowed into ESG-focused funds globally in 2021, up from $542 billion in 2020. ESG funds now account for 10% of all global fund assets. Therefore, rising shifts towards sustainable investing are driving the growth of the green technology market.

Competitive Landscape -
Major companies operating in the green technology market are Alphabet Inc., Microsoft Corporation, Engie SA, Tencent Holdings Limited, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., Atos SE, Blackstone Inc., Wolters Kluwer N.V., Adani Green Energy Limited, OneTrust LLC, EKI Energy Services Limited, thinkstep Ltd., Verisae LLC, ClimatePartner Gmbh, 3 Degrees Inc., ProcessMAP Corporation, Sustainable Travel International Inc., Cool Effect Inc., Sensus B.V

Companies Lead With The Change In Green Technology Innovation
Major companies operating in the green technology market focus on technologically advanced solutions, such as green solutions, to continue driving innovation, reduce environmental impact, and support the transition to a sustainable economy. It is a portfolio of insurance products and services designed to support the net-zero ambitions of clients by focusing on sustainable technologies and risk mitigation strategies. For instance, in May 2023, Munich Re Specialty Group, a green technology division of Munich Re, a Germany-based company, launched the green solutions portfolio to support the net-zero ambitions of its clients. This initiative aims to position the group as a prominent provider of commercial specialty and primary green insurance risks by 2030. Green Solutions comprises both existing green technology offerings and innovative risk solutions. The portfolio targets emerging as the preferred partner for sustainable risks within the London and Lloyd's markets, leveraging Munich Re's extensive global distribution network to facilitate the transition towards a net-zero economy. With a focus on technologies such as photovoltaic, wind, carbon capture, and energy storage, green solutions will also provide access to intangible asset products such as cyber coverage.

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Key Segments -
The green technology market covered in this report is segmented -
1) By Component: Solutions, Services
2) By Technology: Internet Of Things (IoT), Cloud Computing, Artificial Intelligence And Analytics, Digital Twin, Cybersecurity, Blockchain
3) By Applications: Non-Residential, Residential, Other Applications

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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