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Unveiling the Green Technology Industry: A Comprehensive Analysis of Market Size and Trends
Green Technology Global Market Report 2024
According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Green Technology Market 2024 Key Insights:
• 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%.
• Shift Towards Sustainable Investing Driving Growth In Green Technology Market
• Companies Lead With The Change In Green Technology Innovation
• North America was the largest region in the green technology market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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