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Green Technology and Sustainability Market Size, Insights, Growth Rate, Trends Analysis And Forecast To 2033
Green Technology and Sustainability Market
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According to The Business Research Company's, The green technology and sustainability market size has grown exponentially in recent years. It will grow from $15.28 billion in 2023 to $19.19 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to investment and funding, renewable energy expansion, corporate sustainability initiatives, waste management solutions, energy efficiency programs, urbanization and sustainable infrastructure.
The green technology and sustainability market size is expected to see exponential growth in the next few years. It will grow to $44.55 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%. The growth in the forecast period can be attributed to consumer demand for sustainability, energy efficiency improvements, circular economy adoption, corporate sustainability commitments, climate change concerns. Major trends in the forecast period include climate change mitigation, investment in r&d, corporate sustainability commitments, circular economy initiatives, urban sustainability.
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Market Drivers and Trends:
The rising demand for eco-friendly products is expected to propel the growth of the green technology and sustainability market in the coming years. Eco-friendly product, or green products, are created, designed, and utilized in a way that has a low environmental effect. Eco-friendly items are essential in green technology since they contribute to sustainable practices and reduce the environmental effects of various activities. For instance, in September 2023, according to a survey of 10,281 consumers by TheRoundup, a US-based website dedicated to raising environmental awareness and promoting sustainability in our everyday lives, around 51% are avoiding products that are bad for the environment, and 40% are buying organic and natural products in 2021. Further, 61% are buying more eco-friendly products, and 62% are buying products with eco-friendly packaging. Therefore, the rising demand for eco-friendly products is driving the green technology and sustainability market.
Technological advancements and the adoption of innovative technologies are the key trends gaining popularity in the green technology and sustainability market. Many players are investing heavily in technical improvements to deliver sustainable solutions and lessen their reliance on fossil resources. For instance, in November 2022, ABB Ltd., a Switzerland-based electrification and automation company, launched ABB Ability OPTIMAX, an energy management system for green hydrogen. This management system will assist hydrogen manufacturing companies in reducing electricity-related expenditures by up to 20%. It incorporates forecasting and intra-day planning and ensures that businesses can trade competitively with the grid.
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Major Key Players of the Market:
General Electric Company, Intelex Technologies Inc., Microsoft Corporation, ConsenSys, Salesforce.com Inc., Schneider Electric SE, Trace Genomics, ENGIE Insight Services Inc., LO3 Energy, Enablon, MineSense Technologies Ltd., Enviance, IsoMetrix Software, Oracle Corporation, Tech Mahindra Ltd., International Business Machines Corporation, Sunnova Energy International Inc., SunPower Corporation, Siemens Gamesa Renewable Energy SA, SolarEdge Technologies Inc., Brookfield Renewable Partners LP, Autodesk Inc., Evoqua Water Technologies Corp., Bloom Energy Corporation, Burcon NutraScience, JinkoSolar Holding Co. Ltd., Johnson Controls International plc, Suntech Power Co. Ltd., Hanwha Q CELLS Co. Ltd., Trina Solar Co. Ltd.
Green Technology and Sustainability Market 2024 Key Insights:
• The green technology and sustainability market size is expected to see exponential growth in the next few years. It will grow to $44.55 billion in 2028 at a compound annual growth rate (CAGR) of 23.4%.
• Sustainable Solutions Soar Addressing Rising Fuel Prices And Pollution Through Green Technology
• Innovative Tech Integration Abb's Breakthrough In Green Hydrogen With Abb Ability Optimax
• North America was the largest region in the green technology and sustainability market share in 2023
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