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Sustainable Solutions Soar Addressing Rising Fuel Prices And Pollution Through Green Technology: Key Factor Driving The Growth In The Green Technology and Sustainability Market
Green Technology and Sustainability
What Is the Expected Green Technology and Sustainability Market Size During the Forecast Period?
The market size of green technology and sustainability has seen remarkable growth in the past few years. The size is predicted to increase from $18.81 billion in 2024 to $23.41 billion in 2025, with a compound annual growth rate (CAGR) of 24.4%. The significant growth observed during the historic period can be credited to factors such as investment and funding, the expansion of renewable energy, initiatives for corporate sustainability, waste management solutions, programs for energy efficiency, rapid urbanization, and the development of sustainable infrastructure.
The market size of green technology and sustainability is projected to exponentially expand in the coming years. It's predicted to reach $55.06 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 23.8%. This anticipated growth in the forecast timeframe could be driven by factors like consumer desire for sustainability, enhancement of energy efficiency, embracement of the circular economy, corporate pledges towards sustainability, and concerns about climate change. Key trends during the projection period consist of climate change countermeasures, research and development investments, corporate pledges for sustainability, circular economy endeavors, and urban sustainability initiatives.
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What Are the High-Growth Segments in the Green Technology and Sustainability Market?
The green technology and sustainability market covered in this report is segmented -
1) By Component: Solution, Services
2) By Technology: Internet of things (IoT), AI And Analytics, Digital Twin, Cloud Computing, Security, Block-chain
3) By Application: Green Building, Carbon Footprint Management, Weather Monitoring And Forecasting, Air And Water Pollution Monitoring, Forest Monitoring, Crop Monitoring, Soil Condition And Moisture Monitoring, Water Purification, Other Applications
Subsegments:
1) By Solution: Energy Management Solutions, Water Management Solutions, Waste Management Solutions, Sustainable Agriculture Solutions
2) By Services: Consulting Services, Implementation Services, Maintenance And Support Services, Training And Education Services
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What Key Drivers Are Expected to Influence Future Green Technology and Sustainability Market Growth?
With fuel costs skyrocketing and pollution levels continually rising, it is anticipated that the green technology and sustainability market will experience substantial growth. The inflation of fuel costs can be directly attributed to the escalating prices of gasoline on the international market. Numerous human-made factors contribute to pollution, including the extensive reliance on fossil fuels by various industries and transportation means, coupled with the use of artificial fertilizers and pesticides in farming procedures. This has consequently led to a heightened demand for green technology and sustainability, which entails harnessing natural energy sources such as solar panels, wind turbines, dams, and geothermal wells. Notably, The Environmental Protection Agency, a US-based organization, reported in July 2024 that U.S. greenhouse gas emissions in 2022 increased by 0.2% compared to the previous year. The total emissions for 2022 were found to be approximately 6,343.2 million metric tons of CO2 equivalent. Therefore, the dramatic escalation in fuel costs and rising pollution rates confirm an imminent surge in the green technology and sustainability market.
Which Companies Hold the Largest Share Across Different Green Technology and Sustainability Market Segments?
Major companies operating in the green technology and sustainability market are 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.
What Trends Are Driving Growth in The Green Technology and Sustainability Market?
The rise of technological advancements and the embrace of cutting-edge technologies are prominent trends in the green technology and sustainability sector. Numerous businesses are heavily investing in technical enhancements as a way to provide sustainable alternatives and decrease their dependence on fossil fuels. Case in point, ABB Ltd., an electrification and automation corporation based in Switzerland, introduced ABB Ability OPTIMAX, an energy management system for clean hydrogen, in November 2022. This system is designed to aid hydrogen production companies in decreasing their electricity-related costs by as much as 20%. It incorporates elements of forecasting and intra-day planning to ensure businesses can competitively participate in market trading.
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What Are the Emerging Geographies for The Green Technology and Sustainability Market Growth?
North America was the largest region in the green technology and sustainability market share in 2024. The regions covered in the green technology and sustainability market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Green Technology and Sustainability Market?
2. What is the CAGR expected in the Green Technology and Sustainability Market?
3. What Are the Key Innovations Transforming the Green Technology and Sustainability Industry?
4. Which Region Is Leading the Green Technology and Sustainability Market?
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