The green technology and sustainability market was USD 19,499.6 million in 2022, and it will touch USD 43,453.9 million, propelling at a 10.7% compound annual growth rate, by 2030.
The growth of the industry is mainly attributed to the increasing demand for energy, formulation and implementation of auspicious government legislations, unstable prices of crude oil, mounting uses of building automation systems, and rising requirements for decreasing operational production expenses.
The IoT category, based on technology, will lead the industry green technology and sustainability industry, and it will also observe the fastest growth throughout this decade. This is attributed to the growing concerns regarding the environmental and health issues brought by the increasing carbon emissions, implementation of IoT is increasing at a high pace.
Whereas, the cloud computing category will witness the second-fastest growth in the industry, owing to the growing number of businesses that are changing to the cloud and because of its cost savings on infrastructure investment.
The green buildings category, based on application, has the largest green technology and sustainability market share, and it will observe the highest growth, in the years to come. This is because of the numerous environmental benefits, for instance, operating expenses savings, energy usage optimization and reduction, effective water management, and improvement of indoor air quality.
Whereas, the carbon footprint management category is expected to observe the second-highest compound annual growth rate. This is because of the increasing contribution of governments and other stakeholders all over the world in addressing the emissions of greenhouse gas as a result of construction, power generation, manufacturing, and other industrial activities.
To decrease the damage to the environment, numerous businesses from various verticals are increasingly utilizing carbon footprint management software to lessen their greenhouse gas emissions.
The SMEs category, based on organization size, will observe a higher growth rate than large enterprises. This is attributed to the fact that these small enterprises contribute enormously to any nation’s economy.
In 2022, North America accounted for the largest share of the green technology and sustainability industry, and it will remain the largest in the years to come. This is primarily because of the rise in government efforts to lessen carbon emissions and the swift acceptance of energy-saving technologies in the region.
For example, the U.S. has executed numerous guidelines to address the climate crisis by decreasing emissions, progressing environmental justice, achieving energy security, and enhancing resilience.
Hence, with the growing need for decreasing operational production expenses, unstable prices of crude oil, and mounting demand for energy, the green technology and sustainability industry will continue to grow in the years to come.
