Green Technology and Sustainability Market Study, Detailed Analysis and Forecast to 2030 | To reach USD 74.64 billion
An increase in energy consumption and a rise in greenhouse gas (GHG) emissions are major factors that drive the development of green technology innovations.
PORTLAND, PORTLAND, OR, UNITED STATE, March 14, 2023 /EINPresswire.com/ — As per the report published by Allied Market Research, the global green technology and sustainability market was pegged at $10.32 billion in 2020 and is expected to reach $74.64 billion by 2030, growing at a CAGR of 21.9% from 2021 to 2030.
A rise in environmental awareness and concerns, a surge in consumer & industrial interest for use of clean energy resources, and an increase in the use of RFID sensors have boosted the growth of the global green technology and sustainability market.
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However, high product and solution costs hinder market growth. On the contrary, initiatives to tackle climate change and air pollution are expected to unlock new opportunities for the market players in the future.
On the basis of application, the green building segment dominated the market in 2020, contributing to more than one-fifth of the market. However, the crop monitoring segment is projected to manifest the highest CAGR of 24.9% during the forecast period.
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Based on technology, the internet of things (IOT) segment held the largest share in 2020, accounting for around one-fourth of the market. However, the artificial intelligence and analytics segment is estimated to register the highest CAGR of 23.7% during the forecast period.
The global green technology and sustainability industry is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the largest share in 2020, accounting for more than one-third of the market. However, the market across Asia-Pacific is expected to register the highest CAGR of 23.0% during the forecast period.
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Covid-19 scenario:
• The Covid-19 pandemic and the implementation of lockdowns by the government in several countries hampered the green technology and sustainability market. Moreover, the shutdown of various ongoing projects of solar panels and windmills hampered the market.
• However, several green technology solution providers have introduced new strategies and business plans for surviving in the market.
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