The Green Technology and Sustainability Market size is estimated to grow from USD 9.8 Billion in 2020 to USD 56.4 Billion by 2027, growing at a CAGR of 28.4% during the forecast year from 2021 to 2027.
Latest added Green Technology and Sustainability Market research study by MarketDigits offers detailed product outlook and elaborates market review till 2026. The market Study is segmented by key regions that is accelerating the marketization. At present, the market is sharping its presence and some of the key players in the study are CropX, LO3 Energy, Oracle Corporation, Tech Mahindra Limited, Enablon France SA. Enviance, General Electric, Hortau, IBM Corporation. The study is a perfect mix of qualitative and quantitative Market data collected and validated majorly through primary data and secondary sources.
This report studies the Green Technology and Sustainability Market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the Green Technology and Sustainability Market by companies, region, type and end-use industry.
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Scroll down 100s of data Tables, charts and graphs spread through Pages and in-depth Table of Content on “Green Technology and Sustainability Market, By Component (Solution, Services), Technology (Internet of Things, Cloud Computing, Artificial Intelligence & Analytics), Application & Geography – Global Forecast To 2026”. Early buyers will get 10% customization on study.
To Avail deep insights of Green Technology and Sustainability Market Size, competition landscape is provided i.e. Revenue Analysis (M $US) by Company (2018-2020), Segment Revenue Market Share (%) by Players (2018-2020) and further a qualitative analysis is made towards market concentration rate, product/service differences, new entrants and the technological trends in future.
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The green technology and sustainability market size is estimated to grow from USD 9.8 Billion in 2020 to USD 56.4 Billion by 2027, growing at a CAGR of 28.4% during the forecast year from 2021 to 2027. The increasing awareness related to environmental concerns and the growing consumer and industrial interest for the use of clean energy resources are driving the adoption of green technology and sustainability solutions and services in the market.
Key Market Players:
The green technology and sustainability vendors have implemented various types of organic as well as inorganic growth strategies, such as new product launches, product upgradations, partnerships and agreements, business expansions, and mergers and acquisitions, to strengthen their offerings in the market. Key players in the green technology and sustainability market include CropX Inc., LO3 Energy Inc., Oracle Corporation, Tech Mahindra Limited, Enablon France SA. Enviance Inc., General Electric, Hortau Inc., IBM Corporation, and Trace Genomics Inc. among others. These companies are continuously innovating to enhance their green technology and sustainability capabilities for better efficiency and reliability, thereby paving the way for the global green technology and sustainability market to emerge as a mainstream technology.
COVID-19 Impact on Green Technology and Sustainability Market
The world has witnessed several pandemics, yet nothing has come close to the current global pandemic. The COVID-19 began as a regional virus but quickly spread all over the world. In the short term, similar to all other industries, the green technology and sustainability market will also see a major loss. A lot of expansion projects of wind and solar panels have been halted in 2020, impacting the growth of the industry. Government policies during the COVID-19 pandemic have drastically altered patterns of energy demand around the world. Various international borders were closed, and populations were confined to their homes, which reduced transport and changed consumption patterns.
Driver: Increasing environmental awareness and concerns
Consumers are increasingly demanding products that are less harmful to the environment. Manufacturers have, therefore, started implementing green manufacturing to produce products and solutions. Smart technology operates within its parameters and offers green IT and environmental protection. Smart cutting-edge technologies stimulate the government and industries to offer products and solutions based on technologies, such as IoT, AI, analytics, and cloud. Vendors are offering environmentally smarter products to create awareness among consumers. The energy toll of adding connected devices every year is rising, and it cannot be overseen. It is in the interest of everyone moving forward to create an IoT environment that minimizes energy requirements and environmental impact. Increasing stringent legislation is an important factor in driving the green technology and sustainability market. There are various environmental laws across different parts of the world. For instance, the new European Union (EU) member states must comply with the EU’s environmental directives to regulate environmental threats.
Restraint: High product cost associated with green technology solutions
The capital cost of building and installing solar and wind farms is high. Like most renewables, solar and wind fields are exceedingly cheap to operate since their fuel is free and maintenance is minimum; hence, most of the expense is spent on building technology-based products or solutions. Air quality monitoring, carbon footprint management, and air and water pollution monitoring are a few applications where the implementation of cutting-edge technologies, such as AI, IoT sensors, and analytics, require high maintenance costs. For instance, considering air quality monitoring software, which is used for analysis and testing of air quality parameters, the detection of chemical and biological components from the air requires the use of advanced cutting technologies, such as gas sensors, RFID, and PCR-based biosensors, where the cost of these technologies is high.
Opportunity: Initiatives to tackle climate change and air pollution
Global focus on effective pollution monitoring and control has been on the rise due to the growing public awareness related to healthcare, environmental implications of pollution, and the rising demand for advanced air quality monitoring devices. Technologically advanced air quality and climate monitors, such as remote sensing devices and real-time monitors, are helpful in accessing the climate and air pollution parameters among industrial users. Industries can leverage cutting-edge technologies that create opportunities for green technology solutions. For instance, a digital twin can forecast weather and can capture real-time conditions measured by numerous sensors and devices, simulating and visually representing them in digital form to make long-term climate predictions and short-term forecasts.
Challenge: Lack of tailored solutions to address unique environmental issues
New advances in technology have traditionally been associated with an increased carbon footprint and other environmental problems. Today’s biggest environmental challenges, including climate change, loss of biodiversity, water quality, and sustainably feeding a growing human population are annoying issues. To address these challenges, there is a need for custom solutions or tools that enable collection and analysis of vast amounts of data to derive new insights and make impactful changes. Organizations worldwide are capturing data using sensors and drones; Machine Learning (ML) and analytics are then applied to convert this data into actionable intelligence to better manage natural resources. Big data is the key to reducing carbon footprint; however, there are a few customized solutions to address environmental issues. For instance, industries and scientists are exploring ways to deal with climate change issues; hence, industries are using predictive analytics models to forecast climate change problems.
Major Classifications are as follows:
- Internet of Things (IoT)
- Cloud Computing
- Artificial Intelligence & Analytics
- Digital Twin
- Cyber Security
- Green Building
- Carbon Footprint Management
- Weather Monitoring & Forecasting
- Air and Water Pollution Monitoring
- Forest Monitoring
- Crop Monitoring
- Soil Condition/Moisture Monitoring
- Water Purification
The base year for calculation in this Green Technology and Sustainability Market business report is taken as 2020 while the historic year is 2019 which will tell how the market will perform in the forecast years by informing what the market definition, classifications, applications, & engagements are. This Green Technology and Sustainability Market report is also all-embracing of the data which covers market definition, classifications, applications, engagements, market drivers & market restraints that are based on the SWOT analysis. A large scale Green Technology and Sustainability Market report is a comprehensive study about the market which tells about the market status in the forecast period of 2021-2027.
What Porter’s Five Forces of Competitive Analysis Provides?
Competitive rivalry:- The main driver is the number and capability of competitors in the market. Many competitors, offering undifferentiated products and services, will reduce market attractiveness.
Threat of substitution:- Where close substitute products exist in a market, it increases the likelihood of customers switching to alternatives in response to price increases. This reduces both the power of suppliers and the attractiveness of the market.
Threat of new entry:- Profitable markets attract new entrants, which erodes profitability. Unless incumbents have strong and durable barriers to entry, for example, patents, economies of scale, capital requirements or government policies, then profitability will decline to a competitive rate.
Supplier power:- An assessment of how easy it is for suppliers to drive up prices. This is driven by the: number of suppliers of each essential input; uniqueness of their product or service; relative size and strength of the supplier; and cost of switching from one supplier to another.
Buyer power:- An assessment of how easy it is for buyers to drive prices down. This is driven by the: number of buyers in the market; importance of each individual buyer to the organisation; and cost to the buyer of switching from one supplier to another. If a business has just a few powerful buyers, they are often able to dictate terms.
Five forces analysis helps organizations to understand the factors affecting profitability in a specific industry, and can help to inform decisions relating to: whether to enter a specific industry; whether to increase capacity in a specific industry; and developing competitive strategies.
The country section of the report also provides individual market impacting factors & changes in regulation in the market domestically that impacts the current & future trends of the market. Data points such as consumption volumes, production sites & volumes, import export analysis, price trend analysis, cost of raw materials, down-stream & upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence & availability of global brands & their challenges faced due to large or scarce competition from local & domestic brands, impact of domestic tariffs & trade routes are considered while providing forecast analysis of the country data.
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