May 28, 2020 9:52 AM ET
iCrowd Newswire – May 28, 2020
The Global Green Technology and Sustainability Market is estimated to grow at a CAGR of 26.5% during the forecast period 2019-2026. The market research study presents that the green technology and sustainability industry accounted $6.85 billion in the year 2018 and is estimated to reach $44.61 billion by the end of the year 2026.
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The green technology and sustainability industry is driven by various growth factors such as increasing interest of consumers and industries towards the usage of clean energy resources, growth in environmental awareness and concerns and increase in usage of RFID sensors worldwide among various industry verticals. Whereas, high cost of products and solutions based upon green technology and sustainability may impede the market growth for the long-term. On contrary, initiatives undertaken by organizations at global level to handle climate change and air pollution will offer lucrative opportunities for the market growth.
Segmentation Overview of the Global Green Technology and Sustainability Market
The global green technology and sustainability market is segmented on the basis of technology and applications. These major market segments are further categorized into various sub-segments to study the market in detail while considering various market factors.
The Technology Segment of the Global Green Technology and Sustainability Market is Sub-Segmented into:
- Cyber Security
- Digital Twin
- Artificial Intelligence and Analytics
- Cloud Computing
- Internet of Things (IoT)
The Applications Segment of the Global Green Technology and Sustainability Market is Sub-Segmented into:
- Green Building
- Water Purification
- Soil Condition/Moisture Monitoring
- Crop Monitoring
- Forest Monitoring
- Air and Water Pollution Monitoring
- Weather Monitoring and Forecasting
- Carbon Footprint Management
Geographical Overview of the Global Green Technology and Sustainability Market
The global green technology and sustainability market is segmented on the basis of various geographical regions, such as:
- North America (Canada and U.S.)
- Europe (Germany, France, UK and Rest of Europe)
- Asia Pacific (Japan, China, India and Rest of Asia Pacific)
- LAMEA (Latin America, Middle East and Africa)
As per the regional study, the North America green technology and sustainability market accounted to hold ~1/3rd of the market share in the global marketplace in the year 2018 and is predicted to maintain the dominance over the forecast period 2019-2026. The regional dominance is attributed to high number of green building initiatives and adoption of advanced energy-saving technologies by regional industries. Similarly, the Asia-Pacific green technology and sustainability market is anticipated to witness the fastest growth at a CAGR of 27.6% throughout the forecast period. Hence, the regional growth is attributed to emergence of novel sustainable technologies and trends that are related to green technology.
Market Competition Insights
Trace Genomics, Inc., Tech Mahindra Limited, Oracle Corporation, LO3 Energy, Inc., IBM Corporation, Hortau Inc., General Electric, Enviance Inc., Enablon France SA and CropX Inc. among others are some major players included in the research study of the global green technology and sustainability market. The market players are adopting various competitive strategies such as product development, partnership, mergers and acquisitions, joint venture, business expansion and others to acquire majority of the market share in the global green technology and sustainability market.
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Keywords: Green Technology and Sustainability Market