Green Technology and Sustainability Market

Growing environmental awareness among consumers is driving the market growth

The demand for eco-friendly or less damaging items has increased in response to customers' growing environmental consciousness. The primary factors that are driving the market's growth over the forecast period are the government initiatives for reducing waste output and reducing carbon footprint. Environmentally friendly items are in high demand from consumers. As a result, businesses began using green manufacturing to develop goods and services. Smart technology protects the environment and offers green IT within its bounds.

It uses technology in a way that, on the one hand, maintains a development brought about by globalisation while lowering the amount of unfavourable environmental impact to the barest minimum.

The market is also benefiting from the rise in good public and private initiatives to tackle climate change and air pollution. The majority of green cloud computing uses green data centre technology. In green data centres, also known as sustainable data centres, energy-efficient technologies are largely used for data management, storage, and operation. According to the 2020 U.S. Data Centre Energy Use Report, data centres in the U.S. are expected to use close to 73 billion kWh in 2020. Furthermore, 259 TWh of electricity would be consumed by data centres in Europe, according to the European Commission.

Green data centres will be widely implemented due to the high energy consumption, increasing the market share for green technology and sustainability.

Due to environmental threats to human life, such as energy depletion, climate change, and global warming, green technologies have lately emerged. Many governments have acknowledged the necessity of green technology, as well as the need for technological transformation and economic diversity. Additionally, it is estimated that the market for green technology and sustainability would expand faster throughout the projected period as more people become aware of the benefits of sustainable solutions. Thus, driving the Green Technology and Sustainability market revenue.

Consumer awareness regarding environmental issues is significantly influencing the Global Green Technology and Sustainability Market Industry. As individuals become more informed about climate change and its impacts, they are increasingly demanding sustainable products and services. This shift in consumer behavior is prompting companies to adopt greener practices and invest in sustainable technologies. The market is projected to grow to 45.2 USD Billion by 2035, reflecting this heightened demand. Companies that prioritize sustainability are likely to gain a competitive edge, as consumers are willing to pay a premium for environmentally friendly options, thereby driving further innovation in the sector.

Technological advancements play a crucial role in shaping the Global Green Technology and Sustainability Market Industry. Innovations in renewable energy technologies, such as solar and wind, are making these solutions more efficient and cost-effective. For example, the development of energy storage systems is enhancing the reliability of renewable energy sources. As these technologies continue to evolve, they are expected to attract significant investments, contributing to a compound annual growth rate of 6.68% from 2025 to 2035. This growth indicates a robust market potential, as businesses and consumers alike seek to leverage cutting-edge technologies for sustainable solutions.

The Global Green Technology and Sustainability Market Industry is experiencing a surge in regulatory support from governments worldwide. Policies aimed at reducing carbon emissions and promoting renewable energy sources are becoming more stringent. For instance, many countries are setting ambitious targets for net-zero emissions by 2050, which is likely to drive investments in green technologies. This regulatory environment is expected to foster innovation and increase market size, projected to reach 22.2 USD Billion in 2024. Such initiatives not only encourage the adoption of sustainable practices but also create a competitive landscape for businesses to develop eco-friendly solutions.

Investment in renewable energy is a key driver of the Global Green Technology and Sustainability Market Industry. Governments and private sectors are channeling substantial funds into renewable energy projects, recognizing their potential to mitigate climate change. In 2024, the market is expected to reach 22.2 USD Billion, largely due to increased investments in solar, wind, and hydroelectric power. This influx of capital is likely to accelerate the development of green technologies, creating a favorable environment for innovation and growth. As the world transitions towards cleaner energy sources, the demand for sustainable solutions will continue to rise.

The Global Green Technology and Sustainability Market Industry is witnessing a notable increase in corporate sustainability initiatives. Many organizations are recognizing the importance of integrating sustainability into their core business strategies. This trend is driven by both regulatory pressures and consumer expectations. Companies are investing in green technologies to reduce their carbon footprints and enhance their brand image. As a result, the market is projected to expand significantly, with a potential valuation of 45.2 USD Billion by 2035. This shift not only benefits the environment but also presents new business opportunities for companies that prioritize sustainability.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Green Technology and Sustainability Market dominated this market in 2022 (45.80%). Major companies including Microsoft Corporation, GE Electric, IBM Corporation, Oracle Corporation, Engie Impact, CropX Inc., and Taranis are among those present in the region, and their presence is largely responsible for its growth. Additionally, these businesses intend to increase their commercial footprint across the globe by utilising various corporate methods like partnerships, mergers, and collaborations. Further, the U.S.

Green Technology and Sustainability market held the largest market share, and the Canada Green Technology and Sustainability market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: GREEN TECHNOLOGY AND SUSTAINABILITY MARKET SHARE BY REGION 2022 (USD Billion)

Technology: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Green Technology and Sustainability market accounted for the healthy market share in 2022. Leading government programmes to highlight the inventiveness of low-carbon technology are anticipated to drive market expansion. For instance, the European Commission (EC) suggested funding under its "Innovation Fund" in July 2020 for initiatives that were ready for the market, such as clean and low-carbon hydrogen solutions for energy-intensive industries like chemicals, cement, and steel. Further, the German Green Technology and Sustainability market held the largest market share, and the U.K Green Technology and Sustainability market was the fastest growing market in the European region

The Asia Pacific Green Technology and Sustainability market is expected to register significant growth from 2023 to 2032. East Asia has made great progress in the previous ten years towards a future powered by renewable energy. The main economic powers in the area are China, Japan, Taiwan, India, and South Korea. The development of low-carbon, renewable energy policy has also received varied degrees of support from the governments of these nations. They have invested resources in developing new markets for the development of renewable energy infrastructure, including solar and wind energy, smart grids, electric vehicles, and green buildings.

Moreover, China’s Green Technology and Sustainability market held the largest market share, and the Indian Green Technology and Sustainability market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Green Technology and Sustainability market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Green Technology and Sustainability industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Green Technology and Sustainability industry to benefit clients and increase the market sector. In recent years, the Green Technology and Sustainability industry has offered some of the most significant advantages to medicine. Major players in the Green Technology and Sustainability market, including General Electric, IBM, Enablon, Enviance, Sensus, Taranis, Trace Genomics, LO3 Energy, Consensys, CropX, Hortau, SMAP Energy, Treevia, and Pycno, are attempting to increase market demand by investing in research and development operations.

Information technology (IT) goods and services are offered by International Business Machines Corp (IBM). The business creates and markets software and hardware for computers, in addition to providing infrastructure, hosting, and consulting services. Analytics, automation, blockchain, cloud computing, IT management, IT infrastructure, cybersecurity, and software development tools are all part of IBM's product range. The business also provides services in the areas of cloud computing, networking, security, technology consulting, application services, business resilience services, and tech support services. The IBM Sustainability Accelerator was introduced by IBM Corporation in February 2022.

It's a professional social impact programme that uses IBM technologies like Al, hybrid cloud, and an ecosystem of experts to assist government and non-profit organisations in improving and scaling their operations, concentrating on people who are vulnerable to environmental threats like extreme weather, pollution, and climate change.

Energy management and automation business Schneider Electric SE (Schneider Electric), originally known as Schneider Electric SA, creates associated technologies and solutions for power distribution. Its key offerings include essential power, cooling, and racking, low voltage products and systems, solar and energy storage, medium voltage distribution, and grid automation. The business also provides field and automation, cloud, consulting, and training services, as well as services related to energy and sustainability. Schneider Electric introduced Infrastructure of the Future in January 2022, an integrated set of technologies for smart and environmentally friendly infrastructure.