Pune, India., Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Green Technology and Sustainability Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – Technology (IoT, AI and Analytics, Digital Twin, Cloud Computing, Security, Blockchain); Application (Green Building, Carbon Footprint Management, Weather Monitoring and Forecasting), and Geography” the market in terms of revenue was estimated to be worth $15.32 billion in 2022 and is poised to reach $63.94 billion by 2030, growing at a CAGR of 19.6% from 2022 to 2030.
The growth of green technology and sustainability market is driven by the growing government initiatives for net-zero emission and growing investment in renewable energy. However, high cost of green technology and sustainability solution is expected to hinder the market growth. Whereas, the growing adoption of green data centers fuels the growth of the green technology and sustainability industry.
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Global Green Technology and Sustainability Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 15.32 Billion in 2022 |
| Market Size Value by | USD 63.94 Billion by 2030 |
| Growth rate | CAGR of 19.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Technology, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Rising Adoption of Electric Vehicles is Creating an Opportunity for the Growth of the Global Green Technology and Sustainability Market:
The sales of electric vehicles (EVs) are growing at a fast pace due to growing concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles, which is one of the major factors for the growth of the green technology and sustainability market. Also, the governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote electric vehicles globally. Several US states are taking initiatives by providing rebates and financial incentives, including tax credits and registration fee reductions, promoting electric vehicle adoption in the country.
For instance, in 2021, the government of Colorado offered a US$ 4,000 tax credit on the purchase of a light-duty electric vehicle. Similarly, the government of Connecticut announced the reduction of a biennial vehicle registration fee of US$ 38 for electric vehicles. Such government initiatives will increase the demand for electric vehicles, further increasing EV sales worldwide. According to IEA’s annual Global Electric Vehicle Outlook, in 2022, more than 10 million electric cars were sold worldwide. These sales are expected to grow by another 35% in 2023 and are expected to reach 14 million. This shows that the electric cars’ share of the overall car market has risen to 14% in 2022 from around 4% in 2020 and is projected to increase to 18% in 2023. Out of this, 60% of global electric car sales occurred in China in 2022. In addition, Europe and the US saw strong growth, with sales increasing by 15% and 55%, respectively, in 2022. Moreover, as per the World Economic Forum, sales of new EVs increased by 82% in 2022 in China, from 3.39 million in 2021 to 6.18 million in 2022. Also, China is the world’s biggest EV producer, producing 64% of global EV volume. Thus, the growing sales of EVs globally can help reduce carbon footprint because there will be zero tailpipe emissions, fueling the market growth.
Various countries in the Asia Pacific have increased their investment in wind and solar energy projects, which is one of the major factors for the growth of the green technology and sustainability market. India, China, and Japan are expected to hold the largest share of the green technology and sustainability market in 2022. China dominates the wind and solar energy market in Asia Pacific. By the end of June 2023, China had a total installed renewable energy capacity of 1,320 GW, which was an increase of 18.2% compared to June 2022. Also, according to the National Energy Administration (NEA), China’s renewable energy sector added 109 GW from January to June 2023, accounting for 77% of all new installations nationwide. This includes 5.36 GW of hydropower, 22.99 GW of wind power, 78.42 GW of solar power, and 1.76 GW of biomass power. Thus, the growing renewable energy production in China is raising the demand for environmentally sustainable technology, further fueling market growth.
Moreover, according to the Wood Makenzie projections, the Asia Pacific region has set a goal to add about 122 GW of new wind capacity by 2030, to surpass the estimated new capacity of Europe and the US. As per the same report, Taiwan, South Korea, Japan, Vietnam, and India will be among the world’s top 20 largest offshore wind markets and will have a combined capacity of 29 GW from 2021 to 2030. In 2022, wind power accounted for around 10% of Asia-Pacific’s power capacity mix, coal accounted for 45%, and petrol contributed 12%. This is projected to change in 2050, as the shares of solar and wind power will account for 50% of the region’s power capacity.
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Furthermore, the governments of various Asia Pacific countries are investing in the construction of various solar power plants and wind farms by adopting new green technology and environmentally friendly technology, which is accelerating renewable energy generation in the region. For instance, Asia Pacific’s largest wind energy construction project, Dulacca Wind Farm, was initiated in Q3 of 2021 in Australia. For the construction of this 180 MW wind farm, around US$ 328 million investment was made, and the project is expected to finish in Q3 2023. Similarly, in May 2022, the Electricity Generating Authority of Thailand (EGAT) announced the development of the hydro-floating solar hybrid project at Ubol Ratana Dam to support the government’s goal of carbon neutrality. The hybrid project can enhance the power system stability, deal with the intermittency of renewable energy, and reduce greenhouse gas emissions by around 47,000 tons per year. In addition, Jiuquan Subei Mazongshan No.1 Area B Wind Farm involves the construction of a 200 MW wind farm in China with an investment of US$ 190 million. It is expected to be completed in Q4 2023. Thus, the growing addition of solar and wind power capacity in the Asia Pacific, coupled with significant investment to achieve the ambitious clean energy target, is anticipated to drive the growth of the green technology and sustainability market over the forecast period.
Global Green Technology and Sustainability Market: Segmental Overview
Based on technology, the green technology and sustainability market is segmented into IoT, AI and analytics, digital twin, cloud computing, security, and blockchain. The IoT segment held the largest green technology and sustainability market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on application, the green technology and sustainability market is segmented into green building, carbon footprint management, and weather monitoring and forecasting. The green building segment held the largest green technology and sustainability market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on geography, the green technology and sustainability market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest green technology and sustainability market share in 2022, whereas APAC is also anticipated to register the highest CAGR in the market during the forecast period.
Global Green Technology and Sustainability Market: Competitive Landscape
ConsenSys Software Inc., Cority, General Electric, IBM, LO3 Energy, Microsoft, Sensus, a Xylem brand, Taranis, Trace Genomics, Inc., and Wolters Kluwer N.V. are among the key green technology and sustainability market players. These green technology and sustainability market players focus on green tech product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- February 2022: IBM launched the IBM Sustainability Accelerator, a global pro bono social impact program that applies different IBM technologies. These technologies include hybrid cloud & artificial intelligence and an ecosystem of experts to enhance and scale non-profit and government organization operations, which are focused on populations vulnerable to environmental threats, including climate change, extreme weather, and pollution.
- January 2020: Salesforce announced the launch of the Salesforce Sustainability Cloud. The service intends to provide data-driven insights to accelerate the world’s efforts toward carbon neutrality.
Go through further research published by The Insight Partners:
Sustainability Management Software Market - Global Analysis and Forecast to 2030
Green Data Center Market - Global Analysis and Forecast to 2030
Green Communication Market - Global Analysis and Forecast to 2030
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