The key reasons behind the growth of the global green technology and sustainability market are the volatility in electricity prices and the resulting need to reduce the expenditure on it. Apart from these, the usage of building automation, strong focus on renewable energy, increasing generation of low-carbon electricity, supportive government policies, and need to decrease operational costs are also helping in this regard. As a result, the market revenue is expected to rise to $57.8 billion by 2030, from $8.3 billion in 2019, at a 20.0% CAGR during 2020–2030 (forecast period).
Green Technology and Sustainability Market Segmentation
Till 2030, the fastest growth in the green technology and sustainability market would be experienced by the artificial intelligence (AI) and analytics category. In the coming years, AI and analytics are expected be used extensively in creating an ecological outline of building structures, advancement in urban planning, and spatial evaluation. With analytics, the operations can be optimized and carbon footprint reduced by a considerable extent. Additionally, the use of AI and analytics is also considered important to follow smart manufacturing practices.
The green buildings category dominated the green technology and sustainability market, in terms of revenue, during the historical period (2014–2019). Despite the requirement for high initial investment, the world is rapidly adopting the green building technology, as it impacts the environment positively by leading to optimum energy efficiency. As residential and office buildings account for a significant energy consumption, implementation of green technologies would enable them to reduce their electricity usage and wastage.
During the forecast period, Asia-Pacific (APAC) is predicted to witness the highest CAGR in the green technology and sustainability market, as the urban population is rising quickly here. Apart from these, people are also becoming aware of the various ways in which the environment suffers harm, which is why they are rapidly adopting ways to minimize environmental damage.
Partnerships Characterize Market Competitive Landscape
In recent years, partnerships have been one of the strongest strategic measures taken by the green technology and sustainability market players. For instance, In January 2020, Itron Inc. entered into a partnership with Bidgely Inc. to widen the use case of their dual-fuel and electric utilities. Bidgely’s UtilityAI platform will leverage the pre-integrated access to Itron’s advanced metering infrastructure and use AI to break down the data derived from its installed electricity and gas meters to study the energy consumption of various appliances.
Similarly, in March 2019, Schneider Electric SE and Planon Group entered into a partnership to develop a system which would integrate AI-driven analytics and real-time building data with intelligent business responses. This would help users in implementing data-driven portfolio strategies, reducing buildings’ operational costs, enhancing the value of assets, and improving buildings’ sustainability profiles.
The major companies in the green technology and sustainability market are CropX Inc., General Electric Company, IBM Corporation, MineSense Technologies Ltd., SMAP Energy Limited, hortau, Pycno Industries Inc., ConsenSys Inc., Semtech Corporation, Oizom Instruments Pvt. Ltd., Treevia Forest Technologies, WINT, Trace Genomics Inc., Enviance Inc., A.A.A Taranis Visual Ltd., Sensus Energy, PowerScout Inc., Lo3 Energy, Verdigris Technologies Inc., Green Running Limited, BuildingIQ Inc., and Nnergix Energy Management SL.
Browse report overview with detailed TOC on "Green Technology and Sustainability Market Research Report: By Technology (IoT, AI and Analytics, Cloud Computing, Blockchain, Digital Twin), Application (Green Building, Environment Management, Air Quality Management, Water and Wastewater Management, Solid Waste Management, Climate Change Management) - Global Industry Size, Share, Trends, Growth Analysis and Forecast Report to 2030" at:https://www.psmarketresearch.com/market-analysis/green-technology-and-sustainability-market
Other key global green technology and sustainability market players include ENGIE Insight Services Inc., C3.ai, Uplight Inc., AppFolio Utility Management Inc., Fabriq, Intelex Technologies, Accenture PLC, Curb Inc., StarTex Software, ACCUVIO, Siemens AG, Itron Inc., Citymapper Limited, Embue, Blue Pillar, Greenvity Communications Inc., Hydropoint Data Systems Inc., Wexus Technologies Inc., Artveoli Inc., Measurabl Inc., Nest Labs Inc., Thinkstep GmbH, Planon Group, Key Green Solutions, Xylem Inc., GREENbimlabs GmbH, Dakota Software Corporation, EcoMetric Consulting, and FigBytes Inc.