Green Technology & Sustainability Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Technology (IoT, Digital Twin, Cloud Computing, Blockchain), By Application, By Region, And Segment Forecasts, 2023 - 2030

Green Technology & Sustainability Market Size, Share & Trends Analysis Report By Component (Solution, Services), By Technology (IoT, Digital Twin, Cloud Computing, Blockchain), By Application, By Region, And Segment Forecasts, 2023 - 2030

Green Technology & Sustainability Market Growth & Trends

The global green technology & sustainability market size is expected to reach USD 79.65 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 22.7% from 2023 to 2030. The expanding consumer and industrial interest in using clean energy resources to save the environment and the increased use of RFID sensors across industries drive the market adoption of green technology and sustainability solutions and services.

For instance, in July 2023, Omar Mitchell, vice president of the National Hockey League (NHL), discussed the NHL's focus on environment control and the role of technology in managing and understanding the organization's carbon footprint. To address this issue, the NHL has collaborated with SAP to create a digital platform that gathers and processes data from every club. SAP-NHL coaching insights mobile app was created to provide coaches with real-time game and player data. Furthermore, the market opportunity depends on increasing favorable private and government activities to combat climate change and air pollution.

The green technology and sustainability market is expanding as people become more environmentally conscious and concerned about global warming. Furthermore, the deployment of RFID sensors that reduce carbon emissions and the rise in interest in clean energy resources are expected to propel growth in the coming years. Green technology and sustainability solutions are expected to have a high product and solution pricing, limiting market growth to some extent. However, an increase in beneficial government and private actions to address climate change and air pollution is advantageous for the industry.

The green technology and sustainability industry has grown rapidly in recent years; however, due to the COVID-19 pandemic, the market witnessed a slight decline in 2020.This was due to governments in most countries imposing a state of emergency and shutting down numerous solar and wind power projects around the world. As a result of strict social distancing measures, even the installation of modest solar panels in homes and other industrial projects was prohibited. Various green technology solution suppliers around the world, on the other hand, are launching new strategies and business plans to stay afloat and increase their market worth.

Green Technology & Sustainability Market Report Highlights

• North America is predicted to expand with a compound annual growth rate (CAGR) of 21.1% between 2023 and 2030. The U.S. is expected to advance rapidly at a CAGR of around 20.4% by 2030 due to the region's large number of sustainability vendors and green technology providers
• Asia Pacific is expected to be the second-largest regional market in the forecast period. Government and corporate investments in addressing climate change by implementing technology solutions for diverse applications are anticipated to drive regional market growth
• Over the forecast period, the IoT technology segment is projected to witness prominent growth. The segment currently generates a majority of the market revenue owing to the technology’s property of gaining visibility and providing control at each step of the energy flow
• According to the Global Investor Intentions Survey by CBRE Group, Inc. in 2021, 60% of respondents stated that investors had incorporated ESG criteria as part of their investment strategies. Compared to previous years, the EMEA, Americas, and Asia-Pacific regions are focused more on these issues

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