Green Technology and Sustainability Market Will Reach USD 43,453.9 Million By 2030, Says P&S Intelligence

NEW YORK, Feb. 7, 2023 /PRNewswire/ -- The value of the green technology and sustainability market stood at USD 19,499.6 million in 2022, and this number is projected to reach USD 43,453.9 million by 2030, advancing at a CAGR of 10.7% during 2022–2030.

P&S Intelligence majorly credits this growth to the increasing demand for energy, implementation of sustainability legislations, extensive usage of building automation solutions, and ever-changing prices of crude oil.

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Internet of Things Usage Is Set To Grow at Highest Rate 

The IoT category is set to lead the industry and experience rapid growth in the coming years. This will mainly be due to the growing awareness regarding the environmental and health problems because of the emission of carbon.

Further, to avoid the wastage of energy and gather energy consumption data, such technology is useful in several applications, such as factories, hospitals, power grids, utility meters, hospitals, homes, city administrations, offices, and smart transport.

Global Warming Is Driving Green Building Development

Because of the rampant industrialization and commercialization, the building and construction industry is growing significantly, to satisfy the increasing demand for space for residential and business purposes. 

Resulting from the surge in the production of energy, carbon releases are growing at a shocking rate worldwide. Consequently, to cope with the high energy needs without causing any environmental damage, governments are focusing on green buildings.

The purpose of green building technologies is to decrease the consumption of energy and utilize only the electricity generated onsite, through rooftop solar panels, BIPVs, and other renewable energy sources.

Solution Usage among SMEs To Grow Faster

The SMEs category is projected to accept eco-friendly technologies at a higher rate of growth in comparison to larger enterprises, since the contribution of small enterprises is massive for any nation's economy. Due to this, the augmenting acceptance of cloud computing technologies and IoT by small and medium-sized enterprises will continuously drive the revenue for solution providers in the coming years.

Browse detailed report on  Green Technology and Sustainability Market Share, Growth and Demand Forecast Report 2030

North America Is Rapidly Adopting Green Technologies

In 2022, North America led the green technology and sustainability market, and it will stay on this path in the future. This is credited to the surge in the government effort to decrease carbon releases and the quick uptake of power-saving technologies in the continent.

A number of megacities in the U.S., including New York City, Los Angeles, and Denver, have set ambitious green building targets. Additionally, the Biden Administration has announced plans to have over 50% lower emissions in 2030 than in 2005.

Green Technology and Sustainability Market Report Coverage

By Component

• Solutions
• Services
• Consulting
• Support and Maintenance
• Integration and Deployment

By Technology

• IoT
• AI & Analytics
• Digiital Twin
• Cloud Computing
• Blockchain

By Organization Size

• SMEs
• Large Enterprises

By Deployment Mode

• Cloud
• On- Premises

By Application

• Green Building
• Carbon Footprint Management
• Air Pollution Monitoring
• Water and Wastewater Management
• Weather Monitoring
• Soil Condition/Crop monitoring
• Fire Detection
• Forest monitoring

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia-Pacific
• China
• Japan
• Australia
• India
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• U.A.E.
• Saudi Arabia
• South Africa

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 About P&S Intelligence

P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

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SOURCE P&S Intelligence