The global green technology and sustainability market size touched $13,76-billion in 2022 and is predicted to reach $16,5-billion in 2023. The market is anticipated to reach $61,92-billion by 2030, recording a CAGR of 20,8% over 2023-2030.
This is according to Fortune Business Insights’ report titled “Green Technology and Sustainability Market Size, Share & Covid-19 Impact Analysis, By Component (Solutions, Services), By Deployment (Cloud, On-premise), By Enterprise Type (Large Enterprise, SMEs), By Application (Air and Water Pollution Monitoring, Carbon Footprint Management, Crop Monitoring, Fire Detection, Forest Monitoring, Green Building, Soil Condition/Moisture Monitoring, Sustainable Mining and Exploration, Water Management, Weather Monitoring and Forecasting, Others), and Regional Forecast, 2023-2030”.
Green technology and sustainability solutions are being deployed in various applications, such as green building, crop monitoring, carbon footprint management, and air and water pollution monitoring.
This market is predicted to grow rapidly in the future as domestic and international venture capitalists are increasing their investments in R&D programs, which will play a vital role in encouraging innovations in the market.
Post-pandemic period to witness growth in climate-tech ventures
The initial stages of the Covid-19 pandemic had a negative impact on climate-related investments due to the global slump in economic activity. This stifled the global green technology and sustainability market growth for a short time.
However, the post-pandemic period witnessed a notable increase in climate-tech investments due to resurgence in business operations.
After overcoming the Covid-19 crisis, companies may intensify their efforts to reduce their carbon emissions, thereby expanding the market size.
Establishment of green data centres to rise to boost energy efficiency
The concept of green data centres is picking significant pace in the IT sector.
Green data centres, or sustainable data centres, are service facilities that utilise energy-efficient technologies to manage, operate, and store data.
The 2020 US Data Centre Energy Use Report stated that data centers in the US were estimated to consume around 73-billion kWh of electricity in 2020. Such large-scale consumption of electricity is anticipated to augment the construction of green data centres, thereby expanding the green technology and sustainability market share.
Additional findings
- North America is anticipated to capture a dominant share in the global market during the forecast timeframe. The region’s growth is driven by the presence of top market players, such as Microsoft, GE Electric, IBM, Oracle, Engie Impact, CropX, and Taranis.
- Europe is predicted to capture the second-largest share in the global market. A wide range of government initiatives to showcase innovations in low-carbon technologies are expected to accelerate the market growth. For example, in July 2020, the European Commission (EC) proposed an investment under its ‘Innovation Fund’ initiative for market-ready projects including clean hydrogen and low-carbon solutions for sectors that are heavily dependent on energy, such as chemicals, cement, and steel.
- The solutions segment is projected to account for a large market share during the forecast period. Green technology and sustainability solutions typically offer users real-time statistics, management services, charting & monitoring tools, and other tools and solutions. This also includes environmental monitoring and renewable energy solutions that can assist customers in the development of strong and reliable green infrastructure and can further help create a healthy environment.