$60.7 billion green technology and sustainability market by 2027

CHICAGO, November 3, 2022 /PRNewswire/ — The global green technology and sustainability market is expected to continue growing $17.8 billion 2022 to $60.7 billion to 2027 at a compound annual growth rate (CAGR) of 27.8% during the forecast periodaccording to a new report from MarketsandMarkets™. The modernization of IT and telecom infrastructure for low carbon emissions will provide tremendous opportunities in the market. In addition, the increasing use of RFID sensors in all industries and the increasing interest of consumers and industry in using clean energy resources to protect the environment are driving the introduction of green technologies and sustainable solutions and services in the market.

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The solution segment is estimated to have the largest market size during the forecast period

The Components segment includes solutions and services. The solution segment is expected to account for a larger market size during the forecast period. The new technologies enable new paths towards environmentally friendly technologies and sustainable development, which have also taken into account their social, economic and environmental dimensions. Therefore, the increasing understanding of technologies that cause environmental hazards is a major factor driving the adoption of green technologies and sustainability solutions in industries around the world, which in turn drives the growth of the green technology and sustainability market.

The cloud computing segment is estimated to have the largest market size during the forecast period

The green technology and sustainability market has been segmented by technology into IoT, AI and analytics, digital twin, cloud computing, security and blockchain. Cloud computing can be used to collect data from tools like soil sensors, satellite imagery, and weather stations to help farmers make better decisions about how to manage their crops. The analytics capabilities of the cloud also help farmers understand their production environment. Agricultural companies use the power of the cloud to develop solutions.

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The green building segment is expected to account for the largest market size during the forecast period.

Green building refers to the practice of creating structures and employing processes that are environmentally sound and resource efficient throughout a building’s life cycle, from siting through design, construction, operation, maintenance, renovation and decommissioning. In practice, the classic building design is supplemented by aspects of economy, utility, durability and comfort. Key considerations include energy and water efficiency, resource efficiency, indoor climate quality and the overall impact of the building on the environment. IoT can enable the use of prefabricated components in the construction of smart buildings, providing a faster and cheaper route than traditional construction methods. These buildings with prefabricated components could lead to less construction waste. On the other hand, blockchain can help streamline the supply chain and design the documentation needed to build prefabricated offices and homes.

Asia Pacific grow at the highest CAGR during the forecast period

The Green Technology and Sustainability Market has been segmented into five regions: North America, Europe, Asia Pacific, middle East and Africaand Latin America. That Asia Pacific is anticipated to be a favorable investment market and will exhibit the highest CAGR during the forecast period. This growth can be attributed to the focus of developing countries such as China, Indiaand Singapore, on integrating advanced clean technologies to improve business processes and promote sustainable development. The rapid expansion of domestic companies and the need to automate everyday processes are some of the crucial factors affecting the growth of the green technology and sustainability market. companies operating in Asia Pacific benefit from adaptable economic framework conditions, government policies motivated by industrialization and globalization, and increasing digitization, which is expected to have a huge impact on the economy. Other countries in the region, such as Japan, South Korea, Australiaand Malaysiaalso explore ways to integrate green technology solutions and services.

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market participants

Key players in the Green Technology and Sustainability Market contain GE (USA)IBM (USA), Enablon (France), Salesforce (USA), Microsoft (USA), Schneider Electric (France), Engie Impact (USA), Intelex (Canada), Enviance (US), Sensus (US), LO3 Energy (US), Isometrix (South Africa), ConsenSys (USA), CropX (Israel), Hortau (USA), IOT solutions and consulting (Europe), Pycno (UK), MineSense Technologies (Canada), WINT (USA)Envirosoft(Canada), ProcessMAP(US) Accuvio (Ireland), Taranis (Israel), Trace Genomics (USA), OIZOM (India), SMAP Energy (UK), Treevia (Latin America), Ecotrack (USA), EcoCart (USA) and AquiPor Technologies (USA). These companies are continually innovating to improve their green technology and sustainability capabilities for greater efficiency and reliability, paving the way for the global green technology and sustainability market to become a mainstream technology.

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