The green technology and sustainability market is witnessing growth and projected to reach USD 43,453.9 million by 2030, advancing at a CAGR of 10.7% during the projection period.
The substantial growth in this sector can be attributed primarily to the rising energy demand, the enactment of government-promised regulations, the widespread adoption of building automation solutions, and the fluctuating prices of crude oil. Additionally, the increasing global acceptance of eco-friendly technologies further drives this growth, owing to their environmentally conscious nature.
The IoT sector is poised to take the lead in the industry and is forecasted to witness rapid expansion in the forthcoming years, driven mainly by heightened awareness of environmental and health issues stemming from carbon emissions, along with the increasing acceptance of IoT technology.
To combat energy wastage and facilitate energy data collection, such technology finds utility across various applications, including factories, hospitals, power grids, utility meters, homes, urban infrastructure, administrative buildings, office structures, and smart transportation systems.
Because of growing industrialization and commercialization on the worldwide level, the building and construction industry is growing significantly to satisfy the increasing demand for space for residential and business purposes.
Resulting, of the surge in the production of energy, carbon releases are growing at a shocking rate worldwide. Consequently, to cope with high energy needs without causing any environmental damage, because of such factors buildings sector is expanding.
The target of green building technologies is to decrease the consumption of energy and utilize only the electricity generated onsite through rooftop solar panels, building-orientated PVs, or other alike renewable energy source.
The SMEs category is projected to accept eco-friendly technology at a higher rate 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 the IoT by small and medium-sized enterprises will continuously push the solution providers in the coming years also.
In the recent years, North America led the green technology and sustainability market and is projected to continue its dominance in the future as well. This is mainly because of the surge in government efforts in order to decrease carbon releases and the quick uptake of power-saving technologies in the continent.
For example, the U.S. has executed a count of guidelines to confront the climate crisis by decreasing emissions, advancing resilience, enhancing ecological justice, and achieving energy security. In this regard, in the recent years, the nation inaugurated enough new solar and wind projects to power 10 million homes and took up initiatives to increase the deployment of utility-scale batteries.
P&S Intelligence 