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Increasing use of RFID, sensors to capture data and analyze to derive insights across various industries to drive the overall growth of green technology and sustainability market
The green technology and sustainability market size is expected to grow from USD 8.7 billion in 2019 to USD 28.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period. The green technology and sustainability market is driven by various factors, such as rapidly approaching grid parity, cost-effective and reliable grid integration, and technological innovation are the 3 enablers which helped remove the obstacle for the deployments of renewables. However, high product and solution cost associated with green technology and sustainability solutions hinder the growth of the market.
Soil condition/Moisture monitoring application segment to grow at a prominent CAGR during forecast period
The green technology and sustainability market, based on applications, has been segmented into carbon footprint management, green building, water purification, crop monitoring, soil condition/moisture monitoring, weather monitoring and forecasting, air and water pollution monitoring, sustainable mining and exploration, forest monitoring, water leak detection, and water purification. The growth of soil condition/moisture monitoring is because the agriculture sector is increasingly looking at ways to leverage technology for better crop yield. Cutting-edge technologies, such as Artificial Intelligence (AI), digital twin, and Internet of Things (IoT) are being implemented by the agriculture sector. Moreover, companies are using sensors and various IoT-based technologies for soil condition/moisture monitoring.
Europe to constitute the second largest market size during the forecast period
Europe is expected to have the second largest market size during the forecast period, owing to the growth in investments and funding, and companies are attracting investments to develop green technology solutions for different applications in agriculture, weather, transportation, and the energy sectors.
Rapidly growing economies, such as Germany, UK and France, are implementing green technology and sustainability driven by the strong compliance and regulatory landscape and increasing investments from government as well companies to address climate change by deploying technology solutions for different applications in agriculture, weather, transportation, and energy sectors. The companies operating in Europe would benefit from the flexible economic conditions, industrialization-and globalization-motivated policies of the governments, as well as from the growing digitalization, which is expected to have a huge impact on the business community.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the green technology and sustainability marketplace.
- By Company: Tier I - 10%, Tier II - 25%, and Tier III – 65%
- By Designation: C-Level Executives - 25%, Directors - 50%, and Others - 25%
- By Region: North America - 40%, Europe - 30%, APAC - 20%, RoW - 10%
The report includes the study of the key players offering green technology and sustainability solutions and services. The major green technology and sustainability vendors include General Electric (US), IBM (US), Enablon (France), Enviance (US), Sensus (US), Taranis (Israel), Trace Genomics (US), LO3 Energy (US), ConsenSys (US), CropX (Israel), Hortau (US), SMAP Energy (UK), Treevia (Brazil), Pycno (UK), IoT Solutions and Consulting (Europe), Oizom (India), MineSense Technologies (Canada), and WINT (US). The study includes an in-depth competitive analysis of these key players in the green technology and sustainability market, with their company profiles, recent developments, and key market strategies.
- The market study covers the green technology and sustainability market across segments. It aims at estimating the market size and the growth potential of this market, across different segments, such as technologies, applications, and regions.
- The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product, and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall green technology and sustainability market and its subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and to plan suitable go-to-market strategies.
- The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.