Green Technology and Sustainability Market Size to Grow by USD 44.4 Billion, Reports Vantage Market Research
WASHINGTON — In recent years, sustainability and the environment have been sensitive topics discussed at the global level. Geopolitics and government organisations are continuously monitoring statistics associated with renewable energy, recycling, soil erosion, agricultural sustainability and others. The influence of social media and the internet of things (IoT) are generating a huge impact on the growth of the market.
The Global Market revenue size stood at a value USD 10.9 Billion in the year 2021. The Global Green Technology and Sustainability Market size is expected to reach USD 44.4 Billion by the year 2028 and is forecasted to grow exhibiting a Compound Annual Growth Rate (CAGR) of 26.4% during the forecast period.
Driver: Potential Use of RFID Sensor across industries to Drive the Market
The growing potential of manufacturing industries to adapt RFID technology is gaining huge benefits for the green technology and sustainability sector. Government initiatives and technology advances associated with RFID sensors drive the market growth. Manufacturing industries are setting goals that benefit the environment and achieve sustainable goals. RFID technology improves from 75% of inventory accuracy up to 95%. The investments benefit manufacturers by cutting down costs and streamlining supply chain accuracy. This gradually benefits the sustainability of industries.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Green Technology and Sustainability market is predicted to grow at a CAGR of roughly 26.4% during the forecast period.
- The Green Technology and Sustainability market was estimated to be worth roughly USD 10.9 Billion in 2021 and is expected to reach USD 44.4 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Green Technology and Sustainability market
Restrain: High Cost of Product Associated with Green Technology
The major concern associated for implementing Green technology is the initial investments required. Large industries are able to make investment but small industries are incapable for taking such decisions, thus Green Technology and Sustainability Market is expected to slow down in coming years. Government should take initiatives by providing assistance and subsidies for small scale industries to adopt green technology.
North America Dominates the Global Green Technology and Sustainability Market
North America held the largest market share in 2021. The growth in the market is majorly due increasing government initiatives and wide base of key manufacturers implementing green technology. Major key players are involved in R&D and integrating advanced technologies to overcome challenge related to climate change rise in levels of emissions, pollution, and waste.
The Asia Pacific is considered to be a favorable market for investments and is expected to generate maximum revenue in during the forecast period. This can be attributed to the focus of developing countries, such as China, India, and Singapore, on the integration of advanced technologies to enhance business processes.
List of Prominent Players in Green Technology and Sustainability Market:
- GE (US)
- Enablon (France)
- Salesforce (US)
- Microsoft (US)
- Schneider Electric (France)
- Engie Impact (US)
- Intelex (Canada)
- Enviance (US)
- Sensus (US)
- LO3 Energy (US)
- Isometrix (South Africa)
- Taranis (Israel)
- Trace Genomics (US)
- ConsenSys (US)
- CropX (Israel)
- Hortau (US)
- IOT Solutions and Consulting (Europe)
- Pycno (UK)
- MineSense Technologies (Canada)
- WINT (US)
- OIZOM (India)
- Treevia (Latin America)
- SMAP Energy (UK)
- Accuvio (Ireland)
In January 2020, GE Hitachi Nuclear Energy and Terra Power collaborated to design and construct the VTR for the US DOE. This collaboration brings together a strong team of engineers and scientists with considerable experience in sodium reactor technology.
In September 2019, Salesforce announced Sustainability Cloud, a carbon accounting product for businesses. Salesforce’s Sustainability Cloud enables businesses to quickly track, analyze, and report reliable environmental data to help them reduce their carbon emissions.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Green Technology and Sustainability Market?
- How will the Green Technology and Sustainability Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Green Technology and Sustainability Market?
- What is the Green Technology and Sustainability market drivers and restrictions?
- What will be the CAGR and size of the Green Technology and Sustainability Market throughout the forecast period?