DUBLIN--(BUSINESS WIRE)--The "Green Technology and Sustainability Market by Technology (IoT, AI & Analytics, Digital Twin, Cloud Computing, Security, & Blockchain), Application (Green Building, Carbon Footprint Management, & Weather Monitoring & Forecasting) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Green Technology & Sustainability Market is expected to grow from US$ 8.7 billion in 2019 to US$ 28.9 billion by 2024, at a CAGR of 27.1%.
- 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 the product, and business offerings, recent developments, and key market strategies.
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).
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 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 costs 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 the 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 the 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.
Market Dynamics
Drivers
- Increasing Environmental Awareness and Concerns
- Increasing Use of RFID Sensors Across Various Industries
- Increasing Consumer and Industrial Interest for the Use of Clean Energy Resources to Conserve the Environment
Restraints
- High Product Cost Associated With Green Technology Solutions
Opportunities
- Initiatives to Tackle Climate Change and Air Pollution
- Modernization of It and Telecom Infrastructure for Low Carbon Emission
Challenges
- Lack of Tailored Solutions to Address Unique Environmental Issues
- Lack of Regulations for Green Technology
Use Cases
- Case 1: CPS Energy Deployed Enviance System to Enhance the Automation of Emissions Reporting Process
- Case 2: Arizona State Government Deployed a Smart Solution to Improve Water Infrastructure
- Case 3: GE Helps Bord Gais Energy Continue Its Operations and Reduce Unplanned Downtime
- Case 4: Enviance System Manages and Stores Data, Making It Easy for Koch Fertilizers to Centralize Documentation and Deploy New Internal Programs
- Case 5: Mumbai-based Palava City to Control Air Quality Using Oizom's Real-Time Emission Monitoring Solutions
Regulatory Implications
- The Kyoto Protocol
- Affordable Clean Energy Rule
- Dubai Green Building Evaluation System
- General Data Protection Regulation
- Federal Trade Commission
- Ansi/Ashrae/Ies Standard 90.1
Sustainable Development Best Practices
- Green Building
- Conservation Agriculture
- Leadership in Energy & Environmental Design
- Green Mining
Companies Profiled
- General Electric
- IBM
- Microsoft
- Enablon
- Enviance
- Sensus
- Taranis
- Trace Genomics
- Lo3 Energy
- Consensys
- Cropx
- Hortau
- Smap Energy
- Treevia
- Pycno
- IoT Solutions & Consulting
- Oizom
- Minesense Technologies
- WINT
For more information about this report visit https://www.researchandmarkets.com/r/z244b8
