Green Technology and Sustainability Market

Green Technology and Sustainability Market

"Due to the rising awareness about the harmful effects of greenhouse gas emission on the environment, the need for low-carbon electricity is increasing, which is driving the global green technology and sustainability market. Governments and utility firms around the world are focusing on generate power from renewable sources like the sun, wind, and water, to reduce the carbon footprint. By employing artificial intelligence (AI), the created energy can be stored for cloudy days, when the photovoltaic (PV) panels cannot function.

Thus, with an increase in the renewable power capacity and integration of advanced systems to store the energy, the green technology and sustainability market is growing. Compared to $8.3 billion in 2019, the industry is predicted to generate revenue of $57.8 billion in 2030. Additionally, between 2020 and 2030 (forecast period), the market would advance at a CAGR of 20.0%.

Green Buildings to be Largest Application Area till 2030
Green buildings are expected to continue dominating the green technology and sustainability market till 2030. This is attributed to the fact that since buildings consume a lot of power, thus resulting in air pollution, the focus on making them energy-efficient is dire. By using green technologies during the construction and operation of buildings, the energy usage and wastage can be significantly reduced, therefore despite their high capital requirement, they are finding widespread adoption, thus driving the market.

During the forecast period, the AI and analytics category would witness the fastest growth in the green technology and sustainability market, at a CAGR of 21.5%. It would be because of rapid adoption of these technologies in urban planning advancement, ecological outline creation for building structures, and spatial evaluation. In addition, to transition to smart manufacturing processes, the adoption of AI and analytics is necessary.

In 2019, North America was the largest green technology and sustainability market, due to the heavy investments granted to the residential, industrial, and commercial sectors for the deployment of emerging technologies, by private and public companies. In the coming years, Asia-Pacific (APAC) is projected to grow the fastest in the industry, on account of the increasing awareness about environmental damage. Further, with the booming population, the demand for electricity is rising, which contributed to global warming, ultimately.

Market Players Pursuing Client Wins to Dominate Competition
The competition in the green technology and sustainability market has been characterized by the securing of client contracts, via which the companies operating in the industry have been able to:
Help public utilities monitor the consumption of natural resources
Make upgradation of aging infrastructure possible
Aid in the development of smart cities
Lend a hand in tracking the emission of greenhouse gases
Establish efficient communication between utilities and customers?
Some of the key green technology and sustainability market players are Citymapper Limited, WINT, Embue, Trace Blue Pillar, Genomics Inc., Dakota Software Corporation, Greenvity Communications Inc., Enviance Inc., Hydropoint Data Systems Inc., A.A.A Taranis Visual Ltd., Wexus Technologies Inc., Sensus Energy, Artveoli Inc., PowerScout Inc., Measurabl Inc., Lo3 Energy, Nest Labs Inc., Verdigris Technologies Inc., Thinkstep GmbH, Green Running Limited, Planon Group,  BuildingIQ Inc., Key Green Solutions,  Nnergix Energy Management SL, and Xylem Inc.

CropX Inc., ENGIE Insight Services Inc., General Electric Company, C3.ai, IBM Corporation, Uplight Inc., MineSense Technologies Ltd., AppFolio Utility Management Inc., EcoMetric Consulting, SMAP Energy Limited, Fabriq, hortau, Intelex Technologies, Accenture PLC, Pycno Industries Inc., Curb Inc., GREENbimlabs GmbH, StarTex Software, ConsenSys Inc., ACCUVIO, Semtech Corporation, Siemens AG, Oizom Instruments Pvt. Ltd., Itron Inc., FigBytes Inc., and Treevia Forest Technologies are the other significant companies in the global green technology and sustainability market."