Green technology and sustainability market worth $60.7 billion by 2027

Chicago, November 3 March 2022 /PRNewswire/—— The global green technology and sustainable development market is expected to grow from $17.8 billion 2022 to $60.7 billion To 2027, the compound annual growth rate (CAGR) during the forecast period is 27.8%according to a new report from MarketsandMarkets™. Modernizing IT and telecommunications infrastructure to achieve low carbon emissions will present huge opportunities for the market. In addition, the increasing use of RFID sensors in various industries and the growing consumer and industry interest in using clean energy to protect the environment are driving the adoption of green technologies and sustainable solutions and services in the market.



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The estimated solutions segment holds the largest market size during the forecast period

The components section includes solutions and services. The solutions segment is expected to account for the larger market size during the forecast period. Emerging technologies facilitate new pathways to green technologies and sustainable development, which also take into account their social, economic and environmental aspects. Hence, increasing understanding of technologies that cause environmental hazards is a major factor driving the adoption of green technologies and sustainable solutions in vertical industries across the globe, which in turn drives the growth of the green technologies and sustainability market.

The cloud computing segment is expected to hold the largest market size during the forecast period

The green technology and sustainability market is segmented by technology into IoT, artificial intelligence and analytics, digital twin, cloud computing, security, and blockchain. Cloud computing can be used to collect data from tools such as soil sensors, satellite imagery and weather stations to help farmers make better decisions related to crop management. The analytics capabilities of the cloud also help farmers understand their production environment. Agricultural companies are harnessing the power of the cloud to create solutions.

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The green building segment is expected to hold the largest market size during the forecast period.

Green building refers to the practice of creating structures and deploying environmentally responsible and resource-efficient processes throughout a building’s life cycle, from site selection to design, construction, operation, maintenance, renovation, and demolition. This practice complements classical architectural design in terms of economy, practicality, durability and comfort. Key considerations include energy and water efficiency, resource efficiency, indoor environmental quality, and the overall impact of the building on the environment. IoT can use prefabricated building components in the construction of smart buildings and ensure a faster and more cost-effective way than traditional construction methods. These buildings with prefabricated elements reduce construction waste. On the other hand, blockchain can help simplify the supply chain and design documentation required to build prefab offices and homes.

Asia-Pacific To grow at the highest CAGR during the forecast period

The Green Technology and Sustainability Market is divided into five regions: North America, Europe, Asia-Pacific, middle East and Africaand Latin America. This Asia-Pacific It is expected to be a favorable investment market with the highest CAGR during the forecast period.This growth can be attributed to developing country priorities such as China, Indiaand Singapore, on integrating advanced clean technologies to enhance business processes and promote sustainable development. Rapid expansion of domestic enterprises and the need to automate routine processes are some of the key factors influencing the growth of the green technology and sustainability in Asia-Pacific Will benefit from adaptable economic conditions, government policies promoting industrialization and globalization, and increasing digitalization, which is expected to have a huge impact on the business world.other countries in the region, such as Japan, South Korea, Australiaand Malaysiais also exploring ways to integrate green technology solutions and services.

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market participants

key players in Green Technology and Sustainability Market include General Electric (USA)IBM (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), ConsenSys (US), CropX (Israel), Hortau (USA), IOT Solutions and Consulting (Europe), Pycno (UK), MineSense Technologies (Canada), win (US)Environment software (Canada), ProcessMAP (USA) Accuvio (Ireland), Taranis (Israel), Trace Genomics (USA), OIZOM (India), SMAP Energy (UK), Treevia (Latin America), Ecotrack (US), EcoCart (US) and AquiPor Technologies (US). These companies continue to innovate to enhance their green technology and sustainability capabilities to improve efficiency and reliability, thereby paving the way for mainstream technologies in the global green technology and sustainability market.

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