Green Technology Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 24.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Green Technology Market Analysis
The Green Technology Market is valued at USD 23.71 billion in the current year and is expected to register a CAGR of 24.30% during the forecast period to become USD 70.37 billion by the next five years. The market is being driven by growing consumer awareness of the environment, which has also increased demand for environmentally friendly and less harmful products. Consumers are asking for products that don't harm the environment. Manufacturers, therefore, started implementing green manufacturing to produce products and solutions. Smart technology operates within its parameters and offers green IT and environmental protection.
- There is a great deal of growth in greenhouse gas and carbon emissions. This is leading to an increasing market for green technology around the world. In this respect, the Government is applying positive guidelines in favor of environmentally friendly technologies and sustainable solutions. Moreover, a continuous effort is being made to reduce carbon emissions and encourage zero-emission vehicles by the Governments of developed and developing countries. For the development and growth of green technologies markets, market players are also cooperating with government agencies. Therefore, over the forecast period, an increasing interest in environmental protection is resulting in lucrative opportunities for growth in the global green technology market.
- The collaborations between the nations to enhance the usage of green technology are expected to drive the market. For instance, in March 2023, The UK and Canada signed a deal to significantly enhance green technology supply chains, with both countries collaborating on critical minerals. Launched by the UK's Business and Trade Minister and Canadian Minister of Natural Resources, the historic partnership will drive cooperation on essential minerals, such as cobalt and lithium, that will be pivotal in developing a range of green technologies. The agreement will enable UK green technology developers to become more resilient to global supply chain interruptions. The partnership will also help to accelerate research and development between the two nations' businesses, helping to advance and expand the sector.
- Further, corporations have evolved their corporate responsibility initiatives to focus more on sustainability. For instance, Apple made its operations carbon-neutral and is working toward a 2030 carbon-neutral goal. This means encouraging suppliers to use clean energy and focusing on its Power for Impact program, designed to help get clean energy to communities worldwide. Intel has committed to net-zero greenhouse gas emissions in its operations by 2040. The company is also working toward net-positive water, zero waste to landfills, and 100% renewable electricity. These initiatives by the firms would drive the demand for the studied market.
- Conversely, adopting green technology and sustainability solutions and services is quite expensive. It requires proper infrastructure to install and implement green technology, sustainability solutions, and tools. Technologies such as blockchain, artificial intelligence, and the Internet of Things are high-cost and are used in green technology and sustainability solutions. Thus, high capital costs restrict the growth of the global green technology and sustainability market.
- The COVID-19 pandemic, which slowed down investment and put a brake on deploying crucial energy technologies, enormously impacted energy systems worldwide. According to the IEA, investment in effectiveness and end-use applications was set to decrease by 15% during the pandemic as sales of vehicles and construction activity declined due to weak demand for more cost-effective appliances and equipment. In this context, there was a pressing need to support economic efficiency, job creation, and economies through policies that promoted upgrading buildings, technologies, and infrastructure across different parts of the economy.
Green Technology Market Trends
Green Building is Expected to Drive the Market
- The global green building market is expected to grow steadily due to increasing environmental concerns and stringent government regulations. Given its low operating and maintenance costs, a growing demand for green buildings in the manufacturing sector is foreseen. Demand for green buildings on the market is expected to grow due to the growing demand for energy-efficient technologies. Growing preference for green buildings in residential and commercial sectors is expected to be a significant factor driving the market's growth over the forecast period.
- The concept of Netzero energy design, which is gaining momentum in design and construction circles worldwide, is common. To satisfy the building's energy requirements, they use solar arrays, fuel cells, wind turbines, biofuels, and so on. Further, according to American Council for an Energy-Efficient Economy, in 2022, the Netherlands had the highest energy efficiency score for buildings worldwide. Meanwhile, France obtained 21 points out of the 25 maximum scores. On the other side of the spectrum, Thailand, Egypt, and Russia were at the bottom of the ranking. This score measures several metrics that impact the energy efficiency of buildings.
- According to International Energy Agency, the value of investments in energy-efficient buildings worldwide reached its peak in 2022. However, to meet the net zero by 2050 goals, the value of those investments would need to amount to over half a trillion U.S. dollars annually between 2026 and 2030. The level of investments would have to increase sharply for that scenario to occur. Such huge investments in energy-efficient buildings would drive the demand for green technology over the forecasted period.
- The government initiatives towards the development of green buildings would drive the demand for the studied market. For instance, in April 2023, The Confederation of Real Estate Developers Association of India (Credai) partnered with the Indian Green Building Council (IGBC) to build over 1,000 certified green projects across India in the next two years and 4,000 projects by 2030. The partnership with IGBC will allow Credai to strengthen its capabilities and knowledge, reduce its carbon footprint by 2030, and achieve carbon neutrality by 2050. This initiative aligns with India's vision of reaching net zero by 2070.
- Similarly, in 2022, the International Finance Corporation (IFC), an associate of the Brazilian Chamber for the Construction Industry (CBIC) and the World Bank Group, partnered to decarbonize the built environment in Brazil. The partnership aims to decarbonize the built environment by designing and constructing resource-efficient buildings using excellence in design for greater efficiencies (EDGE). IFC and CBIC will collaborate to disseminate knowledge, create capacities to design eco-efficient buildings and boost access to EDGE certification in the private real estate sector.
North America is Expected to Hold Significant Share of the Market
- North America is expected to hold a significant market share and pose new business opportunities over the forecast period. It can be attributed to investments and initiatives in the green environment. For instance, the North American Climate, Energy, and Environment Partnership encourage governments to adopt more sustainable policies and to purchase more renewable energy and electric vehicles as needed. Carbon capture and storage technology pulls carbon from the atmosphere and uses it to make synthetic fuel. Right now, it's expensive and relatively small-scale. Still, a study by Stanford University predicts that the costs of this technology could even be reduced by a multiple of six, making it much more scalable.
- In July 2022, The United States Patent and Trademark Office (USPTO) became a technology collaboration with the global green-tech platform of the World Intellectual Property Organization (WIPO). WIPO GREEN is a public-private collaboration established by WIPO in 2013. Major technology companies, intellectual property departments, business groups, research institutions, and NGOs are among its 145 international partners. The partnership delivers an online platform for technology exchange, uniting providers and seekers of environmentally friendly technologies, and manages acceleration projects and international events highlighting green technologies' availability.
- The government's initiatives towards decarbonization technologies are expected to drive the market in the region. For instance, in September 2022, the United States announced USD 94 Billion Of Global Public Funding To Accelerate Clean Energy Worldwide. The Industrial heat shot aims to significantly reduce costs, energy, and carbon emissions related to heat applied for making our everyday products. The initiative aims to develop cost-competitive technologies for industrial heat decarbonization that at least 85 % reduce emissions of greenhouse gases by 2035
- Further, in April 2023, the Government of Canada and Saint Mary's University invested USD20 million in green technology and green energy. The addition of green technology in the Loyola Building, Homburg Center for Health & Wellness, and Patrick's Hospital is part of this investment at Saint Mary University. This includes new solar panels, a green roof, and other energy-efficiency features for many buildings.
- The regional players in the market are providing new solutions to cater to a wide range of customer needs. For example, recently, IBM Corporation announced the IBM Sustainability Accelerator. It's a professional social impact agenda that uses IBM technologies such as AI, hybrid cloud, and an ecosystem of experts to support government and non-profit institutions in improving and scaling their operations, focusing on people vulnerable to environmental threats such as extreme weather & climate change and pollution.
Green Technology Industry Overview
The green technology market is moderately consolidated with several players like General Electric, IBM, Wolters Kluwer N.V., Microsoft, Cropx inc, etc. The companies continuously invest in strategic partnerships and product developments to gain substantial market share. Some of the recent developments in the market are
In May 2023, Salesforce expanded its portfolio of sustainability initiatives with the launch of the 'Green Code' to reduce carbon emissions associated with the software development lifecycle. Green Code features newly released sustainability best practices helping UX designers, software developers, system architects, and I.T. operations managers accelerate the world's journey to zero. It also features the Sustainability Guide for Salesforce Technology. It offers recommendations for designing apps and writing code with less environmental impact, focusing on design, UX, architecture, development, and operations.
In October 2022, ClearML, the frictionless, unified, end-to-end MLOps platform, and Genesis Cloud, the player in green GPU cloud computing, announced a new partnership. The agreement will make Genesis Cloud's 100% green energy Compute Instance available as part of ClearML's powerful MLOps platform. With computing accounting for nearly 4% of global emissions in 2021 - and with that number likely set to grow dramatically as computing needs to expand - limiting the industry's carbon footprint has become a critical priority. This partnership tackles these concerns head-on by providing overdue access to high-performance and 100% green computing solutions for MLOps teams.
Green Technology Market Leaders
General Electric
IBM Corporation
Wolters Kluwer N.V.
Microsoft Corporation
Cropx inc
*Disclaimer: Major Players sorted in no particular order
Green Technology Market News
- May 2023: Under a signed memorandum of understanding, the Advanced Research Projects Agency-Energy agreed to cooperate with the California Energy Commission to identify funding opportunities for green technology research and development. ARPA-E said the partnership would work toward achieving tech advancement goals such as energy cost reduction, grid modernization, and environmental mitigation. This collaboration will accelerate our critical work to research, develop, demonstrate, and ultimately deploy energy technologies.
- September 2022: UST, a digital transformation solutions business, announced a strategic alliance with Green Grid Inc. (GGI) - a climate-focused technology development, integration, and professional services company to provide services, domain expertise, and AI-enabled IT/OT solutions for Environmental, Social, and Governance (ESG) as well as essential infrastructure management in private and public sectors. This collaboration opened up new possibilities for both organizations to advance solutions for fighting climate change.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Industry Value Chain Analysis
4.4 Assessment of the Impact of COVID-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growth in Environment Concerns and Awarness
5.1.2 Growth in Government Initiatives for Low Carbon Policies.
5.2 Market Restraints
5.2.1 High Product Cost
5.2.2 Lack of Government Regulations in Developing Nations
5.3 Market Opportunities
5.3.1 Increase in Initiatives to tackle climate and air pollution.
5.3.2 Developments in IT and Telecom Infrastruture for Low Carbon Emission
6. MARKET SEGMENTATION
6.1 By Component
6.1.1 Solution
6.1.2 Services
6.2 By Technology
6.2.1 IOT
6.2.2 AI and Analytics
6.2.3 Digital Twin
6.2.4 Cloud Computing
6.2.5 Blockchain
6.2.6 Other Technologies
6.3 By Application
6.3.1 Green Building
6.3.2 Carbon Footprint Management
6.3.3 Air and Water Pollution Monitoring
6.3.4 Weather Monitoring and Forecast
6.3.5 Crop Monitoring
6.3.6 Soil Condition/Moisture Monitoring
6.3.7 Forest Monitoring
6.3.8 Other Applications
6.4 By Geography
6.4.1 North America
6.4.2 Europe
6.4.3 Asia Pacific
6.4.4 Latin America
6.4.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 General Electric
7.1.2 IBM Corporation
7.1.3 Wolters Kluwer N.V.
7.1.4 Microsoft Corporation
7.1.5 Cropx inc
7.1.6 Oracle
7.1.7 Engie Impact
7.1.8 Sensus ( Xylem brand)
7.1.9 Trace Genomics
7.1.10 Accuvio (Diligent Corporation)
- *List Not Exhaustive
8. INVESTMENT ANALYSIS
9. MARKET OPPORTUNITIES AND FUTURE TRENDS
Green Technology Industry Segmentation
Green technology, also known as sustainable technology, evaluates the short- and long-term impact something has on the environment. Green products are, by definition, environmentally friendly. Energy efficiency, recycling, renewable resources, health and safety concerns, and more go into making a green product or technology.
The Green Technology Market is segmented by Component (Solution, Services), by Technology (IOT, AI and Analytics, Digital Twin, Cloud Computing, Blockchain), by Application (Green Building, Carbon Footprint Management, Air and Water Pollution Monitoring, Weather Monitoring and Forecast, Crop Monitoring, Soil Condition/Moisture Monitoring, Forest Monitoring) and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
The market sizes and forecasts are provided in terms of value (USD) for all the above segments.
| By Component | |
| Solution | |
| Services |
| By Technology | |
| IOT | |
| AI and Analytics | |
| Digital Twin | |
| Cloud Computing | |
| Blockchain | |
| Other Technologies |
| By Application | |
| Green Building | |
| Carbon Footprint Management | |
| Air and Water Pollution Monitoring | |
| Weather Monitoring and Forecast | |
| Crop Monitoring | |
| Soil Condition/Moisture Monitoring | |
| Forest Monitoring | |
| Other Applications |
| By Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Frequently Asked Questions
What is the current Green Technology Market size?
The Green Technology Market is projected to register a CAGR of 24.30% during the forecast period (2024-2029)
Who are the key players in Green Technology Market?
General Electric, IBM Corporation, Wolters Kluwer N.V. , Microsoft Corporation and Cropx inc are the major companies operating in the Green Technology Market.
Which is the fastest growing region in Green Technology Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Green Technology Market?
In 2024, the North America accounts for the largest market share in Green Technology Market.
What years does this Green Technology Market cover?
The report covers the Green Technology Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Green Technology Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Green Technology Industry Report
Statistics for the 2024 Green Technology market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Green Technology analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
