The Global Green Technology and Sustainability Market size is expected to reach $38. 15 billion by 2027, rising at a market growth of 22. 5% CAGR during the forecast period. Green Technology and Sustainability is defined as a process, application, or a group of products that are utilized to protect natural resources & the environment.
New York, Dec. 27, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Green Technology and Sustainability Market By Technology, By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027" - https://www.reportlinker.com/p06193310/?utm_source=GNW
Creating renewable energy without impacting the environment or human health is one of the major objectives of green technology and sustainability. In addition, green technology refers to a group of products, methods, applications, and processes and that are employed to preserve the environment and natural resources.
Additionally, governments across the world are putting massive investments to adopt green technologies for conserving nature and decreasing harmful environmental effects, thereby propelling the growth of the market. For example, in the year 2018, India decided to join Partnership for Action on Green Economy (PAGE) with Government, UN agencies, and other organizations. This partnership focuses on contributing to India’s Green Economy, Sustainable Development Goals (SDGs), and Nationally Determined Contributions to the Paris Agreement plans.
Rising utilization of RFID sensors across various industrial verticals would act as the driver for the growth of the green technology and sustainability market during the forecasting period. One of the major restraints for the growth and demand of green technology and sustainability is the massive product costs related to solutions. In addition, the absence of regulations for green technology would act as a restraining factor for the growth of the market.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has impacted the green technology and sustainability market in both positive as well as negative manners. As a result of lockdown, carbon emission was drastically declined around the globe. Thus, a significant decline in emissions owing to the global pandemic is a short-term gain. In addition, the global pandemic had a devastating impact on recycling efforts around the globe.
The outbreak of the COVID-19 pandemic had also adversely impacted revenues of various companies and with the relaxation in lockdown restrictions, they will move their focus on increasing operations to recover from their losses; this may result in moving their attention away from green technologies for their business to prevent extra costs.
Market Growth Factors
Rising preference or consumers and industries to utilize clean energy resource
The innovations and advancements in green technology are catalyzed by the growing level of energy consumption and increasing greenhouse gas (GHG) emissions. Increasing awareness about emissions from production industries like mining and forest monitoring has fuelled the focus towards clean energy resources in order to decrease the carbon footprint. In addition, key market players are moving towards these solutions at a rapid pace due to the rising adoption of smart grid technology in several industries and advantages related to grid technology like cost-effectiveness and trusted grid integration, and technological advancements in green technology.
The rise in utilization of RFID sensors across various industries
IoT has been utilized to explain many technologies and research domains that allow global connectivity over physical objects. Emerging technologies like sensor networks, RFID, biometrics, and nanotechnologies are now becoming prevalent, facilitating IoT to manage several applications, such as intelligent transportation, smart grid, and eHealth. Smart devices and sensors that are communicating through high-speed data, can carry out various functions independently, hence requiring the latest forms of green communication between several smart devices, where consumption of power is optimized, and bandwidth usage is maximized.
Market Restraining Factors
Green technology solutions come with a high product cost
The cost of developing and deploying solar and wind farms is quite high. Similar to the majority of renewables, solar and wind field are highly affordable to operate as their fuel is free and maintenance is quite negligible. Thus, much of the expenditure is spent on creating technology-based products or solutions. Air quality monitoring, air & water pollution monitoring, and carbon footprint management are some of the applications where the installation of modern technologies like IoT sensors, AI, and analytics, need massive costs of maintenance.
The Green Technology & Sustainability Market is segmented into IoT, AI & Analytics, Digital twin, Security, Cloud computing, and Blockchain. The blockchain segment is likely to exhibit the highest growth rate throughout the forecasting years. In addition, many well-established and emerging startups are using blockchain as a tool to facilitate the accessibility and sustainability of energy grids by encouraging data sharing in real-time.
the Green Technology & Sustainability Market is classified into Carbon footprint management, Green building, Water purification, Water leak detection, Fire detection, Soil condition/moisture monitoring, Crop monitoring, Forest monitoring, Weather monitoring & forecasting, Air & water pollution monitoring, and Sustainable mining & exploration. The green building segment is anticipated to be the biggest revenue contributor in the green technology and sustainability market over the forecast years.
The Green Technology & Sustainability Market is analyzed across North America, Europe, APAC, and LAMEA. North America would obtain the maximum revenue share of the green technology and sustainability market during the forecasting period. As the region is home to some of the key vendors of green technology and sustainability solutions, the regional market is expected to be fuelled in the upcoming years.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Microsoft Corporation, IBM Corporation, Salesforce.com, Inc., Oracle Corporation, Tech Mahindra Limited, Schneider Electric SE, General Electric (GE) Co., Xylem, Inc. (Sensus), Wolters Kluwer N.V., and ENGIE Impact.
Recent Strategies Deployed in Green Technology and Sustainability Market
Partnerships, Collaborations, and Agreements:
Nov-2021: Microsoft signed an agreement with L&T Technology, an engineering services company. The partnership aimed to provide the Energy & Sustainability Manager Solution of L&T Microsoft Azure to digitally transform and develop eco-friendly factories of the future.
Oct-2021: Xylem joined hands with Imagine H2O, the leading water innovation accelerator and ecosystem for water entrepreneurs. Through this partnership, the two entities would focus on unleashing the latest technologies and helping communities to gain access to the solutions needed to offer secure, cost-effective, and reliable water to individuals.
Oct-2021: Schneider Electric joined hands with Hyatt Centric Jumeirah Dubai, a luxury boutique hotel in Jumeirah, offering stunning ocean views. Through this partnership, Schneider Electric deployed EcoStruxure Building Operation 3.0, a complete building management system at Hyatt Centric Jumeirah Dubai. This new solution would bring down the total energy consumption of the building, reduce the hotel’s carbon emissions, and would also reduce operational maintenance costs.
Sep-2021: ENGIE entered into a partnership with Faurecia, a French global automotive supplier. Following the partnership, the ENGIE would support Faurecia in its commitment to realize CO2 neutrality for scopes 1 and 2 by 2025. Moreover, the partnership aimed to offer energy solutions to be installed across 100+ Faurecia sites worldwide by mid-2022.
Sep-2021: Enablon, a subsidiary of Wolters Kluwers, signed an agreement with SASB, a non-profit organization. The agreement aimed to integrate the cStandards and SASB Materiality Map into the Enablon Vision platform. Under this agreement, customers of Enablon would efficiently map sustainability reporting information directly into SASB standards.
Sep-2021: Microsoft signed an agreement with SSE, a multinational energy company. The agreement would boost eco-friendly innovations worldwide. The agreement aimed to create the foundations for highly eco-friendly energy industry. Together, the two companies would design advanced solutions and best practices that are likely to transform business activities and assist develop a culture of sustainability investment and advancement across the UK.
Jul-2021: GE Renewable Energy formed a partnership with the governments of Canada and Québec for the expansion of its wind turbine blade unit in Gaspé, Canada. The partnership is perfect with the Canadian and Quebec government policy and economic goals. Through this partnership, the two companies would fulfill the immediate worldwide crisis of climate change.
Jun-2021: ENGIE signed a Memorandum of Understanding (MoU) with Monash University, a public research university based in Melbourne. Under this agreement, the two entities would focus on coordinated deployment, research, and education activities, and eventually focus on exploring and creating Net Zero solutions for cities and major precincts across the globe.
Jun-2021: Salesforce along with its approved global training organization, ISDI teamed up with Accenture, an Irish-based multinational professional services company. Moreover, the collaboration aimed to assist in examining its carbon footprint and decrease its impact on the environment with Salesforce Sustainability Cloud.
May-2021: Enablon, a subsidiary of Wolters Kluwers, joined hands with EY, one of the largest professional services networks in the world. Through this collaboration, the two companies introduced an ESG management and reporting solution based on the Enablon cloud software platform to assist offer to provide organizations with end-to-end management and reporting of ESG data.
May-2021: GE Renewable Energy came into a partnership with Toshiba Energy Systems and Solutions, a company that offers energy-efficient and eco-friendly solutions. The partnership aimed to adapt to the crucial phases of the manufacturing process of GE’s Haliade-X offshore wind turbine and to bolster its commercialization in the country.
Apr-2021: Xylem teamed up with Renewcell, one of the first industrial-scale companies to transform old clothes into new textiles with the help of an eco-friendly chemical recycling process. Under this collaboration, the ozone system of Xylem would be used for sustainable, circular textile production of Renewcell. In addition, the Wedeco ozone technology of Xylem would assist the new mill to produce dissolving pulp with a less amount of chemicals, while also fulfilling the most stringent local environment mandates.
Feb-2021: Microsoft teamed up with Accenture, a professional services company that specializes in IT services and consulting. The collaboration aimed to accelerate the U.K.’s low-carbon transition. In addition, the companies along with their joint venture named Avanade, would work together to assist utility and energy companies to transform the energy system and reduce the cost of decarbonizing the supply and demand of electricity in the U.K., supported by artificial intelligence (AI), open data, and a digital workforce.
Jan-2021: Salesforce extended its partnership with Accenture, an Irish-based multinational professional services company. This partnership aimed to assist clients across a wide range of industries development toward their environmental, social, and governance (ESG) goals. The partnership would integrate the resources of the Sustainability Services consulting practice of Accenture with Salesforce Sustainability Cloud.
Acquisitions and Mergers:
Oct-2021: Xylem took over Anadolu Flygt, the leading pumping and water treatment Systems Company in Turkey. Through this acquisition, the company expanded its regional reach. The acquisition aimed to enable the company to service a wide array of nations across the region and further expedite the growth of Xylem in the Middle East market with an advanced portfolio of digital water solutions and proven systems for sustainable utilization of water.
Oct-2021: GE-Prolec Transformers acquired SPX Corporation, a supplier of highly engineered infrastructure equipment and technologies. Through this acquisition, Prolec would become empowered to fulfill the rising Americas market with a wider suite of innovative and sustainable solutions for providing electrical energy.
Dec-2020: RED, a subsidiary of ENGIE, took over Callaghan Engineering, one of the biggest engineering consulting firms in Ireland. Through this acquisition, the company aimed to strengthen its vision to assist companies to expedite their eco-friendly transformation and develop a future that integrates positive economic and environmental outcomes.
Product Launches and Product Expansions:
Oct-2021: IBM rolled out The IBM Environmental Intelligence Suite. This new portfolio harnesses the potential of AI to assist companies to prepare for and respond to weather and climate risks that could hamper businesses can easily estimate their own impact on the planet and lower down the complexity of regulatory compliance and reporting.
Sep-2021: ENGIE introduced Ellipse, a net-zero carbon platform to expedite global decarbonisation efforts. Moreover, ENGIE designed Ellipse for the companies that are facing rising urgency to lower down carbon emissions and deploy a strategic action plan.
Sep-2021: Salesforce rolled out Sustainability Cloud 2.0. Through this launch, the company would expedite customers’ journey to Net Zero, enabling companies to monitor and bring down their carbon emissions and become a sustainable business. New improvements include Slack-First Sustainability for streamlined collaboration with suppliers, a carbon-offset ecosystem, and industry-specific climate action plans.
Jul-2021: Microsoft introduced Microsoft Cloud for Sustainability. This new solution is developed to assist companies in estimating, comprehending, reporting, and bringing down the environmental impact and be able to estimate development towards sustainability objectives.
Apr-2021: Salesforce unveiled Salesforce Sustainability Cloud Scope 3 Hub. Through this launch, Salesforce would assist organizations to simplify how they monitor their supply chain carbon footprint data to efficiently communicate with suppliers to move to sustainability efforts.
Jan-2021: Schneider Electric expanded wiser smart home ecosystem, furthering the discussion around the Smart and Sustainable Home. This new range would help the customers to design cost-efficiency, eco-friendly, energy-efficient, resilient, and personalized homes.
Mar-2021: GE Renewable Energy expanded its geographical reach by opening a new blade manufacturing unit in Teesside in the North East of England. Through this expansion, the company would boost its green industrial revolution as it capitalizes on the unexplored opportunities to generate clean energy through a brand new offshore wind port on the River Tees.
Jun-2020: ENGIE expanded its geographical footprint by increasing its product offerings to the APAC region. Through this, the company would assist companies, cities, and governments design sustainability strategies and deploy solutions to boost economic and environmental advantages.
Scope of the Study
Market Segments covered in the Report:
• AI & Analytics
• Digital twin
• Cloud computing
• Carbon footprint management
• Green building
• Water purification
• Soil condition/moisture monitoring
• Crop monitoring
• Forest monitoring
• Weather monitoring & forecasting
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• Microsoft Corporation
• IBM Corporation
• Salesforce.com, Inc.
• Oracle Corporation
• Tech Mahindra Limited
• Schneider Electric SE
• General Electric (GE) Co.
• Xylem, Inc. (Sensus)
• Wolters Kluwer N.V.
• ENGIE Impact
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