Green Technology and Sustainability Market to Reach $177.08 Billion by 2031; Government Efforts Toward Green Technology will Bear Sweet Fruits for Market

Green Technology and Sustainability Market size was valued at around USD 17.53 billion in 2022 and is projected to grow from USD 22.66 billion in 2023 to USD 177.08 billion by 2031, at a CAGR of 29.3% over the forecast period (2024–2031).

Green technologies are eco-friendly solutions that promote economic and social sustainability. It is known as clean technology production, which generates energy from a natural source that is less harmful to the environment than fossil fuels. Furthermore, the primary purpose of green technology is to safeguard the environment and repair any current environmental damage. In addition, governments across the globe are spending extensively on green technology to protect nature and decrease negative environmental impacts, which is fueling growth in the green technology and sustainability market.

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Green Technology and Sustainability Market Top Players Company Profiles

• GE (US)
• IBM (US)
• Salesforce (US)
• Microsoft (US)
• SCHNEIDER ELECTRIC (France)
• Wolters Kluwer (Netherlands)
• SAP (Germany)
• SIEMENS (Germany)
• Oracle (US)
• Xylem Inc. (Sensus) (US)
• Engie Impact (France)
• AWS (US)
• Google (US)
• ABB LTD (Switzerland)
• Huawei (China)

Meeting Climate Goals: How Investments are Shaping the Green Tech Sector

In recent years, the demand for sustainability is on the rise. Global priorities have been shifted toward becoming carbon neutral. For this, the European Union’s Climate Target Plan aims to reach climate neutrality by 2050 and cut greenhouse gas emissions by 55% by 2020. Companies are investing in clean and green technologies. For instance, in January 2020, Ford Motor Company opened a USD 11.5 billion electric vehicle plant. This will aid in the creation of North America’s largest electric vehicle charging network. These initiatives are projected to accelerate the growth of the green technology and sustainability market in the coming years.

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Segments covered in Green Technology And Sustainability Marketare as follows:

• Offering
  • Solution (Deployment [Cloud and On-Premises]), Services (Professional Services [Consulting, Integration & Deployment and Support & Maintenance] and Managed Services)
• Technology
  • IoT, AI & ML, Digital Twin, Cloud Computing, Blockchain, Edge Computing, and Cybersecurity
• Vertical
  • Retail & Consumer (Sustainable Retail Outlet, Sustainable Packaging, Smart Inventory Management, Virtual Try-ons, Digital Receipts and Other), Automotive & Transportation (Smart Transportation, Smart Vehicle, Reduction of Vehicle Emissions, Autonomous & Shared Mobility, Route Optimization, Smart Charging Infrastructure and Other), Energy & Utilities (Sustainable Mining & Exploration, Process Optimization & Operational Efficiency, Energy Monitoring & Efficiency, Smart Grid Management, Energy Trading and Other), Chemicals & Materials (Chemical Process Optimization, Green Chemistry, Chemical Recycling, Green Chemical R&D, Advanced Material Recovery and Other), Manufacturing (Smart Manufacturing & Digitalization, Emission Reduction & Air Quality Control, Resource Optimization & Waste Reduction, AI For Tracking Carbon Footprint And Other), Agriculture (Crop Monitoring, Soil Condition/Moisture Monitoring, Smart Farm Management Systems, Farm Management ERP, Precision Agriculture And Other), BFSI (Green Bonds Management, Intelligent Document Processing, Green Fintech, Carbon Credit Trading, Green Loans & Sustainable Finance and Other), Healthcare & Life Science (Telemedicine & Teleworking, Virtual Clinical Trails & Research, Hospital Waste Management, Carbon Offsetting in Healthcare Operations, Green Loans & Sustainable Finance and Other), and Others.

Business Strategies for Growth in Green Technology

Companies in the market have prioritized business tactics such as strategic alliances and partnerships with the goal of extending their operations and client base. These significant players are investing in developing technologies to help integrate and implement green technology and sustainability solutions. In addition, there are several small-scale players who are raising funds. This is to develop improved products and broaden their global reach.

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Redefining Sustainability: Strategic Innovations by Key Players

• May 2022: Salesforce and Amazon Web Services partnered to create open-source technology to help non-profits increase their impact.
• November 2021: Microsoft inked an agreement with L&T Technology, a provider of engineering services. The collaboration sought to offer L&T with the Microsoft Azure Energy & Sustainability Manager Solution, which will enable it to digitally transform and construct future eco-friendly manufacturing.
• October 2021: Xylem teamed up with Imagine H2O, the world’s top water innovation accelerator and ecosystem for water businesses. The two organizations would collaborate to unleash cutting-edge technologies and assist communities in gaining access to the solutions required to provide residents with safe, cost-effective, and dependable water.

Future of Sustainability and Green Technology

The green technology and sustainability market is growing significantly. There are several players within the market who are taking strategic moves by investing in R&D and other technological advancements. They are putting efforts into advancing technology to make these sources more economical and accessible. This is expected to assist businesses and governments who are seeking to reduce their carbon footprint and promote sustainable energy solutions. Companies that prioritize cutting-edge technology and strategic collaborations are contributing toward a more environmentally friendly future and are better positioned to fulfill expanding demand.

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