Green Technology and Sustainability Market to Hit USD 41.62 Billion by 2028; Increasing Investment to Promote Sustainable Energy Worldwide to Augment Growth: Fortune Business Insights™

November 26, 2021

Companies Profiled in the Market: General Electric Company (New York, United States), Enablon (Wolters Kluwer) (France, Europe), Salesforce.com, Inc. (California, United States), Microsoft Corporation (New Mexico, United States), Schneider Electric (Rueil-Malmaison, France), Engie Impact (Washington, United States), Sensus (North Carolina, United States), Enviance (California, United States), Intelex Technologies Inc. (Toronto, Canada), CropX Inc. (San Francisco, California)

/EIN News/ -- Pune, India, Nov. 25, 2021 (GLOBE NEWSWIRE) -- The global green technology and sustainability market size is expected to gain momentum by reaching USD 41.62 billion by 2028 while exhibiting an impressive CAGR of 20.3% between 2021 and 2028. Fortune Business Insight, in its report titled “Green Technology and Sustainability Market, 2021-2028.”, mentions that the market stood at USD 9.57 billion in 2020.

The world is transitioning towards greener technology to combat the problems caused by excessive pollution and harmful gases. An article from Soulful Concepts Group Pvt. Ltd mentions that the global investment in green technologies increased by nearly 20% in recent years in various sectors such as the energy, chemical, and manufacturing industry. Whether small or big businesses, all of them are levitating towards the sustainable approach of energy production. Such thoughtful and environment-friendly initiatives are expected to propel the market growth during the forecast period. 


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List of the Companies Profiled in the Global Market for Green Technology and Sustainability:

Report Scope & Segmentation -

Report Coverage Details
Forecast Period 2021-2028
Forecast Period 2021 to 2028 CAGR 20.3 %
2028 Value Projection USD 41.62 Billion
Base Year 2020
Market Size in 2020 USD 9.57 Billion
Historical Data for 2017-2019
No. of Pages 160
Segments covered Component;  Industry;  Regional
Growth Drivers Increasing Consumer and Industrial Interest about Climate Change to Boost Market Growth
 

Pitfalls & Challenges
High Costs Associated with Green Technology and Sustainability Solutions to Limit the Market Growth


COVID-19 Impact

The negative effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Since it was a non-essential service, the companies were shut amidst the lockdown. However, the market is expected to boom back during the forecast period, as many nations envision creating a green future for their residents. For instance, In January 2018, the government of the United Kingdom initiated Green Future, a 25-year environment plan to change the environment over the next decade by increasing wildlife habitat, enhancing air and water quality, and reducing the scourge of plastic in the oceans.

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Market Segmentation:

Based on component type, the market is bifurcated into solutions and services. 

By industry, the market is segmented into air and water pollution monitoring, carbon footprint management, crop monitoring, fire detection, forest monitoring, green building, soil condition/moisture monitoring, sustainable mining and exploration, water management, weather monitoring, and forecasting, and Others. Finally, the market is categorized into North America, South America, Europe, the Middle East & Africa, and Asia Pacific.

What does the Report Provide?

Green technology and sustainability market report provide a detailed analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies to introduce new products, announce partnerships, and collaborate to further contribute to market growth. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point Analysis and PESTEL to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.

Driving Factor

Increasing Focus to Reduce Carbon Emission to Fuel Market Growth

The demand for sustainable development has increased in recent years. The push toward zero carbon emission has become a global concern. For instance, European Union cut down emissions of harmful gases by 55% by 2020 and aims to establish climate neutrality by 2050 under its Climate Target Plan. Along with nations, major companies are also contributing to green and clean technology. For instance, in January 2020, Ford Motor Company rolled out a USD 11.5 billion electric car plant. This will help in providing North America with the biggest electric vehicle charging network. Such initiatives are expected to drive the market growth in the forthcoming years.

Regional Insights

North America to Remain Dominant; Growing Investments in Green Technologies to Aid Growth

North America is expected to hold the highest position in the green technology and sustainability market share during the forecast period. This is ascribable to green environment investments and initiatives. For instance, the North American Climate, Energy, and Environment Partnership promote government policies and the procurement of more sustainable goods, renewable energy, and electric vehicles as required. The region stood at USD3.50 billion in 2020.

Europe is anticipated to hold a significant share of the market. This is owing to increased research and development in sustainable and green technology. For instance, In July 2020, the European Commission (EU) invested EURO 1 billion funds for low-carbon and clean hydrogen solutions for chemicals, cement, and steel industries.

Competitive Landscape

Key Players to Focus on Establishing Partnerships to Intensify Competition

The market for green technology and sustainability is consolidated by major companies striving to maintain their position by focusing on collaborations and establishing partnerships. For instance, In May 2020, Ballard inked a Memorandum with ITM Power and others to work on Fuel Cell Electric Buses (FCEBs) in Australian public transport systems. Moreover, other key players adopt proactive strategies such as new product launches, mergers, and facility expansion to favor the market's growth in the forthcoming years.


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Industry Development


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Table Of Content

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