The Green Technology and Sustainability Market is estimated to be valued at US$15.99 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The green technology and sustainability market comprises products and services that help reduce environmental risks and minimize pollution and greenhouse gas emissions. These include clean energy, green building, pollution prevention technology, greener transportation, and green chemistry. Adoption of green technology solutions help organizations lower operating costs, gain a competitive advantage, and comply with environmental regulations.
Market key trends:
One of the major trends driving the green technology and sustainability market is the increasing government support for clean energy adoption globally. Governments across nations have introduced various policies and initiatives to encourage the generation and use of renewable energy. For instance, many countries have set targets to produce a certain percentage of their power requirements through renewable sources by a fixed timeline. They are also offering various fiscal and financial incentives like tax credits, subsidies, and rebates to businesses investing in clean energy. This is positively impacting the demand for green technology solutions from the power sector.
Porter's Analysis
Threat of new entrants: New players face high entry barriers for developing technologies and compliance with environmental regulations. Bargaining power of buyers: Buyers have considerable bargaining power as they can choose from various sustainable solutions. Bargaining power of suppliers: Suppliers of green technologies have moderate bargaining power due to the specialized nature of their offerings. Threat of new substitutes: Alternative eco-friendly solutions pose a threat of substitution. Competitive rivalry: Intense competition exists between established players.
SWOT Analysis
Strengths: Demand for sustainability and focus on reducing carbon footprint. Weaknesses: High initial costs of implementing green technologies.
Opportunities: Growing consumer awareness and government policies promoting clean energy. Threats: Uncertain regulatory environment and technology disruptions.
Key Takeaways
Global Green Technology And Sustainability Market Size is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing environmental regulations. North America dominated the market in 2023 with a share of over 35%, owing to strict policies and investments in clean energy.
By 2030, Europe is projected to emerge as the fastest growing regional market. This can be attributed to the European Union's Green Deal initiative aiming for climate neutrality by 2050.
Key players operating in the green technology and sustainability market are CropX Inc., Enablon France SA, Enviance Inc., General Electric, Hortau Inc., IBM Corporation, LO3 Energy, Inc., Oracle Corporation, Tech Mahindra Limited, and Trace Genomics, Inc. IBM focuses on AI for sustainability while GE invests in renewable energy and clean technologies.
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