April 22, 2024
Green Technology and Sustainability Market
Ict

Green Technology And Sustainability is Estimated to Witness High Growth Owing to Rising Environmental Concerns

The green technology and sustainability market involves products and services that leverage environmentally-friendly technologies to minimize pollution and wastage. This includes renewable energy solutions like solar panels and wind turbines, green building materials, electric vehicles, eco-friendly packaging, and recycling technologies. The growing need to reduce humankind’s carbon footprint and move towards more sustainable practices is driving the adoption of green technologies across industries. The green building sector is a major application area, with owners and construction companies incorporating eco-friendly materials, energy-efficient systems and renewable energy sources into new and existing structures.

The Global green technology and sustainability market is estimated to be valued at US$ 18.43 Bn in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the green technology and sustainability market are August Stork, Candy Me, CartoonCandy, Cloetta Ab, DeMet, Ferrero Group, Ferrara Candy Company, Grupo Arcor, Haribo GmbH & Co. KG, Mars Incorporated, Mondelez International, Inc., Naeemfoods, Perfetti Van Melle, Purebred Confectionery, Rock Candy, and The Hershey Company. The rising environmental awareness among consumers and governments focusing on clean energy generation are expected to open up new opportunities for players in this industry. The expansion of renewable energy solutions in developing nations and rapid growth of green buildings worldwide will help drive the global adoption of green technologies over the coming years.

The key opportunities in the green technology and sustainability market include growing investments by government and private organizations in renewable energy infrastructure and R&D of eco-friendly products. Major global initiatives like the European Green Deal are incentivizing industries across Europe to shift towards greener practices. The green bonds and climate financing markets are also gaining traction.

The Green Technology And Sustainability Solutions Market is expanding globally, especially in densely populated developing economies in Asia and Africa. The governments of China, India, and several African nations have unveiled ambitious targets for renewable energy and are collaborating with global green tech companies on pilots and projects. Furthermore, the trend of sustainable living is gaining ground in urban communities around the world, creating demand for green building materials, electric vehicles and other such technologies.

Market drivers

Stringent government regulations pertaining to carbon emissions and waste disposal are a major driver for the adoption of green technologies. Many countries have implemented carbon pricing schemes and incentives to promote renewable energy generation. The rising importance given to ESG (environmental, social and governance) criteria by investors is also encouraging companies to cut their carbon footprint and switch to greener alternatives. Furthermore, green solutions have become highly cost-competitive compared to traditional options like coal power. The falling price of solar panels and electric vehicles is making them an attractive mainstream proposition.

PEST Analysis
Political: Governments across various regions are implementing favorable regulations to promote the adoption of green technologies and sustainability practices among industries. Tax incentives and subsidies are encouraging innovations.
Economic: Organizations are investing heavily in sustainable solutions to minimize operational costs in the long run through efficient energy usage and waste management. The growing demand from consumers is attracting new entrants, boosting market revenue.
Social: Rising environmental awareness among public is increasing the demand for green products and solutions from brands. Customers prefer companies that are socially responsible and take initiatives to reduce their carbon footprint.
Technological: IoT, AI, and cloud computing are enabling intelligent energy management and resources monitoring. Adoption of renewable sources like solar and wind energy is reducing dependence on fossil fuels. Data analytics is optimizing operations.

North America holds the largest market share currently due to presence of major players and supportive government policies in the US and Canada for clean technologies adoption. Growth prospects are promising across sectors like manufacturing, utilities, transportation, and buildings. The Asia Pacific region is expected to witness the fastest growth during the forecast period led by emerging economies like China, Japan, and India prioritizing sustainable development agendas and large-scale investments in renewable energy generation and storage solutions.

Europe has strong potential buoyed by stringent regulations regarding carbon emissions and energy efficiency standards for industries set by EU. Countries leading the green transformation include Germany, UK, France, and Netherlands through their investments in innovation focused on clean energy production and smart infrastructure development. Developing economies in Latin America, Middle East, and Africa offer new opportunities for solutions providers as sustainability initiatives gain momentum.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it