May 21, 2024
Green Technology And Sustainability Market
Ict

Green Technology And Sustainability Market Growing Impetus from Circular Economy Initiatives

Green technology and sustainability solutions enable resource efficiency and waste reduction across various industries. Products like green construction materials, renewable energy technologies, electric vehicles and green packaging help reduce carbon footprint. Demand for pollution control equipment is also growing due to stringent emission norms. The global green technology and sustainability market is estimated to be valued at US$ 18.43 billion in 2024 and is expected to exhibit a CAGR of 8.9% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends
Circular economy initiatives driving growth
The transition towards a circular economy has been identified as an important driver for the global green technology and sustainability market over the forecast period. Many countries and regions have implemented policies and action plans to promote circular business models. For instance, the EU’s circular economy action plan aims to stimulate Europe’s transition towards a regenerative model that maximizes the value and use of resources by repairing, reusing, upgrading and recycling existing materials and products. These initiatives are promoting sustainable production and consumption patterns, thereby boosting demand for green technology solutions across industries.

Segment Analysis
The global green technology and sustainability market is dominated by the renewable energy segment. Renewable energy sources like solar, wind, hydropower etc. are witnessing a huge demand owing to their clean and environment-friendly nature. Governments across the globe are offering subsidies and tax benefits to promote the use of renewable energy which has boosted their adoption over the years.

Key Takeaways

The Global Green Technology And Sustainability Market Share  is expected to witness high growth over the forecast period owing to stricter regulations regarding carbon emissions and growing environmental awareness.

Regional analysis: Europe dominates the global green technology and sustainability market currently due to stringent government regulations and favorable policies to promote sustainability. Countries like Germany, UK, France etc. are investing heavily in renewable energy resources to reduce their dependence on fossil fuels. The Asia Pacific region is expected to show the fastest growth in the coming years led by China, India and other developing nations. Rapid industrialization and infrastructure development has boosted energy demand in the region pushing governments to adopt renewable resources.

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