Overview and Scope
Green technology, also known as sustainable technology or clean technology, refers to the development and implementation of products, processes, and systems that are designed to address environmental challenges and minimize negative impacts on the planet. It include technologies that reduce energy consumption, utilize renewable energy sources, decrease pollution and greenhouse gas emissions, conserve natural resources, and promote ecological sustainability.
Sizing and Forecast
The green technology market size has grown exponentially in recent years. It will grow from $18.69 billion in 2023 to $23.6 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth in the historic period can be attributed to raising awareness of the benefits of green technologies, growing demand for biomass solutions, urgency to address climate change increases, shift towards shorter-term deployment-ready climate tech solutions, inclination towards sustainable investment.
The green technology market size is expected to see exponential growth in the next few years. It will grow to $61.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. The growth in the forecast period can be attributed to increasing corporate commitments to achieving net-zero emissions, emerging economies investing in green infrastructure, growing concerns about climate change and environmental degradation, increasing industrial and consumer awareness, government initiatives to promote the use of green technologies. Major trends in the forecast period include data measurement technologies and software solutions, improve efficiency, create new revenue streams, performance monitoring, drives innovation in climate tech, provide scalable and profitable solutions.
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Segmentation & Regional Insights
The green technology market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Technology: Internet Of Things (IoT), Cloud Computing, Artificial Intelligence And Analytics, Digital Twin, Cybersecurity, Blockchain
3) By Applications: Non-Residential, Residential, Other Applications
North America was the largest region in the green technology market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the green technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising shift towards sustainable investing is expected to propel the growth of the green technology market going forward. Sustainable investing, also known as ESG investing (Environmental, Social, and Governance), is an investment approach seeking to generate financial returns while considering environmental, social, and governance (ESG) factors. With the increasing awareness of environmental and social issues, a more extensive scope of investments contributes to a sustainable future. Sustainable investing incorporates green technology by allocating capital to companies developing and implementing environmentally friendly solutions to address pressing global challenges while generating financial returns and advancing a more sustainable future. For instance, in December 2021, according to the data published by Thomson Reuters Lipper, a US-based financial services company, a record $649 billion flowed into ESG-focused funds globally in 2021, up from $542 billion in 2020. ESG funds now account for 10% of all global fund assets. Therefore, rising shifts towards sustainable investing are driving the growth of the green technology market.
Key Industry Players
Major companies operating in the green technology market are Alphabet Inc., Microsoft Corporation, Engie SA, Tencent Holdings Limited, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., Atos SE, Blackstone Inc., Wolters Kluwer N.V., Adani Green Energy Limited, OneTrust LLC, EKI Energy Services Limited, thinkstep Ltd., Verisae LLC, ClimatePartner Gmbh, 3 Degrees Inc., ProcessMAP Corporation, Sustainable Travel International Inc., Cool Effect Inc., Sensus B.V
The green technology market report table of contents includes:
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List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Green Technology Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Green Technology Market, Segmentation By Technology, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Green Technology Market, Segmentation By Applications, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Alphabet Inc. Financial Performance
Table 75: Microsoft Corporation Financial Performance
Table 76: Engie SA Financial Performance
Table 77: Tencent Holdings Limited Financial Performance
Table 78: General Electric Company Financial Performance
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