The value of the green technology and sustainability market stood at US$19,499.6 million in 2022, and this number is projected to reach US$43,453.9 million by 2030, advancing at a CAGR of 10.7% during 2022 to 2030.
P&S Intelligence majorly credits this growth to the increasing demand for energy, implementation of sustainability legislations, extensive usage of building automation solutions and ever-changing prices of crude oil.
Internet of Things usage is set to grow at highest rate
The IoT category is set to lead the industry and experience rapid growth in the coming years. This will mainly be due to the growing awareness regarding the environmental and health problems because of the emission of carbon.
Further, to avoid the wastage of energy and gather energy consumption data, such technology is useful in several applications, such as factories, hospitals, power grids, utility meters, hospitals, homes, city administrations, offices and smart transport.
Global warming is driving green building development
Because of the rampant industrialisation and commercialisation, the building and construction industry is growing significantly, to satisfy the increasing demand for space for residential and business purposes.
Resulting from the surge in the production of energy, carbon releases are growing at a shocking rate worldwide. Consequently, to cope with the high energy needs without causing any environmental damage, governments are focusing on green buildings.
The purpose of green building technologies is to decrease the consumption of energy and utilise only the electricity generated on-site, through rooftop solar panels, Building Integrated Photovoltaics and other renewable energy sources.
Solution usage among SMEs to grow faster
The SMEs category is projected to accept eco-friendly technologies at a higher rate of growth in comparison to larger enterprises, since the contribution of small enterprises is massive for any nation’s economy. Due to this, the augmenting acceptance of cloud computing technologies and IoT by small- and medium-sized enterprises will continuously drive the revenue for solution providers in the coming years.
North America is rapidly adopting green technologies
In 2022, North America led the green technology and sustainability market, and it will stay on this path in the future. This is credited to the surge in the government effort to decrease carbon releases and the quick uptake of power-saving technologies in the continent.
A number of megacities in the US, including New York City, Los Angeles, and Denver, have set ambitious green building targets. Additionally, the Biden Administration has announced plans to have over 50% lower emissions in 2030 than in 2005.
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