by The global Green Technology And Sustainability Market provides products and services that facilitate sustainable use of resources and reduce adverse impacts on the environment. Some of the key sectors included are renewable energy, green building, recycling and waste management, sustainable water, and greenhouse gas reduction. Solar energy, wind turbines, LED lighting that is energy efficient and eco-friendly are examples of green technology products gaining prominence. Sustainability services involve processes and technologies to minimize carbon footprint of organizations.
The global 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 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing investment in renewable energy sources and stricter government regulations around emission norms are major drivers of the Green Technology And Sustainability Market. As highlighted in the heading, growing investment in renewable energy sector presents a key opportunity for market growth over the forecast period. About US$ 583 billion was invested globally in renewable energy in 2021 according to BloombergNEF report, indicating increasing capital inflow. This growing investment leads to development of more efficient and cost competitive renewable tech solutions like solar panels, wind turbines etc., thereby flourishing the overall market. Additionally, governments across countries are imposing stringent regulations to reduce carbon footprint and switch energy sources to cleaner options. This encourages adoption of green technologies and sustainability solutions within industries.
Segment Analysis
The green technology and sustainability market can be segmented into renewable energy, green transportation, green buildings, carbon footprint management, air pollution control, and waste recycling. Among these, renewable energy segment dominates and is expected to grow at a high rate during the forecast period. Renewable sources like solar, wind, hydropower and biomass are increasingly being adopted across the world to meet the increasing energy demand in a sustainable way.
PEST Analysis
Political: Governments across the world are introducing policies and regulations to promote usage of green technologies through incentives and mandates. For example, renewable energy targets and subsidies.
Economic: Transition to green technologies is capital intensive initially but helps reduce long term costs through efficiency gains and energy cost savings. It also opens new business opportunities.
Social: Rising environmental concerns are driving consumers, companies and investors to prefer sustainable options. Green technologies are gaining popularity.
Technological: Continuous technological advancements are making green technologies more efficient and cost effective. This is further boosting their large scale adoption.
Key Takeaways
The Global Green Technology And Sustainability Market Size is expected to witness high growth during the forecast period due to supportive regulations and rising environmental awareness.
Regional analysis: North America region currently dominates the market due to stringent norms. However, Asia Pacific region is expected to showcase highest growth on back of rapid industrialization and growing focus of governments in the region towards renewable energy and sustainable development.
Key players: Key players operating in the green technology and sustainability market are Mueller Sports Medicine, Inc., DJO Global, LLC, ACE Brand, Tynor Orthotics Private Limited, 3M Science, Mava Sports, Bauerfeind AG, Breg, Inc., Ossur, Thuasne USA, Zimmer Biomet, Kao Chen Enterprise Co., Ltd, Össur, Orthosys, Bauerfeind USA Inc., Orliman S.L.U., Steeper Inc., Beagle Orthopedic, Essity Medical Solutions, Bird & Cronin, LLC, Ottobock, Trulife, DeRoyal Industries, Inc., and Remington Medical Equipment. These players are focusing on new product launches and partnerships to gain more market share.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
