The green technology and sustainability market is predicted to account for US$ 122.69 billion in 2032, up from US$ 13.28 billion in 2021, advancing at a CAGR of 22.4% during the forecast period (2022-2032).
Businesses and communities working to move the economy toward a low-carbon future are likely to invest in long-term zero-carbon power contracts, as well as intelligent, data-driven energy solutions. The adoption of green technology and sustainable solutions is anticipated to increase as this trend picks up speed in the upcoming years.
Expanding adoption of RFID sensors across industries is driving the demand for green technology and sustainability products and services. Major leading firms are increasingly choosing these solutions due to the broad adoption of smart grid technology in a range of industries and its benefits in terms of cost effectiveness, trustworthy grid integration, and technological developments in green technology.
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During the forecast period, emerging countries and developing economies are expected to experience a sharp increase in this green technology and sustainability market size. One of the main drivers of the growth of the green technology and sustainability industries is the potential for technological companies to reduce the amount of carbon emissions and energy consumption produced by these wireless devices.
The fact that there are so many green technology and sustainability vendors in North America is primarily responsible for the market's growth. It is projected that the Asia Pacific area will offer significant investment opportunities in the green technology and sustainability market.
- The green technology and sustainability market is predicted to develop at a CAGR of 22.4%, with a market share of US$ 122.69 billion through 2032.
- The green technology and sustainability market share in North America is estimated to have a CAGR of 20.8% through 2032.
- Asia Pacific is expected to have a greater growth potential in the green technology and sustainability market during the forecast period.
- Based on component, the Solution segment is expected to have the biggest green technology and sustainability market.
- Based on the technology, the cloud computing segment is anticipated to have the highest green technology and sustainability market share during the forecast period.
- Based on the application, the green building segment is projected to have the greater green technology and sustainability market share during the forecast period.
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The market for green technology and sustainability is now crowded with manufacturers who are actively competing for market share. The green technology and sustainability market is anticipated to be dominated by a small number of players.
- Portland General Electric (PGE) Company announced the sale of USD 150 million in green bonds in October 2021. These green bonds were issued by PGE in accordance with its green financing framework, which enables the firm to issue bonds and other types of debt to fund qualified green initiatives.
- Infrastructure of the Future, an integrated solution suite for smart green infrastructure, was introduced by Schneider Electric in January 2022. The comprehensive solution consists of programs to accelerate the energy transition, software for analytical insights, business continuity operational services, solutions for green technology, electric transportation, and these.