Green Technology and Sustainability Market to Reach $44.61 Bn, Globally, by 2026 at 26.5% CAGR: Allied Market Research
Surge in environmental awareness and concerns, increase in consumer and industrial interest for the use of clean energy resources, and growth in use of RFID sensors augment the growth of the global green technology and sustainability market
PORTLAND, Oregon, May 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Green technology and sustainability Market by Technology (Internet of Things (IoT), Cloud Computing, Artificial Intelligence and Analytics, Digital Twin, Cyber Security, and Blockchain) and Applications (Green Building, Carbon Footprint Management, Weather Monitoring and Forecasting, Air and Water Pollution Monitoring, Forest Monitoring, Crop Monitoring, Soil Condition/Moisture Monitoring, Water Purification, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026" According to the report, the global green technology and sustainability market was estimated at $6.85 billion in 2018 and is expected to hit $44.61 billion by 2026, registering a CAGR of 26.5% from 2019 to 2026.
Drivers, restraints, and opportunities
Increase in environmental awareness and concerns, rise in consumer and industrial interest for the use of clean energy resources, and growth in use of RFID sensors fuel the growth of the global green technology and sustainability market. On the other hand, high product and solution costs associated with green technology and sustainability solutions restraint the growth to some extent. However, initiatives to tackle climate change and air pollution is expected to usher in an array of opportunities in the near future.
The Internet of Things (IOT) segment to dominate by 2026
Based on technology, the Internet of Things (IOT) segment held the major share in 2018, generating to more than one-fourth of the global green technology and sustainability market. This is attributed to the advent of green networks in IoT connectivity. On the other hand, the artificial intelligence and analytics segment is expected to grow at the fastest CAGR of 28.8% by the end of 2026. This is due to the increase in adoption of analytics technology due to its exquisite features such as energy forecasting, energy efficiency, and energy accessibility propels the growth of the segment.
Download Report Sample (150 Pages PDF with Insights) @
The green building segment to lead the trail during the study period
Based on applications, the green building segment accounted for around one-fifth of the global green technology and sustainability market revenue in 2018, and is projected to rule the roost till 2026. This is attributed to the increase in development of green building application and lowering down the costs of construction. Simultaneously, the crop monitoring segment is expected to cite the fastest CAGR of 29.9% during 2019–2026. The green technology is providing an alternative way to improve the national economy without damaging the environment, which leads to the growth of the segment.
North America generated the major share in 2018
Based on region, North America contributed to more than one-third of the global green technology and sustainability market share in 2018, and is anticipated to maintain the lion's share throughout the forecast period. The leveraged advanced energy-saving technologies from the recent past and high number of green building initiatives in this region has augmented the growth of the market. At the same time, the Asia-Pacific region would showcase the fastest CAGR of 27.6% till 2026, this is attributed to the emergence of new technologies and trends associated with the green technology.
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.