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.
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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.
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Leading market players
- IBM Corporation
- LO3 Energy, Inc.
- Oracle Corporation
- Tech Mahindra Limited
- Trace Genomics, Inc.
- CropX Inc.
- Enablon France SA
- Enviance Inc.
- General Electric
- Hortau Inc.
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