Global Green Technology Market By Component (Solutions, Services), By Technology (Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cybersecurity, Blockchain) By Application (Non- Residential, Residential), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Sept. 2023
- Report ID: 12923
- Number of Pages: 301
The Global Green Technology Market was valued at USD 13.8 Billion in 2022 and it is projected to expand to USD 112.4 Billion by 2032; Compound Annual Growth Rate (CAGR) of 24.0% during this period 2023-2032.
Green technology indulges eco-friendly solutions that lead to social and economic sustainability. The technology where energy production is an alternative natural fuel that is harmless than fossil fuels to the environment is known as clean technology production. The major focus of green technology is to secure the environment also repair the damages done to the environment in the past. To conserve nature and reduce the negative impact on the environment, investments in green technology by the government are increasing heavily, leading to market expansion.
Note: Actual Numbers Might Vary In The Final Report
- Market Size: The Global Green Technology Market was worth USD 13.8 billion in 2022, and it’s expected to grow to USD 112.4 billion by 2032, with an average yearly growth rate of 24% from 2023 to 2032.
- Component Analysis: Solutions comprised 65% of revenue during the forecast period for green technology markets.
- Technology Analysis: Internet of Things currently holds nearly 38% market share within green tech.
- Application Analysis: Green technology in commercial building applications dominates the green technology market.
- Regional Analysis: North America holds an edge when it comes to green technology adoption and consumption.
- Drivers: Governments around the globe are offering incentives such as subsidies, tax breaks and feed-in tariffs to encourage adoption of green technologies.
- Restraints: The upfront costs associated with green technologies like solar panels and electric vehicles may deter consumers and businesses from investing in these solutions.
- Challenges: Many countries still favor fossil-based energy policies, making it challenging for cleaner energy technologies to compete effectively in the marketplace.
- Opportunities: Emerging economies are experiencing rapid economic development and urbanization, driving demand for energy and transportation services.
- Top Key Players: General Electric, Wolters Kluwer N.V., Salesforce, Inc.
Microsoft, Schneider Electric, Engie Impact, Cority (Enviance), Sensus, and Other Key Players
Based on components, the market for green technology is segmented into solutions and services. The solution segment dominates the market for green technology, with a revenue share of 65% during the forecast period. The environment has been constantly exploited since globalization and innovation advancement emerged.
New opportunities are facilitated by emerging technologies for green technology, taking into consideration environmental, economic, and social factors. Increasing awareness regarding harmful technologies’ influence on the environment is a primary key driver of green technology solutions acceptance globally that propels market growth.
Based on the technology, the market for green technology is segmented into the Internet of Things (IoT), cloud computing, artificial intelligence & analytics, digital twin, cybersecurity, and blockchain. The Internet of Things segment dominates the green technology market with a revenue share of almost 38% during the forecast period.
Manufacturers, data centers, and end-users implement a new concept called green computing that reduces energy consumption and carbon footprint. This is achieved by designing and manufacturing computers, chips, and other technological components for carbon emission reduction. Selection of sustainable raw materials, electronic waste elimination, and promotion of sustainability by renewable resources are all included in green computing.
There are many firms that make use of blockchain to create energy networks that are more accessible and sustainable by encouraging real-time data exchange. Carbon emissions have increased due to energy-intensive cryptocurrency mining. Green technology innovation is fuelled by blockchain. Blockchain technology is assumed to have the most significant market size over the forecast period.
Also, the ability of the cloud segment to facilitate real-time remote access to data through sensors, satellite photos, and weather contributes to market expansion. According to World Economic Forum, the Ethereum 2.0 launch and transition of Proof of Work (PoW) to Proof of Stake (PoS) consensus model for blockchain is expected to consume 99.0% less energy. PoS need less hardware than that PoW and hence decreases the amount of energy that is needed to support safe transactions.
Based on end-user, the green technology market is segmented into residential and non-residential. The non-residential segment dominates the market for green technology. The non-residential segment involves green building, carbon footprint management, weather monitoring and forecasting, air, and water pollution monitoring, etc.
Green building, also called sustainable building, refers to the practice of implementing and designing processes and structures that are environmentally resource-efficient and responsible for the lifecycle of a building, right from site selection to designing, maintenance, operation, construction, renovation, and deconstruction.
Note: Actual Numbers Might Vary In The Final Report
Key Market Segments
Based on Component
Based on Technology
- Internet of Things (IoT)
- Cloud Computing
- Artificial Intelligence & Analytics
- Digital Twin
Based on Application
- Non- Residential
Globalization has created a new level of development and increased the pace of development in many developing countries. There is constant exploitation of the environment for the sake of globalization and the environment. Environment concerned population and ecology recommend that if the current exploitation rate continues, then everyone will have to face a time wherein the earth and its environment will not be a suitable place to sustain.
Green technology is the technology that makes use of technology in such a way that results in a reduction of negative environmental impact and focuses on development which leads to globalization.
Products that are harmless to the environment are in massive demand by consumers. Manufacturers have therefore implemented green manufacturing that produces products and solutions. Parameters like green IT and environmental protection are provided by smart technology that operates within its parameters.
Products and solutions based on technologies, like analytics and cloud, are offered by smart, advanced technologies that stimulate the government and industries. To create awareness among the consumer, vendors are providing environmentally smart products.
The energy total of adding connected devices every year is increasing and can’t be overseen. It is in the interest of everyone to move toward the creation of an IoT environment that minimizes environmental impact and energy requirements. Strict laws can drive the green technology market. There are numerous environmental laws globally.
High expenses for a wider range of applications are a major factor that hampers the growth of the green technology market. High capital cost is needed for building and installing solar and wind farms. Free fuel and minimum maintenance make solar and wind fields cheap to operate.
Therefore, most of the expenses are required for building technology-based products or solutions. Relevant technological adoption in emerging economies is stimulated or dejected by factors like product and service costs. Thus, high cost renders the growth of the green technology market.
There is a massive increase in greenhouse gases and carbon emissions; this factor fuels the market for green technology. In favor of green technology, the government is implementing favorable guidelines. Also, constant efforts are taken by governments of developed and developing nations to minimize carbon emissions and promote zero-emission vehicles.
For the growth and development of the green technology market, the key players are collaborating with government agencies. Hence, increasing environmental concerns create lucrative opportunities for the growth of the global green technology market during the forecast period.
The green technology market is gaining momentum due to the increasing adoption of renewable energy sources like solar, wind, and hydropower. This shift is driven by growing awareness of fossil fuels’ environmental impact and the need to reduce greenhouse gas emissions. Energy-efficient solutions, such as appliances, smart homes, and innovative building materials, are also emerging.
Also, electric vehicles (EVs) are becoming popular due to their lower emissions and improved battery technology. As charging stations expand, EVs become a viable alternative to traditional gasoline-powered vehicles. Autonomous and shared mobility solutions are integrated with green technology to optimize transportation efficiency and reduce traffic congestion.
North America region dominates the market of green technology. Vendors focus on research, development, and integration of upgraded technologies to face the challenges of climatic changes and growing emissions, pollution, and waste levels. Countries in this region have well-established economies, enabling green technology to invest in technological advancements and innovations. The region is called the center of innovation, as IT giants are launching new offers and aggressively collaborating for green technology solutions.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
Emerging key players are focused on various strategic policies to develop their respective businesses in foreign markets. Several green technology market companies are concentrating on expanding their existing operations and R&D facilities.
Furthermore, businesses in the green technology market are developing new products and portfolio expansion strategies through investments, mergers, and acquisitions. In addition, several key players are now focusing on different marketing strategies, such as spreading awareness about natural products and boosting the target products’ growth.
With the presence of many local and regional players, the market for green technology market is fragmented. Market players are subject to intense competition from top market players, particularly those with strong brand recognition and high distribution networks. Companies have gained various expansion strategies, such as partnerships and product launches, to stay on top of the market.
The following are some of the major players in the Global Green Technology Market industry
- General Electric
- Wolters Kluwer N.V.
- Salesforce, Inc.
- Schneider Electric
- Engie Impact
- Cority (Enviance)
- Sensus, a Xylem brand
- LO3 Energy
- CropX Inc.
- Other Key Players
- In January 2022: Schneider Electric introduced an integrated solution suite for smart & green infrastructure. The solution consists of software for analytical insights, programs to accelerate the energy transition, business continuity and operational services, solutions for green technology, and electric transportation.
- In February 2022: the IBM sustainability accelerator was introduced by IBM Corporation. Use of IBM technology, a professional social impact program used for AI, hybrid cloud, and an ecosystem of experts that will help government and non-profit organizations enhance and scale their operation, focusing on individuals vulnerable to environmental threats like extreme weather and climate change and pollution.
Report Features Description Market Value (2022) US$ 13.8 Bn Forecast Revenue (2032) US$ 112.4 Bn CAGR (2023-2032) 24.0% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component – Solutions, Services; By Technology- Internet of Things (IoT), Cloud Computing, Artificial Intelligence & Analytics, Digital Twin, Cybersecurity, Blockchain; By Application- Non- Residential, Residential Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape General Electric, Wolters Kluwer N.V., Salesforce, Inc., Microsoft, Schneider Electric, Engie Impact, Cority (Enviance), Sensus, a Xylem brand, LO3 Energy, CropX Inc., and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
Frequently Asked Questions (FAQ)What is green technology?
Green technology, also known as clean technology or environmental technology, refers to the use of innovative solutions and practices to create products, services, and systems that have a minimal negative impact on the environment while promoting sustainability.How big is the Green Technology Market?
The global Green Technology Market size was estimated at USD 13.8 billion in 2022 and is expected to reach USD 112.4 billion in 2032.What is the Green Technology Market growth?
The global Green Technology Market is expected to grow at a compound annual growth rate of 24.0%.Who are the key companies/players in the Green Technology Market?
Some of the key players in the Green Technology Markets are General Electric, Wolters Kluwer N.V., Salesforce, Inc., Microsoft, Schneider Electric, Engie Impact, Cority (Enviance), Sensus, a Xylem brand, LO3 Energy, CropX Inc., Other Key Players.Why is green technology important?
Green technology plays a crucial role in addressing environmental challenges such as climate change, resource depletion, and pollution. It offers sustainable alternatives to traditional technologies, reduces carbon emissions, promotes energy efficiency, and fosters the conservation of natural resources.What are some examples of green technology?
Examples of green technology include renewable energy sources (solar power, wind energy, hydropower), energy-efficient appliances and buildings, electric vehicles, waste management systems, water purification technologies, and sustainable agriculture practices.
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