What Is The Definition Of The Global Green Technology Market?
Green technology, also known as sustainable technology or clean technology, refers to the development and implementation of products, processes, and systems that are designed to address environmental challenges and minimize negative impacts on the planet. It include technologies that reduce energy consumption, utilize renewable energy sources, decrease pollution and greenhouse gas emissions, conserve natural resources, and promote ecological sustainability.
Green Technology Global Market Report 2024 provides data on the global green technology market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The green technology market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Green Technology Market Projected?
The green technology market has been expanding rapidly, with its size increasing from $18.69 billion in 2023 to $23.6 billion in 2024, reflecting a CAGR of 26.3%. This growth is fueled by the increasing awareness of green technologies' benefits, rising demand for biomass solutions, and growing investment in sustainable solutions. Looking forward, the market is expected to grow exponentially to $61.13 billion by 2028 at a CAGR of 26.8%. Key drivers include commitments to net-zero emissions, investments in green infrastructure by emerging economies, and heightened industrial and consumer awareness. Notable trends include the development of data measurement tools, climate tech innovations, and scalable solutions that improve operational efficiency.
What Are The Primary Growth Drivers In The Green Technology Market?
The growing trend of sustainable investing is set to accelerate the growth of the green technology market. Sustainable investing, or ESG (Environmental, Social, and Governance) investing, involves making investments that generate financial returns while considering ESG factors. With rising awareness of environmental and social issues, there is an increased focus on investments that contribute to a sustainable future. Sustainable investing drives the green technology sector by directing capital to companies creating environmentally friendly solutions. For example, in December 2021, Thomson Reuters Lipper reported a record $649 billion flowing into ESG-focused funds globally, marking a 20% increase from the previous year. This shift toward sustainable investing is propelling the green technology market's growth.
Get Your Free Sample of the Global Green Technology Market Report
What Is The Segmentation Of The Global Green Technology Market?
The green technology market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Technology: Internet Of Things (IoT), Cloud Computing, Artificial Intelligence And Analytics, Digital Twin, Cybersecurity, Blockchain
3) By Applications: Non-Residential, Residential, Other Applications
What Emerging Trends Are Shaping The Green Technology Market Landscape?
Companies in the green technology market focus on advanced solutions like green solutions to foster innovation, reduce environmental impact, and support the transition to a sustainable economy. These solutions include insurance products aimed at supporting clients’ net-zero ambitions. For instance, in May 2023, Munich Re Specialty Group, a green technology division of Munich Re, launched a green solutions portfolio to assist clients in achieving their net-zero goals. This portfolio covers both existing green technology offerings and new risk solutions, focusing on technologies like photovoltaic, wind, and carbon capture, to aid clients in transitioning to a net-zero economy.
Which Region Has The Fastest Expansion In The Green Technology Market?
North America was the largest region in the green technology market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the green technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
