The global Green Technology and Sustainability Market size is expected to grow from USD 8.7 billion in 2019 to USD 28.9 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 27.1% during the forecast period. The major driving factors in the green technology and sustainability market are the increasing environmental awareness and the use of clean energy resources to conserve the environment by industries.
Internet of Things technology segment to have the largest market size during the forecast period
The green technology and sustainability market has been segmented based on technology into 6 categories: Internet of Things (IoT), Artificial Intelligence (AI) and analytics, digital twin, cloud computing, security, and Blockchain. The IoT technology segment is estimated to hold the largest market size, which is driven by green networks in IoT and will contribute to reduce emissions and pollution, exploiting environmental conservation and surveillance, and minimizing operational costs and power consumption. IoT has broad range of applications including carbon footprint management, green building, water purification, water leak detection, fire detection, and sustainable mining and exploration.
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Green building application to hold the largest market size during the forecast period
The use of green technology and sustainability solution is increasing rapidly in the green building application, owing to the growing integration of technology while designing and constructing buildings. Green building considers the classical building design concerns of economy, utility, durability, and comfort. The major considerations include energy and water efficiency, resource efficiency, indoor environmental quality and the building’s overall impact on the environment.
The major green technology and sustainability vendors include General Electric (US), IBM (US), Enablon (France), Enviance (US), Sensus (US), Taranis (Israel), Trace Genomics (US), LO3 Energy (US), ConsenSys (US), CropX (Israel), Hortau (US), SMAP Energy (UK), Treevia (Brazil), Pycno (UK), IoT Solutions and Consulting (Europe), Oizom (India), MineSense Technologies (Canada), and WINT (US). These players have adopted various organic and inorganic growth strategies, such as partnerships, agreements, and collaborations; acquisitions; and new product launches and product enhancements, to further expand their presence in the global green technology and sustainability market. New product launches and product enhancements have been the most dominating strategy adopted by the major players, which has helped them to innovate their offerings and broaden their customer base.
With a considerable rise in the importance of the cutting-edge technologies companies have started investing in this technology to build a strong product portfolio. GE (US) provides connected, predictive, and responsive software-defined machines and solutions. In December 2018, GE announced plans to establish a new, independent company focused on building an Industrial Internet of Things (IIoT) software portfolio. The company would start with an investment of USD 1.2 billion in annual software revenue and an existing global industrial customer base. The company intends to be a GE wholly owned, independently run business with a new brand and identity, its own equity structure, and its own Board of Directors. The company aims to bring together GE Digital’s industry leading IIoT solutions including the Predix Platform, Asset Performance Management, Historian, Automation (HMI/SCADA), Manufacturing Execution Systems, Operations Performance Management, and the GE Power Digital and Grid Software solutions businesses.
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Enviance (US), offers solutions for Environmental, Health, and Sustainability (EHS), safety, and chemical management. In June 2019, Enviance partnered with ehsAI, a company that uses Machine Learning (ML) to transform complex environmental documents into digital requirements for lowering the cost of Electronic Health Records (EHS) compliance using Artificial Intelligence (AI). The partnership would enable Enviance’s customers to leverage AI to quickly capture complex regulatory permit information including regulations and equipment-level recordkeeping, monitoring, reporting, and testing requirements as well as enabling the tracking and management of those requirements in the Enviance Management System, a cloud-based software program. Enviance Management System simplifies compliance with a user-friendly interface and links activities and operating conditions back to their regulatory drivers to provide real-time visibility into potential problems and company-wide trends.
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