by Green technology refers to the application of environmental science in products and services to minimize pollution and wastage of natural resources. Green technologies incorporate renewable and clean energy sources like solar, wind and hydropower to minimize the carbon footprint. These technologies help conserve natural resources through efficient management of water, waste and energy.
The global Green Technology And Sustainability Market is estimated to be valued at US$ 15.99 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing focus on sustainability is a major driver boosting the adoption of green technologies. With growing awareness regarding climate change and environmental degradation, governments and organizations across the world are promoting renewable energy resources and green solutions. Mandates and incentives for eco-friendly practices are encouraging businesses to adopt green technologies in their operations. For instance, subsidies for solar panel installation are encouraging both commercial and residential sectors to generate clean energy on-site. Rising demand for sustainable products and solutions is expected to further propel the green technology and sustainability market over the forecast period.
SWOT Analysis
Strength: Green technology and sustainability focuses on developing environment-friendly solutions which helps combat climate change by reducing carbon emissions. This is appealing to both customers and investors who are increasingly conscious about sustainability.
Weakness: High initial costs involved in switching to green technologies. Established fossil fuel-based technologies have scale of economics which makes transition difficult.
Opportunity: Government regulations and policies in many countries promote adoption of green technologies through incentives and subsidies. Growing consumer demand for sustainable products and services also creates new business opportunities.
Threats: Technology disruption as newer and better solutions emerge. Declining costs of renewable energy can affect demand for existing green technologies.
Key Takeaways
The Global Green Technology And Sustainability Market Size is expected to witness high growth over the forecast period of 2023 to 2030. Regional analysis comprises
Regional analysis comprises The Asia Pacific region is expected to dominate the market and witness the fastest growth over the forecast period. This can be attributed to presence of major emerging economies like China and India that are focusing on developing renewable energy sources and encouraging adoption of electric vehicles through policy support.
Key players operating in the Green Technology And Sustainability market are Mueller Sports Medicine, Inc., DJO Global, LLC, ACE Brand, Tynor Orthotics Private Limited, 3M Science, Mava Sports, Bauerfeind AG, Breg, Inc., Ossur, Thuasne USA, Zimmer Biomet, Kao Chen Enterprise Co., Ltd, Össur, Orthosys, Bauerfeind USA Inc., Orliman S.L.U., Steeper Inc., Beagle Orthopedic, Essity Medical Solutions, Bird & Cronin, LLC, Ottobock, Trulife, DeRoyal Industries, Inc., and Remington Medical Equipment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
