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Green Technology and Sustainability Market Size, Share & Industry Analysis, By Component (Solutions, Services), By Deployment (Cloud, On-premise), By Enterprise Type (Large Enterprise, SMEs), By Application (Air and Water Pollution Monitoring, Carbon Footprint Management, Crop Monitoring, Fire Detection, Forest Monitoring, Green Building, Soil Condition/Moisture Monitoring, Sustainable Mining and Exploration, Water Management, Weather Monitoring and Forecasting, Others), and Regional Forecast, 2024-2032

Last Updated: April 01, 2024 | Format: PDF | Report ID: FBI102221



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The global green technology and sustainability market size was valued at USD 16.50 billion in 2023 and is projected to grow from USD 19.83 billion in 2024 to USD 83.59 billion by 2032, exhibiting a CAGR of 19.7% during the forecast (2024-2032). North America accounted for a market value of USD 5.84 billion in 2023. Green technology and sustainability solutions are deployed across many applications such as green building, crop monitoring, air & water pollution monitoring, and carbon footprint management. For instance, CropX Inc.’s – variable-rate irrigation management & automation, crop-specific management; Schneider Electric’s – smart sustainability solutions, energy data collection, and others.

The potential of this market is projected to grow rapidly in developing economies and emerging markets in the coming years. Innovators across the globe are likely to capture a sizable market share to improve their own green technologies. Climate tech venture capitalists were expected to receive investments due to the pandemic. For instance, as per a report by Switzerland Global Enterprise in March 2021, the overall cleantech investments closed at USD 66.3 billion, representing an increase of almost 50% from 2020. This factor shows that the market was expected to gain traction by 2021-2022.

In the post-pandemic scenario, initiatives and regulatory frameworks introduced by governments worldwide are expected to offer numerous opportunities for key players in the market. Post the COVID-19 crisis, companies might emphasize on reducing carbon emissions to change operating processes and reduce prices, resulting in attractive opportunities for the global market. Additionally, electric vehicles are expected to witness high demand in the future due to advantages, such as reduced fuel consumption and lower greenhouse gas emissions.

Green Technology and Sustainability Market Trends

Emphasis by Governments and Businesses on Decarbonizing Economy to Foster Market Development

The pandemic crisis and climate change had a major impact on the energy sector over the past year. It has also been observed that individual energy usage patterns have changed dramatically, with more than half of the employees working from home during the pandemic. Such sustainability trends are likely to increase the need for affordable, clean, and reliable technologies.

Increasing investment in critical infrastructure is likely to be a driving factor for the global market. For instance, the U.S. Government has invested USD 1.7 trillion in climate resilience and clean energy over the next few years. The government is planning to mobilize additional investment totaling more than USD 5 trillion from local & state governments and the private sector. Likewise, the European Union plans to invest recovery funds in a range of resilient infrastructure projects and clean energy resources.

Due to the proliferating trend of electrification across industries, utilities are likely to explore new and scalable business models that deliver enhanced value to the storage and microgrid consumers.

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Green Technology and Sustainability Market Growth Factors

Growing Adoption of Green Data Centers to Aid Market Progress

Data centers consume a significant amount of the world’s energy resources and due to digital transformation initiatives, data centers are expected to consume around 8% of the global power production. Data centers account for around 1.3% of the world’s total electricity consumption. Also, data centers are a major reason for global warming. According to the European Commission’s latest findings, the ICT sector is estimated to account for around 3.9% of the global emissions. To overcome these challenges, green data centers have gained momentum as these data centers aim to mitigate the ecological footprint of the IT sector, making it imperative for companies to embrace green data center practices.

Green data centers are designed with redundancy and failover mechanism for ensuring maximum uptime and reliability. They can be easily scaled up or down according to an organization’s needs. Several big tech players have already incorporated green data centers with great success. For instance, Google has been a leader in green data center adoption and the company is now carbon neutral. The Power Usage Effectiveness (PUE) of Google is  1.1, which is lower as compared to the industry level of 1.55. Green data centers will gain maximum momentum in the coming years as emerging technologies, including AI and 5G, will play a significant role in their growth. For instance, usage of AI will help the companies optimize energy consumption and improve efficiency, and edge computing will help reduce the need for large centralized data centers.

Therefore, the above-mentioned factors are driving the market growth.


High Costs Associated with Green Technologies and Sustainability Solutions to Limit Market Growth

Green technologies and sustainability solutions are generally more expensive than the legacy technologies they are designed to represent environmental costs that are externalized in many traditional production processes. Since green technology and sustainability is relatively new, the associated development and training costs are expected to be more than those of established technologies. High initial deployment costs can limit the adoption of green technologies and sustainable solutions among companies, thereby hindering the market expansion.

Green Technology and Sustainability Market Segmentation Analysis

By Component Analysis

Environmental Monitoring and Renewable Energy Solutions Widely Adopted to Develop Robust Green Infrastructure

Based on component, the market is segmented into solutions and services. These solutions and services are deployed across various applications, such as green building, crop monitoring, air & water pollution monitoring, and carbon footprint management.

By Deployment Analysis

Rising Adoption of Cloud Infrastructure Design & Architecture to Propel Market Growth

Based on deployment, the market is segmented into cloud and on-premise.

The cloud segment held a major market share in 2023 and is predicted to record the highest CAGR during the forecast period. Resource efficiency and energy efficiency are two key elements of a green IT approach to cloud infrastructure design and architecture. Virtualization is essential for deploying cloud-based infrastructures. Virtualization improves resource efficiency by allowing a single physical server to run many operating system images simultaneously. Thus, the above factor will drive the market growth and help increase implementation of cloud infrastructure in this technology. 

By Enterprise Type Analysis

Growing Usage of IoT Solutions to Create Major Market Opportunities for SMEs

In terms of enterprise type, the market is classified into large enterprises and SMEs.

The large enterprise segment holds a major market share due to the presence of large enterprises. However, SMEs segment is predicted to record the highest CAGR during the forecast period. These enterprises are gradually embracing technological advancements to improve their business operations. Small businesses are well-positioned to adopt Internet of Things (IoT) and have easier access to such technology, making them more profitable and sustainable. IoT solutions help SMEs better comply with green certification requirements and standards. Through appropriate subsidies as well as government support, SMEs can tap into new markets and financial resources.

By Application Analysis

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Green Buildings Held Largest Share Due to Growth of Sustainable Buildings

Based on application, the market is segmented into air & water pollution monitoring, carbon footprint management, crop monitoring, fire detection, forest monitoring, green building, soil condition/moisture monitoring, sustainable mining & exploration, water management, weather monitoring & forecasting, and others.

The green building segment accounted for the largest market share. Green building technology has become one of the most significant trends in the construction industry. This technology uses access card readers, RFID sensors & scanners, motion detectors, and other sensors to monitor residential buildings.

Crop production is mainly dependent on weather changes. As a result, crop monitoring is becoming extremely crucial in the agriculture sector. In this industry, the convergence of advanced technologies and government initiatives is projected to surge the demand for crop monitoring solutions in the future.

Carbon footprint management is a significant part of Environmental, Social, and Governance (ESG) management and is anticipated to hold a sizable share of the global market. Similarly, weather monitoring & forecasting and air & water pollution monitoring applications are likely to gain traction due to increasing greenhouse gas emissions.


Geographically, the market is segmented across five major regions - North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

North America Green Technology and Sustainability Market Size, 2023 (USD Billion)

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North America is expected to dominate the global market share during the forecast period. The region's growth is primarily due to the presence of major players, such as Microsoft Corporation, GE Electric, IBM Corporation, Oracle Corporation, Engie Impact, CropX Inc., and Taranis. Also, these players are planning to expand their business presence globally by embracing various corporate strategies such as collaborations, mergers, and partnerships.

Europe is expected to hold the second-largest share in the global market. Leading government initiatives to demonstrate the innovation of low-carbon technologies are expected to fuel the market growth. For instance, in July 2020, the European Commission (EC) proposed an investment under its ‘Innovation Fund’ for market-ready projects, such as low-carbon and clean hydrogen solutions for energy-intensive industries, such as chemicals, cement, and steel.

The European Commission further planned to support energy storage, carbon capture & storage, and grid solutions to facilitate green recovery leading to climate neutrality and restarting the EU economy. European countries have emerged as world leaders in many green technologies such as onshore and offshore wind power.

Competition from North America and the Far East pressures Europe to boost its research and development efforts and provide an environment conducive to the growth of green technology and sustainability solutions. A competitive domestic market allows large-scale solar energy deployment and a construction industry centered on high-energy buildings and green transportation.

The market in Asia Pacific is likely to witness the fastest CAGR during the forecast period. Over the last decade, East Asia has significantly transitioned toward a renewable energy future. China, Japan, Taiwan, India, and South Korea are the major economic players in the region. The governments of these countries have also made varying contributions to low-carbon, renewable energy development policies. They have put their resources into building emerging renewable energy infrastructure production markets, such as solar & wind energy, smart grids, electric vehicles, and green buildings. These initiatives are inextricably related to the rise of foreign markets and the region’s progress in exporting clean technology goods.

The Middle East & Africa and South America markets are expected to showcase a strong potential for growth during the forecast period. The regional governments have also promoted green energy sources as part of their national climate programs.

Countries in these regions have pioneered new national, regional, and international institutions to build and maintain support for reducing greenhouse gas emissions and contribute to renewable energy development policies. For instance, in March 2021, Prince Mohammed Bin Salman of Saudi Arabia announced that Middle East Green would plant 50 billion trees across the world. Under Green Saudi and Middle East Green initiatives, the region is estimated to reduce its carbon emissions by 60% in the upcoming years.

With emerging economies, such as Qatar, Iran, Sudan, Kuwait, and Bahrain investing heavily in overhauling their domestic infrastructure, green technology and sustainability solutions are key to their growth. This factor is expected to offer several lucrative opportunities for vendors in the region, facilitating the regional market's growth.

List of Key Companies in Green Technology and Sustainability Market

Key Players Focus on Developing Advanced Green Technology and Sustainability Solutions to Strengthen Competition

Companies operating in the market, such as General Electric Company, Enablon, Salesforce.com, Inc., Microsoft Corporation, Schneider Electric, and Engie Impact, among others, are launching different green technology and sustainability solutions that are integrated with advanced technologies. Also, market players might make significant investments in green bonds.



  • October 2023: Wolters Kluwer Enablon launched new features including automation, dashboards, and data visibility in its Enablon Vision Platform for the environment, operations, and safety teams.

  • October 2023: Intelex entered a partnership with Protex AI to empower organizations with tools that they need to support safety in their workplace.

  • February 2023: Makersite and Wolters Kluwer Enablon entered a collaboration agreement to help organizations in managing their net zero ambitions by decarbonizing supply chains.

  • May 2022: Germany and India launched an Indo-German partnership for green and sustainable development. Germany pledged to give funds worth USD 11 billion in further phases to support green growth plans in India by 2030. This assistance was provided to India under the Joint Declaration of Intent (JDI) on green and sustainable development.

  • February 2022: IBM Corporation introduced the IBM Sustainability Accelerator. It's a professional social impact program that uses IBM technologies such as AI, hybrid cloud, and an ecosystem of experts to help government and non-profit organizations improve and scale their operations, focusing on people who are vulnerable to environmental threats such as extreme weather & climate change and pollution.

  • January 2022 - Schneider Electric launched Infrastructure of the Future, an integrated suite of solutions for smart and green infrastructure. This integrated solution includes analytical insights, business continuity & operational services, green technology and sustainability solutions, e-mobility, and software for programs to accelerate the energy transition.  

  • March 2021: CropX Inc. partnered with NASA Harvest, a food security and agriculture program. The partnership helped advance sustainable agriculture and improved food security by using insights from CropX’s satellite and soil data monitoring solutions to support and improve agricultural production.


An Infographic Representation of Green Technology and Sustainability Market

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The research report provides an in-depth analysis of the market. It focuses on key aspects such as leading companies, products, and key product applications. Besides this, the report offers insights into the latest market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several key factors contributing to the market’s growth.

Report Scope and Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 19.7% from 2024 to 2032


Value (USD billion)


By Component

  • Solutions

  • Services

By Deployment

  • Cloud

  • On Premise

By Enterprise Type

  • Large Enterprise

  • SMEs

By Application

  • Air and Water Pollution Monitoring

  • Carbon Footprint Management

  • Crop Monitoring

  • Fire Detection

  • Forest Monitoring

  • Green Building

  • Soil Condition/Moisture Monitoring

  • Sustainable Mining and Exploration

  • Water Management

  • Weather Monitoring and Forecasting

  • Others

By Region

  • North America (By Component, By Deployment, By Enterprise Type, By Application, and By Country)

    • U.S.

    • Canada

    • Mexico

  • South America (By Component, By Deployment, By Enterprise Type, By Application,  and By Country)

    • Brazil

    • Argentina

    • Rest of South America

  • Europe (By Component, By Deployment, By Enterprise Type, By Application, and By Country)

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe

  • Middle East & Africa (By Component, By Deployment, By Enterprise Type, By Application, and By Country)

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of MEA

  • Asia Pacific (By Component, By Deployment, By Enterprise Type, By Application, and By Country)

    • China

    • India

    • Japan

    • South Korea

    • ASEAN

    • Oceania

    • Rest of Asia Pacific

Frequently Asked Questions

According to Fortune Business Insights, the global market value is expected to reach USD 83.59 billion by 2032.

Fortune Business Insights says that the market value stood at USD 16.50 billion in 2023.

The market is expected to register a CAGR of 19.7% during the forecast period of 2024-2032.

Based on component, the solutions segment is expected to lead the market during the forecast period.

Increasing industrial and consumer awareness, rising interest in climate change, and strong climate commitments are key drivers for the market growth.

General Electric Company, Enablon, Salesforce.com, Inc., Microsoft Corporation, Schneider Electric, and Engie Impact are the top companies in the market.

The green building segment holds the major market share.

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