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Green Technology and Sustainability Market Size, Share & Industry Analysis, By Component (Solutions and Services), By Deployment (Cloud and On Premise), By Enterprise Type (Large Enterprise and 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, and Others), and Regional Forecast, 2024 – 2032

Last Updated: July 08, 2024 | Format: PDF | Report ID: FBI102221



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The global green technology and sustainability market size was valued at USD 16.48 billion in 2023. The market is projected to grow from USD 19.76 billion in 2024 to USD 89.97 billion by 2032, exhibiting a CAGR of 20.9% during the forecast period.

Green technologies and sustainability include advanced environmental solutions that are deployed to secure natural resources, atmosphere, mitigate or minimize undesirable impacts from human-made actions on the surroundings, and increase sustainability development. In addition, the main aim of the solution is to secure and maintain the environment and repair past damages.

The market is growing with a positive trajectory due to the increasing investment by key players in developing customized solutions and services. In addition, government and private enterprises are adopting advanced green technology and sustainability solutions and services.

Moreover, key players are integrating their green technology solutions with emerging technologies, such as generative Artificial Intelligence (AI), advanced analytics, the Internet of Things (IoT), blockchain, cloud, cybersecurity, big data, and others. These technologies assist end-users in gathering, integrating, and analyzing data from numerous real-time data sources, such as sensors, a Global Positioning System (GPS), and cameras. For instance,

  • In April 2023, YvesBlue, an ESG as a Service Platform provider, successfully integrated generative AI expertise with ESG/Sustainability.

The market’s potential is also anticipated to expand rapidly in emerging markets and developing economies in the coming years. Innovators globally are likely to capture market share for their green technologies. To capture the addressable market, more domestic and international Venture Capital (VC) will be required to ramp up R&D spending and drive innovation in the market.

The COVID-19 pandemic moderately impacted the market with supply chain concerns and halted projects. However, rising environmental concerns, the need for a sustainable future, and the governmental push toward implementing sustainable solutions positively pushed the trajectory of the market.

According to an article published by ETTelecom, three things in the adoption of green technologies will define the new way businesses would operate in the post-COVID world. The three things include collaboration with green technology firms, prioritizing sustainability in the company’s genetic code, and adopting digital equality and environmental responsibility.


Integration of Gen AI into Existing Green Technology Solutions to Propel Market Growth

The wave of generative AI had a positive impact on the overall green technology and sustainability market. In 2024, the market is expected to witness several innovations and sustainability initiatives globally. Gen AI assets such as models, codes, designs, and other synthetic data majorly contribute to sustainability measures, business, and innovation KPIs.

As the market progressed through COVID-19, major efforts by companies were witnessed to track, measure, analyze, and optimize their ESG indices. In 2024, these efforts will be further transformed to check the status of socially responsible investments. As the technology evolves, it is expected that more accurate models and codes will reshape the market in the coming years.

The recent development mentioned below highlights the integration of gen AI into green technology and sustainability solutions.

  • November 2023: Schneider Electric integrated the expertise of Gen AI, intending to help its end users revolutionize their internal operations. The company aims to transform its gen AI productivity and sustainability tools by integrating Microsoft Azure OpenAI.

Green Technology and Sustainability Market Trends

Organizations Confronting Climate-stable Future to Indicate a Growing Trajectory for the Market

Governments and private organizations have announced several programs for a climate-stable future. These initiatives are likely to drive the rapid adoption of green technology and sustainability practices. For instance,

India announced a National Action Plan on Climate Change covering eight key goals, including improved energy efficiency, solar, water, energy, sustaining Himalayan ecosystems, sustainable agriculture and habitat, Green India, and smart information for climate change. Around 33 states and Union territories have already taken steps to work toward these goals.

Moreover, several economies are working successfully toward their net zero 2050 targets. For instance,

  • In September 2023, it was announced that India is successfully working toward achieving its long and short-term goals under the Panchamrit action plan. This plan includes minimizing carbon emissions by 1 billion tons, achieving a non-fossil fuel energy volume of 500 GW, minimizing carbon intensity below 45%, and completing at least half of its energy necessities via renewable energy by 2030. These targets will help the country pave the way toward attaining its net-zero target by 2070.

All these developments indicate that organizations are working toward attaining a sustainable future, which is expected to positively influence the market in the coming years.

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Green Technology and Sustainability Market Growth Factors

Benefits Associated with Green Cloud Computing to Drive Market Growth

The increasing demand for cloud infrastructure has led to a significant increase in energy consumption in recent years. This increased usage has contributed to the rise in the environment’s carbon footprint. The exponential demand for energy can be attributed to the surge in data centers over thousands of servers and other infrastructures.

Moreover, the sudden rise in energy consumption has driven the demand for energy efficient solutions to reduce the impact of cloud computing on the environment. Companies are working toward reducing their carbon emissions and engaging in initiatives to tackle climate change and air pollution. As a result, green cloud computing, also called green information technology, is likely to be a potential solution to support energy consumption.

Primarily, green cloud computing refers to the study of producing, designing, and using digital services to reduce the impact of energy consumption on the environment. The technology saves energy and optimizes the enterprise's operational costs. In addition, green cloud computing delivers the benefits of cloud storage while decreasing the adverse effects on the environment. Such a range of benefits is likely to drive the interest of businesses toward green technology and sustainability solutions.


High Costs Associated with Green Technology and Sustainability Solutions May Limit Market Growth

In general, traditional technologies are less expensive than green technology solutions. The high costs of green technology solutions are constituted to the environmental expenses that are externalized in many conventional production procedures. In addition, as the technology is still new, the associated training and development costs are expected to be higher in comparison with existing technologies. High initial deployment costs are likely to restrict the adoption of green technologies among enterprises. For example,

When using air quality monitoring tools to analyze and test air quality metrics, the detection of biological and chemical parameters from the air necessitates the employment of new-age technologies such as gas sensors, RFID, and PCR-based biosensors, all of which are costly.

Moreover, the estimated advantages of green technology are dependent on factors such as technology readiness, human resources capabilities, geographic elements, and availability of supporting infrastructure. Hence, to deploy green technology, businesses should satisfy all the requirements mentioned above. However, inadequate infrastructure is likely to impede market growth.

Green Technology and Sustainability Market Segmentation Analysis

By Component Analysis

Solutions Hold the Leading Position with Increasing Demand for Green Technology Solutions

By component, the market is bifurcated into solutions and services.

In 2023, the solutions segment dominated the market owing to an increase in the demand for green technology and sustainability solutions. This surge in demand is owing to consumers' inclination to become more environmentally conscious. The segmental growth is also majorly driven by the governmental push toward promoting green technologies.

On the other hand, in the coming years, the services segment is expected to grow at an accelerated pace owing to the increasing inclination of companies to invest in market-related service providers. For instance,

  • March 2023: A global sustainability consultancy firm, ERM, completed the acquisition of NINT, a Latin American-based consultancy. With this, the company aims to offer ESG advisory and sustainable finance services focusing on corporations, financial institutions, and other major companies in the financial sector landscape.

By Deployment Analysis

Cloud Deployment Models Dominate Owing to its Increased Adoption Due to Several Benefits

By deployment, the market is divided into cloud and on premise.

In 2023, the market was led by the cloud segment. Cloud offers a myriad of sustainability benefits by promoting energy efficiency, reducing hardware needs, and minimizing environmental impact. It enables organizations to optimize resource usage, leading to lower energy consumption and carbon footprints. Along with this, general awareness among the population is increasing the adoption of cloud-based green tech and sustainability solutions. For instance,

  • February 2024: The U.S. Department of Energy announced over USD 366 million for 17 ventures across 30 Tribal States and societies across 20 states. These investments align with President Biden’s agenda to propel clean energy deployment in rural and remote areas across the country.

In addition, cloud services often use renewable energy sources, contributing to a cleaner and greener ecosystem. Owing to these reasons, the cloud segment is expected to continue its dominance in the coming years.

The on premise segment is expected to grow at a steady pace, yet slower than the cloud segment. The need for on premise green technology solutions is rising as they generate lesser environmental impacts and CO2 emissions.

  • March 2024: The European Parliament made significant enhancements to the building energy operation rules with the aim of achieving a climate-neutral building sector by the end of 2050. Following this, the REPowerEU project intends to introduce 10 million heat pumps by the end of the same year.

In addition, there is a rise in demand for air-to-water (A2W) systems across the European region. These systems produce fewer CO2 emissions and environmental impacts, and thus, these reasons validate the surging demand.

By Enterprise Type Analysis

Large Enterprises Hold Major Market Share with Heavy Investments in Green Technology

By enterprise type, the market is categorized into large enterprise and SMEs.

In 2023, the large enterprise segment held the majority of the overall green technology and sustainability market share. For large enterprises, investing in the green technology market brings several benefits.

According to a study by Veolia North America, over half of the U.S. companies surveyed are expected to have ambitious goals for addressing the net zero carbon, zero liquid discharge, and zero waste to landfill, among others. The survey was conducted by studying responses from 245 large U.S. companies and found that most have already set specific targets in the sector. These findings represent a higher adoption rate of green tech and sustainability solutions by large enterprises.

However, the SMEs segment is expected to grow with the highest CAGR during the forecast period. Several SMEs globally have been incorporating sustainability goals, indicating a positive future for the market.

According to a recent study, “Sustainability in the Latin American Leadership Agenda,” over 69% of large and medium-scale firms already have a sustainability strategy in progress.

By Application Analysis

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Green Buildings Rise to Prominence with the Significant Trend of Green Building Technology

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

In 2023, the green building segment dominated the market as green building technology has become one of the significant trends in the construction industry. Green building technology leverages RFID scanners and sensors, access card readers, motion detectors, and other sensors to monitor the residential status of the building sector.

According to a study by JLL, there has been a rising demand for sustainable buildings, and occupants and tenants are willing to pay more for environmental performance pointers such as electrification and energy intensity.

In the coming years, the crop monitoring segment is expected to grow with the highest CAGR. Companies are turning toward implementing sustainability tools across the sector.


The market for green technology and sustainability is studied by categorizing it into five key regions: North America, South America, Europe, the Middle East and Africa, and Asia Pacific.

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

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In 2023, North America held the largest market share owing to advancements in technology, consumer awareness, effective sustainability goals by companies based across the region, and regulatory measures. Moreover, the government is taking several initiatives to achieve regional sustainability goals in the coming years. For instance,

In August 2022, The U.S. implemented the Inflation Reduction Act, establishing the country’s largest-ever climate investment to decarbonize the country’s economy and boost jobs in green industries.

Europe lags behind the American market due to the lack of investments related to the market. For instance,

  • In February 2024, The Parliament and Council of the region approved the Net-Zero Industry Act. This Act intends to accelerate domestic green tech; however, it lags behind the U.S., which invests over USD 369 billion in the market’s landscape. Europe will make the same efforts; however, no money will be attached to the EU Act. Moreover, strong government backing and the need to achieve sustainability goals are expected to propel Europe’s market growth in the coming years.

In the near future, the Asia Pacific is expected to display the largest regional green technology and sustainability market growth. This growth is attributed to the growing smart city initiatives, sustainable agriculture projects, and increasing demand for electric vehicles, which prove to present lucrative opportunities for the regional market.

The Middle East & Africa and South America showcase a slower pace of growth than other regions. However, several initiatives are being observed across the regions that indicate positive growth for them. These initiatives and the adoption of green technologies are responses to environmental concerns and a strategic necessity.

The chart below represents the export of green technologies in the years 2021 and 2018. It shows that USD 75.00 billion of green technologies was exported to developing countries and USD 156.00 billion exported to developed countries in 2021. Thus, these results highlight an increase in demand for green technologies across the globe.


List of Key Companies in Green Technology and Sustainability Market

Key Players are Prioritizing Effective Business Strategies to Expand Their Position in the Market

Companies operating in the market have been prioritizing business strategies such as strategic collaborations and partnerships with the aim of expanding their business operations and client base. These key players are also investing in emerging technologies to integrate and introduce green technology and sustainability solutions. Besides this, several small-scale players are securing funding to launch better solutions and expand their global reach.



  • March 2024: Schneider Electric announced the addition of an advanced sustainability reporting to its EcoStruxure IT data center infrastructure management tool. This feature will be available starting next month and will help data center operators meet the European Energy Efficiency Directive (EED) requirements.

  • February 2024: IBM Envizi updated its Scope 3 emissions accounting solution with extra functionality. The part of the IBM Envizi ESG Suite, Supply Chain Intelligence module, collects Product Carbon Footprint Data (PCF) and high-volume supplier and product-level transactional data for Scope 3 reporting and calculation.

  • February 2024: Microsoft introduced AI and data tools to enable companies to advance their sustainability goals. The company also added Microsoft Sustainability Manager with Copilot and intelligent insights to help companies efficiently report, record, and reduce emissions and waste or water impact. Microsoft Sustainability Manager is a solution for sustainability within Microsoft Cloud.

  • December 2023: CropX Technologies completed the acquisition of Green Brain, which specializes in providing digital irrigation management tools and is based in Adelaide, Australia. The company expects to expand its customer base and market expertise with this acquisition.

  • May 2023: ENGIE introduced the largest agrovoltaic park developed in Italy. This new plant combines solar panels with agricultural farming. The renewable energy created will be transported to Italy’s national grid, further powering Amazon’s set-ups in the country.


The report offers its end-users a detailed analysis of the market, majorly focusing on factors that influence the market growth. Factors such as key market players, flagship solutions and related services, and the major use cases of these solutions are considered while studying the market. The report also provides insights into market opportunities, trends, and recent industry developments. Besides this, the report provides an overview of government initiatives and information on R&D investments.

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Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 20.9% 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

  • Other

By Region

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

    • U.S.

    • Canada

    • Mexico

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

    • Brazil

    • Argentina

    • Rest of South America

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

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Benelux

    • Nordics

    • Rest of Europe

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

    • Turkey

    • Israel

    • GCC

    • North Africa

    • South Africa

    • Rest of the Middle East & Africa

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

    • China

    • India

    • Japan

    • South Korea

    • ASEAN

    • Oceania

    • Rest of the Asia Pacific

Frequently Asked Questions

Fortune Business Insights says that the market is projected to reach USD 89.97 billion by 2032.

The market is projected to grow at a CAGR of 20.9% during the forecast period.

By component, the solutions segment dominated the market in 2023.

The benefits associated with green cloud computing are one of the major driving factors.

IBM Corporation, Sensus (Xylem Inc.), Microsoft Corporation, ENGIE Impact, General Electric Company, Schneider Electric, Oracle Corporation, CropX Inc., Taranis Visual Ltd., and Cority are the top players in the market.

North America held the largest market share in 2023.

By application, crop monitoring is expected to grow with the highest CAGR during the forecast period.

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