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The global green technology and sustainability market size is expected to exhibit strong growth by reaching USD 51.09 billion by 2029. Fortune Business Insights™ in its report titled “Green Technology and Sustainability Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions, Services), By Industry (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, 2022-2029” observes that the market size in 2021 stood at USD 11.49 billion and reached USD 13.76 billion in 2022, exhibiting a CAGR of 20.6% during 2022-2029. Rising carbon emissions and increasing focus on the decarbonizing economy may propel the market growth.
Saleforce.com Inc. Announces Sustainability Cloud Scope 3 Hub to Reinforce its Stance
Saleforce.com Inc. announced its Sustainability Cloud Scope 3 Hub in April 2021. It is a part of new climate commitments and may enable the company to improve its future. Further, the Sustainability Cloud Scope 3 Hub shall enable consumers to monitor supply chain emissions. This development may enable the company to expand activities and reinforce its market stance.
Rapid Electric Vehicles Adoption to Fuel Market Progress
This market may be positively impacted during the COVID-19 pandemic because of the increasing adoption of electric vehicles. Recommencement of activities is likely to generate growth opportunities for the global green technology and sustainability industry. Furthermore, the substantial spike in fuel prices and increasing pollution levels may enhance the adoption of pollution-free solutions. In addition, rising electrification trends may boost market growth during the pandemic.
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Increasing Green Data Center Adoption to Fuel Industry Progress
The increasing adoption of green data centers and cloud services to monitor pollution may enhance the services’ adoption. Furthermore, the adoption of data centers for the storage and management of data may increase green technology investments. Moreover, the increasing industrial and consumer interest may foster green technology and sustainability adoption. Also, with the increasing greenhouse gas emissions, the increasing investments in a sustainable green economy may bolster industry growth. Additionally, the rising government focus on maintaining zero emissions may drive green technology and sustainability market growth.
Major Companies Opt for Partnerships to Boost Market Position
The prominent companies operating in the market adopt partnership strategies to boost their market position. For example, CropX Inc. engaged in a strategic partnership with NASA Harvest Food Security and Agriculture Program in March 2021. This development may allow the company to boost its market position. Furthermore, companies adopt expansions, mergers, acquisitions, and product launches, and the incorporation of advanced technologies may enable manufacturers to boost their annual revenues.
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