Green Technology and Sustainability Market Trends, Segmentation, Key Players, Application And Forecast

Green technology and sustainability solutions are widely used in environment management, air quality management, green buildings, water and wastewater management, climate change management, and solid waste management applications. Amongst these, the environment management applications are expected to witness the fastest growth in the adoption of green technology during the forecast period. This is primarily attributed to the rapidly degrading soil quality, owing to the surging pollution levels and intensive farming practices.

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Green technologies can help farmers in pinpointing the ideal time to spray, plant, and harvest, which would, in turn, reduce the usage of pesticides and fertilizers. The biggest phenomenon currently being witnessed in the green technology and sustainability market is the rising usage of smart grids. The development of smart technologies has boosted the adoption of automation, distribution, communication, and metering processes, thereby driving the smart grid usage. 

For instance, smart meters help consumers in reducing power wastage by assisting them in keeping track of their power consumption. These grids also advise consumers on power optimization methods. In addition to this, smart grids play a major role in reducing the supply gap during periods of peak demand, by monitoring and tracking the electricity requirement of consumers. Globally, North America recorded the highest adoption of green technology and sustainability solutions in 2019.

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This is mainly ascribed to the huge investments made by private and public companies for the development of analytics and blockchain technologies, for the residential, commercial, and industrial sectors of the region. Furthermore, the efforts made by the governments of the two North American countries for integrating advanced technologies in the utilities sector, in order to ensure sustainability, have also contributed massively to the wide-scale adoption of green technologies in the region.

Hence, it is clear that due to the burgeoning adoption of building automation systems and the rising need for low-carbon electricity generation, the demand for green technologies and sustainability solutions will boom in the coming years.