The dynamics of green technology and sustainability market encompasses a wide area of atmospheric science, agriculture, scientific research, and material science. Certainly, the green technology market is foreseen to have an upward trajectory due to escalated emission concerns. Companies willing to reduce their carbon dioxide emissions adopting to Invest in green tech solutions.
Battling the aftermath of climate change has brought various challenges to the global community. Excessive environmental pollution, land degradation, and depletion of resources is the cause of concern in ongoing climate change. As a result, there rise in the need for interdisciplinary technologies that cater to community needs without causing any harm to the environment. Apart from the construction sector, wind, and solar energy segments are expected to gain lucrative market share in coming years. Hybrid renewable energy projects gaining traction in investors’ attention.
The green technology and sustainability market valuation is foreseen to grow from USD 15.32 billion in 2022 to USD 63.94 billion by the end of 2030. The market is foreseen to expand with a CAGR of 19.6% from 2022 to 2030
Green Tech and Sustainability Market – Embracing Solar Space for Future
Green tech has to be effective in both short-term and long-term impacts on climate. Globally traction of growth in the renewable energy sector has been noticed since the last decade attributing to several new business opportunities in the green technology and sustainability market. The solar standardization initiative by the World Bank is currently focused on the standardization of solar contracts and issues guidelines on simplifying existing solar practices. These initiatives are foreseen to increase investment in solar power generation globally.
The solar power generation market is foreseen to open a plethora of business opportunities. The concentrated solar power systems market is driven by rising fuel prices and the need for disassociation from fossil fuels. Several government initiatives are turning in favor of solar power generation market players. Residential area’s demand for solar energy will be the largest in the coming decade, responsible for the growth of this market in coming decade. Growing infrastructure projects globally are foreseen to create solar space for business.
Solar panel manufacturing is likely to remain a key segment in the solar power market. Entrepreneurs can capitalize on business conveniences by setting up solar panels and fabrication plants. The use of solar water pumping is mushrooming in the agriculture sector due to their sureness and cost-potency. These solar marvels are offering novel business opportunities for companies.
In 2022, about USD 495 billion was invested in the renewable energy market. This was about 17% more than the previous year i.e. 2021. Increased investment funding has significantly matured throughout these years. Ample of policy support is amplifying the renewable energy market. Both publicly listed and private market players with their assets increased their investment in clean energy.
Solar Streetlights and home lighting are the latest appearances lighting up both commercial and residential spaces. For countries with major populations not connected to the grid, solar home lights provide the ideal solution. Producers can explore this space in the coming years.
Floating Wind Farms – Unlocking the Future World of Wind Energy
Wind energy is the second highest-growing green technology after Solar PV. Wind energy is perceived as the key source of green energy, a viable way of addressing energy challenges. Growing cross-national investments have conveniences for founders. As per the International Energy Agency, after two consecutive years of decline onshore wind energy segment is on course to recoil by 70% in 2023 which amounts to 107GW the highest till now. Wind electricity generation increased in 2022 surpassing 2100TWh.
Private sector players have scope to build efforts in this segment to achieve lucrative growth. Continuous focus on cost reduction and increased capacity should be priorities of wind energy market players. However, onshore turbine heights and longer blades often face geographical and public acceptance restraints. This can limit innovation in the on-shore wind energy market. In the offshore wind energy segment there is no such restriction and companies can design larger wind turbines.
Floating wind farms can be a profitable pursuit for companies in unlocking business potential. Floating turbines on ocean surfaces with water depth are vital energy transitions. Deep near-shore areas of the western coasts of the United States, the UK, France, Japan, and Korea are foreseen to see the large-scale deployment of floating wind farms in coming years.
Through global initiatives such as the “IEA Wind Energy Systems Technology Collaboration Program” both industry leaders and engaging governments will have cooperative R&D efforts to reduce the cost of wind energy solutions. This initiative intends to increase transmission and increase social acceptance of wind energy projects.
Ocean Energy – A Nascent Stage Wave and Tidal Energy Market
Prominent segments such as tidal barrage, stream, temperature gradient, and wave energy are forecasted to gain substantial growth. However, tidal stream and wave energy transformers are the most applicable ocean energy technologies. Tidal power generation equipment is foreseen to mark an upward trajectory in this flourishing industry. European market players have a competitive advantage in ocean energy investments with more than 4 billion coming from private sector companies. Growing investors have led to propelled competition in the European wave and tidal energy market.
Net-Zero Emission – Fueling Growth of Green Technology Market
Green tech is seen as the key to unlocking decarbonization which could be the biggest area of technical influence. Companies are experiencing mounting pressure to deliver their carbon deduction goals helping them to stay competitive in the market. More than 50% of Fortune 500 companies are up for carbon reduction targets and are foreseen to remain at the forefront with green technology. Moreover, the significant push seen from the consumer side is observed through their preferences for companies that share their values. Leading green technology market players are positioning themselves to satisfy heightened consumer expectations.
Recycling, reuse, and recovery of solid waste has economic value for F&B, packaging, and consumer goods industries. The reuse of plastic and metal cans could save costs and reduce climate impact. Both businesses and households can contribute to zero-waste lifestyles by erasing single-use plastics and separating waste.
The vertical farming method is gaining traction in adoption due to the rising demand for food globally. This method is truly a net-zero emission agriculture marvel. It uses 90% less water and needs less space. Compared to present farming practices demand is increasing vitally in the cultivation of fruits and veggies. These farms can be modified to the needed environmental conditions at farming sites. Investing in carbon capture technology, renewable energy, and hydrogen projects is expected to expand the green tech and sustainability market.
Top Players in the Green Technology Market
Sweden is the most sustainable country globally attributing to the highest renewable energy usage and lowest carbon emission. It is anticipated that Sweden will reduce carbon emissions by 85% by 2045. Private players are encouraged into partnerships with public domain firms for electric buses and smart roads. Switzerland is the second most sustainable region led by magnificent waste management programs. Countries’ wastewater plants are capable of cleaning 90 million liters of water per day.
North America is at the forefront of the green technology and sustainability market due to propelling research into sustainable energy solutions. The US and Canada have joined hands with green government operations aiming at net-zero emissions. Massachusetts Vineyard Wind 1- the first commercial offshore wind energy project approved by the US government. Growing EV space and renewable energy are foreseen to create a lucrative scope for the green technology and sustainability market.
Asia Pacific region is likely to gain a lucrative market share dominated by Japan. Japan is planning to manufacture 50% of new cars that produce zero-emission in the coming decade. Japanese automotive brands are foreseen to invest in hybrid and electric vehicles as major cities already focusing on curbing fleet carbon emissions.
European region led by Germany is likely to represent sustainability at the forefront in the coming decade. The country has committed to reducing carbon emissions and greenhouse gases amount by 55% by 2030. Continual focus on renewable energy and recycling is seen to create lucrative space for companies in green technology market players.
Green Technology and Sustainability Market- Future Outlook
Green technology emphasizes recycling, reuse, and renewable for energy an energy-efficient future. Companies have to opt for eco-friendly technologies to create a sustainable future for all. Modern technology is foreseen to help industries and residential segments adopt zero-emission lifestyles.
The government pushing initiatives to increase the share of non-fossil energy foreseen to drive sustainability. Ocean Energy is a nascent stage market anticipated to hold huge investment scope for companies. Farming practices are likely to improve in the context of zero-emission, high yields, and sustainable transport. Countries’ commitment to combat carbon footprint are likely to remain a key driver in green technology and sustainable market.
References-
IEA- Why is wind power important?
National Geographic- Tidal Energy
McKinsey Digital- Playing offense with green tech to achieve net-zero emissions
