Green technology is the science and technology which deals with products and processes aiming at protecting the environment. The green technology covers a vast industrial line from manufacturing to packaging to supply chain. Increasing population with rising environmental degradation has initialized a strong requirement for this technology.
The green technology mainly aims at reducing the greenhouse gas emission both from direct and indirect emissions by using concepts for instance, green building, green nano- technology, clean fuels, efficient recycling and efficient transportation systems. The green technology supports the use of natural organic material and reduces the production of green gases. Additionally, the principles used in green technology can be used in different industries for instance aircraft, atomic, nuclear, telecommunication internet and biotech to convert them into green industries.
The global green technology market is anticipated to record a CAGR of around 8.5% over the forecast period i.e. 2019-2027 owing to rise in energy consumption rate and increasing environmental concerns. With the increase in population, there has been an increase in demand for sustainable energy resources that could cater the demand for energy and as well as are environmentally friendly. The demand for natural refrigerants and green cooling technology for instance magnetic refrigerants is anticipated to boost the market growth.
The global green technology market is segmented by application type, end use type, product type & type. On the basis of product type, the market is further segmented into HVAC products, water solutions and others out of which, the HVAC products segment is anticipated to have leading shares on account of significant use of these products for residential as well as non-residential purposes. The market segmentation of global green technology market by type is segmented into solar energy, wind energy, hydro-electric, biofuels and others, out of which, the wind and solar energy segments are anticipated to significantly contribute towards the market growth owing to latest investments and developments. Various research and development activities coupled with wide range of government initiatives in order to promote the solar and wind energy is projected to stimulate the market growth globally.
The advent of electric cars and other vehicles are also anticipated to foster the market growth on the back of their high efficiency and low costs. The emerging nanotechnology in controlled and planned form can be used as green technology and is anticipated to improve the market growth on the back of the fact that it can be used to solve both basic and comfort wants of people. DOWNLOAD SAMPLE REPORT HERE
The recent development in green technology for instance, AI enabled micro grids and magnetic refrigerators that uses magneto caloric effect are anticipated to drive the market growth. The Building and Nuclear Safety, Nature Conservation and Federal Ministry for Environment have been financing projects that support green technology and its use in developing countries.
The government initiatives and regulations imposed on using the sustainable form of energy is anticipated to boost the market growth. UN Framework Conventional on Climate Change (UNFCCC) started initiatives and laid regulations which emphasize on transferring the green technologies.
The use of green technology for instance green building, green manufacturing, act as an energy saver, as they help in reduction of energy consumption at power production end. This helps the corporations to reduce their input cost. For instance, GE has started “Ecomagination” product line which has reduced its power consumption rate. Additionally, ITC has started green ITC measures which has reduced the space required by an employee thereby, reducing the infrastructure cost and has reduced the capital investment. The “cradle to cradle” design cycle helps to produce the products that can be reused and recycled thereby, reducing the production needs. These benefits are anticipated to drive the market growth positively.
High installation cost coupled with less return on investment are anticipated to be the restraining factors that could hinder the market growth. The disposal problems related to the use of green technology for instance, disposal of solar panels once their life cycle is over creates a problem as they contain toxic chemicals that are hazardous to the environment. The technical drawbacks for instance, the solar air conditioning works well when use in sunny day but in case of humid and rainy season, their performance falls even with storage devices installed and bio-mass gasifier uses wood and requires burning of wood at high efficiency, thereby resulting in deforestation, are anticipated to hinder the market growth.
Our-in depth analysis of the global green technology market includes the following segments:
On the basis of regional analysis, the green technology market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America and Europe are anticipated to have leading shares in the market growth owing to regulations and penalties imposed for promoting the use of green technology in these regions. Additionally, these regions have large industries that are investing more and more on green solutions. The Asia Pacific region is also anticipated to have growing market shares owing to new developments and investments in the region especially in China and Japan coupled with increasing acceptance of green technology by the people. The Middle East and Africa region is expected to have slow growth during the forecast period owing to slow adoption of these technologies.
The green technology market is further classified on the basis of region as follows:
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