Green Technology And Sustainability Market Size, Share, Growth Analysis, By Offering(Solution, and Services), By Technology(IoT, AI & ML, Digital Twin, Cloud Computing), By Application(Retail & Consumer, Automotive & Transportation, Energy & Utilities, Chemicals & Materials), By Region - Industry Forecast 2024-2031

Drivers 

Increasing Environmental Concerns and Awareness  

• In recent times, environmental concerns have increased as it is creating a threat towards human existence, like climate changes, decrease of energy, and global warming. Therefore, many new green technologies are popping up in the market. Many countries globally are now becoming more aware of the necessity of green technology along with technological transformation and diversification of the economy. Furthermore, the realization of the advantages of sustainable technologies is also increasing worldwide. These factors are supporting the growth of the global green technology and sustainability market.  

Increasing Use of RFID Sensors 

• The implementation of radio-frequency identification sensors is increasing in various industries along with the use of RFID tags. The advent of paper-based substrate into cost-efficient RFID tag designs for conductive ink has become vital that is helping in the reduction of manufacturing expense of electronics. The reduced usage of ink per antenna can save a huge amount of money in the mass production of electronics. Therefore, the increasing use of RFID sensors is helping in the growth of the market.  

Restraints 

High Expense of Production and Solutions of Green Technology 

• The affordability for a wide range of applications of green technology is one of the primary factors that is hindering the growth of the market. The application of proper technologies in the developing countries relies on services and product expenses. These technologies are used for diverting production of energy from cost-efficient sources to more costly, highly subsidized sources like wind and solar. This factor is hampering the growth of the global green technology and sustainability market.  

Lack of Personalized Solutions to Address Unique Enviromental Problems 

• Growing innovations in technology are primarily connected to the increasing carbon footprint and other problems related to the environment. Challenges like climate change, water quality, and loss of biodiversity are the major concerns of environmental conservations. These problems need custom solutions or technologies that can gather and analyze huge amounts of data for gaining new information and making important changes. Therefore, the absence of such personalized solutions is restricting the growth of the global green technology and sustainability market.