Surge in usage of RFID sensors to track carbon emission drives the growth of the global green technology and sustainability market. Based on region, North America contributed the highest share in 2018, and will maintain its dominance throughout the forecast period. Due to Covid-19 the growth of green technology and sustainability market has been declined as carbon emissions has been dropped due to a reduction in transportation and industrial emissions.
Portland, OR , Oct. 21, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global green technology and sustainability market generated $6.85 billion in 2018 and is estimated to reach $44.61 billion by 2026, registering a CAGR of 26.5% from 2019 to 2026. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in usage of RFID sensors to track carbon emission and rise in industrial and consumer interest for the use of clean energy resources drive the growth of the global green technology and sustainability market. However, high cost associated with green technology and sustainability solutions restrains the market growth. Furthermore, favorable private and government initiatives to curb air pollution and carbon footprint is expected to provide new growth opportunities for the market player in near future.
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Due to Covid-19 the growth of the green technology and the sustainability market has been declined as carbon emissions has been dropped due to a reduction in transportation, air travel, and industrial emissions.
RFID sensors and solar panel manufacturing companies, however, have been affected to a larger extent due to disrupted component supply chain during Covid-19 outbreak.
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The report offers a detailed segmentation of the global green technology and sustainability market based on technology, application, and region.
Based on technology, the Internet of Things (IOT) segment contributed to the largest share in 2018, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, the artificial intelligence and analytics segment is estimated to portray the highest CAGR of 28.8% during the forecast period.
Based on application, the green building segment accounted for the largest share in 2018, holding around one-fifth of the total share, and is expected to maintain the largest share throughout the forecast period. However, the crop monitoring segment is expected to register the highest CAGR of 29.9% from 2019 to 2026.
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Based on region, North America contributed the highest share, accounting for nearly one-third of the total market share in 2018, and will maintain its dominance throughout the forecast period. However, Asia-pacific is expected to grow at the highest CAGR of 27.6% from 2019 to 2026.
Leading market players analyzed in the research include LO3 Energy, Inc., IBM Corporation, Tech Mahindra Limited, Oracle Corporation, CropX Inc., Trace Genomics, Inc., Enviance Inc., Enablon France SA, Hortau Inc., and General Electric.
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