Green Technology Global Market Report 2024

The green technology market size has grown exponentially in recent years. It will grow from $18.69 billion in 2023 to $23.6 billion in 2024 at a compound annual growth rate (CAGR) of 26.3%. The growth observed during the historical period can be attributed to several key factors, including the increasing awareness of the advantages offered by green technologies, a rising demand for biomass solutions, heightened urgency to address climate change concerns, a shift towards readily deployable climate technology solutions with shorter implementation timescales, and a growing inclination towards sustainable investment practices.

The green technology market size is expected to see exponential growth in the next few years. It will grow to $61.13 billion in 2028 at a compound annual growth rate (CAGR) of 26.8%. Anticipated growth in the forecast period is driven by a surge in corporate pledges towards achieving net-zero emissions, coupled with increased investments from emerging economies in green infrastructure. Heightened concerns surrounding climate change and environmental degradation, along with rising industrial and consumer awareness, further contribute to this trend. Additionally, government initiatives aimed at promoting the adoption of green technologies are expected to play a significant role. Major trends in this period include the adoption of data measurement technologies and software solutions to enhance efficiency, generate new revenue streams, and facilitate performance monitoring.

The upward trend towards sustainable investing is poised to accelerate the expansion of the green technology market in the foreseeable future. Sustainable investing, also known as ESG (Environmental, Social, and Governance) investing, seeks to generate financial returns while considering environmental, social, and governance factors. As awareness of environmental and social issues grows, a broader range of investments is contributing to a sustainable future. Within this landscape, green technology plays a pivotal role, with capital directed towards companies developing environmentally friendly solutions to address global challenges while delivering financial returns and fostering sustainability. For instance, data from Thomson Reuters Lipper revealed that a record $649 billion flowed into ESG-focused funds globally in 2021, up from $542 billion in 2020, with ESG funds now representing 10% of all global fund assets. Thus, the increasing shift towards sustainable investing is a key driver of the green technology market's growth trajectory.

Leading companies in the green technology sector prioritize technologically advanced solutions to drive innovation, minimize environmental impact, and support the transition to a sustainable economy. Munich Re Specialty Group, the green technology division of Munich Re, launched the green solutions portfolio in May 2023 to bolster clients' net-zero ambitions. This initiative positions the group as a prominent provider of commercial specialty and primary green insurance risks by 2030. The green solutions portfolio encompasses existing green technology offerings alongside innovative risk solutions, targeting emerging as the preferred partner for sustainable risks within the London and Lloyd’s markets. Leveraging Munich Re's global distribution network, the portfolio focuses on technologies such as photovoltaic, wind, carbon capture, and energy storage, offering access to intangible asset products such as cyber coverage.

In April 2021, Landis+Gyr AG, an energy management solutions company based in Switzerland, acquired True Energy A/S to strengthen True Energy's growth and market potential. This strategic move expands True Energy's offerings in new markets, driving the adoption of sustainable and climate-friendly energy solutions. True Energy A/S, headquartered in Denmark, specializes in providing climate-friendly energy solutions, aligning with Landis+Gyr AG's commitment to advancing green technology and sustainability.

Major companies operating in the green technology market are Alphabet Inc., Microsoft Corporation, Engie SA, Tencent Holdings Limited, General Electric Company, International Business Machines Corporation, Cisco Systems Inc., Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Salesforce Inc., NEC Corporation, Adobe Inc., VMware Inc., Intuit Inc., Atos SE, Blackstone Inc., Wolters Kluwer N.V., Adani Green Energy Limited, OneTrust LLC, EKI Energy Services Limited, thinkstep Ltd., Verisae LLC, ClimatePartner Gmbh, 3 Degrees Inc., ProcessMAP Corporation, Sustainable Travel International Inc., Cool Effect Inc., Sensus B.V.

North America was the largest region in the green technology market in 2023. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the green technology market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the green technology market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Green technology, also recognized as sustainable technology or clean technology, encompasses the development and deployment of products, processes, and systems aimed at tackling environmental issues and lessening adverse impacts on the Earth. It encompasses technologies geared towards reducing energy consumption, harnessing renewable energy sources, mitigating pollution and greenhouse gas emissions, conserving natural resources, and fostering ecological sustainability.

The principal components of green technology encompass both solutions and services. Solutions denote comprehensive systems or applications integrating various green technology elements to address environmental challenges and accomplish specific objectives, such as carbon emissions reduction, energy conservation, or pollution mitigation. These technologies span across categories including the Internet of Things (IoT), cloud computing, artificial intelligence and analytics, digital twin, cybersecurity, and blockchain, with applications extending to non-residential, residential, and other sectors.

The green technology research report is one of a series of new reports that provides green technology market statistics, including the green technology industry's global market size, regional shares, competitors with an green technology market share, detailed green technology market segments, market trends and opportunities, and any further data you may need to thrive in the green technology industry. This green technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The green technology market consists of revenues earned by entities by energy auditing, consulting on sustainability initiatives, installation and maintenance of renewable energy systems, and waste management solutions. The market value includes the value of related goods sold by the service provider or included within the service offering. The green technology market also includes sales of solar panels, wind turbines, energy-efficient appliances, electric vehicles, and sustainable materials. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.