// REGIONAL ROUND-UP // AFRICA | APAC | EUROPE | MIDDLE EAST | NORTH AMERICA
GREEN TECHNOLOGY AND SUSTAINABILITY MARKET WILL REACH OVER US $ 43 MILLION BY 2030
Global warming is driving green building development
Because of the rampant industrialisation and commercialisation , the building and construction industry is growing significantly , to satisfy the increasing demand for space for residential and business purposes .
Resulting from the surge in the production of energy , carbon releases are growing at a shocking rate worldwide . Consequently , to cope with the high energy needs without causing any environmental damage , governments are focusing on green buildings .
The value of the green technology and sustainability market stood at US $ 19,499.6 million in 2022 , and this number is projected to reach US $ 43,453.9 million by 2030 , advancing at a CAGR of 10.7 % during 2022 to 2030 .
P & S Intelligence majorly credits this growth to the increasing demand for energy , implementation of sustainability legislations , extensive usage of building automation solutions and ever-changing prices of crude oil .
Internet of Things usage is set to grow at highest rate
The IoT category is set to lead the industry and experience rapid growth in the coming years . This will mainly be due to the growing awareness regarding the environmental and health problems because of the emission of carbon .
Further , to avoid the wastage of energy and gather energy consumption data , such technology is useful in several applications , such as factories , hospitals , power grids , utility meters , hospitals , homes , city administrations , offices and smart transport .
The purpose of green building technologies is to decrease the consumption of energy and utilise only the electricity generated on-site , through rooftop solar panels , Building Integrated Photovoltaics and other renewable energy sources .
Solution usage among SMEs to grow faster
The SMEs category is projected to accept eco-friendly technologies at a higher rate of growth in comparison to larger enterprises , since the contribution of small enterprises is massive for any nation ' s economy . Due to this , the augmenting acceptance of cloud computing technologies and IoT by small- and medium-sized enterprises will continuously drive the revenue for solution providers in the coming years .
North America is rapidly adopting green technologies
In 2022 , North America led the green technology and sustainability market , and it will stay on this path in the future . This is credited to the surge in the government effort to decrease carbon releases and the quick uptake of power-saving technologies in the continent .
A number of megacities in the US , including New York City , Los Angeles and Denver , have set ambitious green building targets . Additionally , the Biden Administration has announced plans to have over 50 % lower emissions in 2030 than in 2005 . �
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