Apart from AI, the internet of things (IoT) technology is also being adopted in smart energy solutions and grids, smart cities, smart homes and buildings, smart mobility and transportation systems, and smart factories and manufacturing facilities to reduce energy wastage and collect energy data. The increasing utilization of IoT can be credited to the soaring environmental and health concerns being raised, owing to the mounting carbon emissions.

Moreover, cloud computing, digital twin, and blockchain technologies are also being used in the aforementioned application areas to ensure sustainability. Currently, the green technology providers are focusing on securing client deals to strengthen their customer base. For example, in January 2020, Xylem Inc. secured a contract with Tacoma Public Utilities for its Sensus solution, for an advanced metering infrastructure (AMI) plan.

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As per the agreement, Sensus water meters and Stratus IQ electricity meters of Xylem will be deployed, which will assist the utility firm in capturing the water and electricity consumption data of 110,000 and 190,000 consumers, respectively, to offer them better services. According to P&S Intelligence, North America led the green technology and sustainability market in the past, due to the hefty investments made in the development of blockchain and analytics technologies for the industrial, commercial, and residential sectors in the region.

Moreover, the surging initiatives being launched by the North American countries for integrating advanced technologies in the utilities sector, to ensure sustainability, will augment the demand for green technologies in the region in the foreseeable future. Whereas, Asia-Pacific (APAC) will adopt such technologies at the highest rate in the coming years, owing to the soaring urban population in the region.

Thus, the growing popularity of building automation systems and the increasing use of AI-powered robots in end-use industries are expected to augment the need for green technologies for ensuring sustainability in the coming years.