The focus on non-renewable energy sources need to be reduced, since their excessive usage has had severe impact on the environment. In addition to this, fossil fuels are getting depleted at a rapid pace and will not be able to satisfy the growing need for energy. Owing to such factors, the inclination towards renewable sources for generating energy has increased considerably in recent times.

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This, in turn, is resulting in the increasing demand for green technology, which can be defined as the development and advancements of practices, processes, and applications that enhance existing technologies. The utilization of such green technologies can be highly advantageous for enterprises that value fast operations and low operating costs. The green technology and sustainability market is predicted to generate a revenue of $57.8 billion by 2030, increasing from $8.3 billion in 2019, advancing at a 20.0% CAGR during the forecast period.

The increasing adoption of building automation is also resulting in the growth of the global green technology and sustainability market. Building automation systems allow users to control the consumption of energy in buildings and decrease the energy expenditure. Buildings have to follow certain standards in order to be certified as ‘Green’, and green building automation is needed for reducing power wastage and usage.

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Some of the key applications of green technologies in environment management are protecting and enhancing agricultural practices, reforestation, remediation, oil spill management, soil and moisture control, and radiation leak management. The green technology and sustainability market was dominated by North America in 2019, as per a report by P&S Intelligence.