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HomeTechnology NewsRapid IoT Integration Boosts Asia Green Technology and Sustainability Market

Rapid IoT Integration Boosts Asia Green Technology and Sustainability Market

The Asia green technology and sustainability market was USD 5,816.3 million in 2023, which will rise to USD 12,072.6 million, propelling at an 11.1% compound annual growth rate, by 2030.

This region has a firm manufacturing base; therefore, it is observing the speedy acceptance of IoT across various verticals, which is mainly boosting the need for green tech services and solutions.

Urbanization as well as the rapid population expansion has resulted in a substantial increase in the emphasis on smart city enhancement in this region. It is an important part where smart solutions can improve efficiency and decrease inefficiency, for advancing operations.

This presents opportunities for industry players to bring sustainable developments via advanced building technologies.

The IoT category, based on technology, led the industry in 2023, with a 42.6% share, and it will further advance at the fastest CAGR in the years to come. This is because of the advantages of this technology regarding eco-friendly manufacturing as well as product sustainability.

The surging need for IoT devices is because of the developments in wireless connectivity, IoT sensor technologies, and sustainable results, which are urging many firms to accept digital transformation.

In 2023, the green buildings category, based on application, was the largest contributor to the Asia green technology and sustainability market, with approximately 40.4% share. With the expanding industrialization and commercialization in Asian nations, buildings construction has been increasing, to meet the space demands of residents and businesses.

Because of the subsequent increase in power generation, carbon emissions are rising at a worrying pace. Thus, to deal with the expanding energy demands without damaging the environment, the incorporation of green technologies in construction has been rising.

The large enterprises category, based on organization size, led the industry in 2023, with over 82% share. This can be mainly because of the speedy acceptance of developing technologies as well as the greater IT funds of multinational firms.

The SMEs category, on the other hand, will advance at a higher rate in the coming years. This is because of the potential increase in the adoption of green tech solutions by smaller companies to improve their operating performance.

The incorporation of IoT-powered solutions and devices by small companies brings development and growth, with the rise in security, efficiency, enhanced consumer relationships, and the expansion of new product offerings.

Thus, with the increasing consciousness of the advantages of cutting-edge technologies, small companies are likely to utilize green solutions at a higher pace throughout this decade.

With the speedy incorporation of IoT, the Asia green technology and sustainability industry will continue to grow in the years to come.

SOURCE: P&S Intelligence