With the world population reaching and exceeding 7 billion, it’s time to ask the question, is society is coming to terms with the reality of the damage done to the planet and the possibility of exhausting available resources?
People are now beginning to ask, starting to ask important questions like, what is being done to combat climate change, and what technologies and enabling policies are in the works to ensure environmentalism is more efficient and cost-effective.
Sustainability tech is at the forefront in solving this crisis that can worsen if it’s not dealt with early enough.
Read on to learn about the sustainability tech vertical, why it’s important, and the numerous opportunities sustainability tech presents.
Overview Of The Sustainability Tech Vertical
In order to get an idea of the size and growth potential for the sustainability tech industry, it’s essential first to understand what defines this industry.
The sustainability tech vertical encompasses a broad range of technologies and services that aim to reduce negative environmental impacts or help achieve sustainable development goals.
This growing industry is poised for significant growth over the next few years as more businesses, consumers, and governments become aware of the importance of sustainability and seek solutions to pressing environmental issues.
However, a reckoning of possible resource scarcity and the ensuing disaster setting in sooner, could help spur more effort and investments into sustainability tech.
Some key players in this market include technology companies, consultants, financiers, rating agencies, and software developers.
The sustainability tech industry had an estimated value of $11.49 billion in 2021, and it’s projected to grow at a rate of 20.6% annually through 2029. This presents opportunities for strategic organizations and individuals that can capitalize on this trend by developing effective solutions and products that meet business and consumer needs.
What Technology Is Being Built To Support It
Sustainability technologies are slowly but surely becoming more and more mainstream. From renewable energy to reducing environmental waste to improving food production, the industry is growing exponentially, thanks in part to technological advancements.
Some of the technologies already developed or under development to support sustainability tech include:
- Artificial intelligence (AI) is being used to help identify patterns and irregularities in data sets related to sustainability. This can be utilized for several purposes, such as improving resource efficiency or predicting environmental outcomes.
Robotics are becoming increasingly sophisticated and able to carry out complex tasks, such as those involved in environmental monitoring and restoration. They can also be used for manufacturing processes that are environmentally friendly or resource-efficient. - Blockchain technology is being adopted by many in the sustainability tech industry as a way of tracking and recording transactions and actions related to sustainable practices. This helps ensure efficient resource use and transparency regarding all aspects of a project’s life cycle.
- An emerging trend is the use of blockchain to create transparent markets for carbon credits based on environmental emission data and monitoring systems. The technology has also been implemented into project management systems for companies that operate within environmentally sensitive regions.
The Impact Of Sustainability Tech On The US Economy
Sustainability tech can potentially create millions of new jobs in the US over the next decade.
According to a recent study, sustainability tech and the “green economy” employs at least 9.5 million people in the US while bringing in annual sales worth approximately $1.3 trillion.
This is in addition to the nearly 2 million jobs that will be created through other forms of sustainable technology, like solar energy and electric vehicles.
Some of these jobs will be in traditional sectors like engineering and construction, but others will be in new industries created due to sustainability tech. For instance, there is now an opportunity for software developers, machine learning engineers, and cloud developers to work on projects that help reduce environmental impact.
Additionally, businesses that use or develop sustainability tech solutions can benefit from increased demand for their products and services and a better perception by the market that they’re advocating for sustainability.
How Sustainability Tech Can Affect Other Industries In The Economy
The adoption of sustainability tech can augment other industries, among other endless possibilities. Here are a few examples:
- Environmental footprint reduction. Businesses and authorities can employ radio frequency identification (RFID) sensors to assess the carbon footprints of each product. They can find better, more sustainable alternatives with a more informed perspective of their environmental impacts. This could mean adopting initiatives like using renewable energy sources, reducing energy consumption, or recycling materials.
- Minimal waste production. Businesses can utilize Artificial Intelligence and Machine Learning technology to identify and avoid waste streams harmful to the environment. This could include using biodegradable materials or composting instead of throwing away food waste.
- Innovation. Enterprising businesses can jump on the opportunity to develop new technology products or services that can improve the efficiency of existing initiatives or solve emerging problems.
Key Projections To Be Expected
Here are a few projections on the sustainable tech industry vertical:
- The sustainable tech industry will continue to grow at a rapid pace. According to estimates, by 2030, the global market for sustainable technology will be worth $74.64 billion.
- Organizations across different industries will become more innovative and efficient as complex challenges arise and the need for sustainability becomes apparent. This will spur the demand for sustainability tech solutions to help organizations reduce environmental damage, improve energy efficiency, and create safer, more environmentally friendly products.
- Global demand for sustainable technology will continue to increase. Governments, businesses, and institutions worldwide are gradually recognizing the importance of sustainability in their policies and investments. This increased demand for sustainable technology will help companies and individuals in the industry thrive in the future.
Wrapping Up
Moving forward, it will be increasingly crucial for businesses to consider how their sustainability practices can help them maintain or improve their competitive edge in an ever-changing market.
There is no doubt that sustainability tech is growing, and it’s here to stay. For the enterprising individuals and organizations, there has never been a more prime opportunity than now to improve the environment and help businesses save money while still being profitable.
