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Written by: Jagriti Shahi, Business Analyst @Global Launch Base
“Green technology” is gaining traction across the world. As the world faces the inevitable consequences of global warming, green technology holds the promise to alleviate some of these consequences. In recent years, the focus of research on environmental protection has gradually shifted from well-known traditional technologies to environmentally friendly, cost-effective, sustainable technologies, also known as green technologies, with great advantages. Several practical treatments have been proposed and practised. However, green technology is currently most attractive for pollution control, especially for water and sewage purification, air pollution control, and the development of sophisticated yet usable on-site sensors and analytical tools. In the context of environmental protection, green technology is, among other things, a collection of practical methods, techniques and materials based on non-toxic chemical processes, non-toxic final products, renewable energy sources and environmental monitoring tools that reduces or corrects the adverse effects caused by human activity.
During the Industrial Revolution, energy use surged as savvy inventors and engineers developed new ways to do things. Since then, both technological capabilities and energy consumption have grown rapidly. Our understanding of our interaction with the world has also grown and thus here we will explore a new era.
India's green technology market is dominated by green energy. Electric vehicles and water and sewage treatment are other important market segments. According to Precedence Research Report 2021, the installed capacity of the green energy sector was 94.43 GW in 2021 and is targeted to reach 275 GW by 2027. In terms of unit sales, the Indian electric vehicle market reached 148,430 units in 2021 and expanded at a compound annual growth rate (CAGR) of 42.80% in 2017 and 2021. In terms of revenue, India's water and sewerage market will reach $ 2,413.7 billion by 2026.
Figure 1
The global green technology market is valued at the US $ 535 billion in 2021, is expected to reach US $ 690.3 billion by 2030, and will grow at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.
Data Source - Precedence Research Report 2021
What Are the Benefits of Green Technology?
Green technology can be used to reduce pollution and waste from traditional industrial processes. Not only do these techniques reduce the negative impact on the natural environment, but they can also use resources more efficiently. For example, a sustainable agriculture initiative can prevent soil damage associated with single cultivation and reduce the likelihood of depleting sustainable building materials.
Green Technologies And Initiatives
The potential for technologies that have a positive impact on the environment was highlighted during the pandemic blockade, with more people working from home. According to the proponents, technology-based telecommuting arrangements have led to reductions in carbon emissions, air pollution, and overall energy usage. Many are paying more and more attention to how the technology industry can play a more active role in environmental health.
Some of the examples are:
Green Hydrogen: Green hydrogen is defined as hydrogen produced by decomposing water into hydrogen and oxygen using renewable energy. This is a very different path than grey or blue.
Green Hydrogen
2. Carbon Extraction: Carbon extraction technology recovers carbon from the air for reuse or long-term storage. The recovered carbon can be used for many everyday objects such as concrete. It can be made into carbon fibre or used for insulation or plastic. Perhaps one day, as technology advances, it can turn into fuel.
Carbon Extraction
3. Decarbonization: In a world of increasing emissions and climate change, decarbonization is an important term used to describe the phasing out of carbon emissions from the use of fossil fuels. This is an important aspect of tackling the global greenhouse gas problem. True decarbonization means removing carbon from the process chain. In today's broader usage, the term decarbonisation is also used to describe avoiding the burning of fossil fuels in order to reduce carbon emissions into the atmosphere.
4. Fiber Solar Lighting: Fiber optic solar light systems can transport sunlight into parts of the building away from the windows. Some European companies are working to improve this technology. It essentially eliminates the need for daytime lamps and is especially useful for high-rise office buildings. Not only green, but it's also healthy for workers.
Fiber Solar Lighting
5. Quantum Computing: Quantum computing offers an exponential increase in processing capacity in exchange for lower-order increases in energy needs. It holds the key to providing faster, cheaper and greener solutions for the most complex modern-day problems. While today’s quantum technology incurs sizable indirect energy costs owing to strict cooling requirements, research predicts the technology will become more efficient and “greener” with time.
Quantum Computing
6. Electric vehicles (EV): EVs are a further development of ordinary electric vehicles because they are environmentally friendly. The vehicle is equipped with a device that can receive power remotely via an electromagnetic field supported by the cable below. Vehicles have been tested in several countries, but their mass production will change people's perceptions of driving. Despite the dependence of many on cars, the automotive industry remains one of the biggest environmental threats. The number of vehicles on the road is large, and it is expected to increase in the future due to the rapid growth of India and China. EVs are an alternative to regular cars to reduce pollution.
Electric vehicles
Green Technology Companies
Several startups are developing solutions to help build a sustainable energy future through Green Technology. Here are some examples as follows:
Inspire is a clean energy technology company whose mission is to transform the way people access clean energy and accelerate the world towards the future of net-zero carbon. Through a subscription model, inspire provides customers with 100% clean energy access for a fixed monthly fee. Customers enjoy a seamless billing experience while supporting a more sustainable future.
Carbon Clean is an established global leader in industrial carbon recovery solutions that help decarbonize important but difficult-to-reduce industries. Their innovative solutions significantly reduce the cost and environmental impact of carbon recovery compared to traditional technologies.
Parans Solar Lighting offers sunlight for indoor environments through an innovative system that captures and directs the rays of the sun. In a simple way, the Parans system allows natural sunlight in every room: collectors on the outside, cables that transport the light through the property and luminaries that spread the light inside.
Molten salt, which is produced by companies such as BASF, is being used in solar power plants to provide efficient thermal energy storage and is part of the overall solution for the viability of renewable energy in the fight against climate change.
Conclusion
We live in an era of innovation and technology, and fortunately, we have been able to make a big difference in the way we live and work around the world. History is now being made by changes that many governments, businesses, and organisations are making or planning to make in the near future. All of these are based on the common goal of preserving the planet. The future of green technology hopes that all our joint efforts will make a big difference on our planet.
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