In this fourth piece of the blog series 15 Industries with potential market gaps that will explode in 2023, we focus on market gaps in environmentally-friendly industries. The UN Sustainable Development Goals are an urgent call for sustainable businesses that tackle environmental challenges. Some of the industries that require urgent innovative solutions are:
- Textile Recycling industry
- Renewable Energy
- Cleaning Technology and Services.
Тaking care of the environment is imperative in the 21st century. Solutions that can grow into profitable businesses and save the environment are trending now. Let’s dive in and see how we can go green (or go home).
1. Market gaps in the Textile Recycling industry
Why now?
Sharing, reusing, and recycling products can save the environment. In times of crisis such as the COVID- 19 pandemic, the world turns to green lifestyles and environment-friendly businesses. The circular economy emphasizes the necessity for tackling global challenges such as climate change, waste, and pollution. The clothing industry immensely affects the environment. The negative impact on the environment is evident in the whole life-cycle of a textile product. The biggest issue is that most of the used textiles and clothing end up in a landfill.
What’s the potential?
The global market of reprocessing and reusing old clothing and fibrous waste materials reached a value of around US$ 5 Billion in 2020 and is anticipated to reach $ 7 billion by 2027, growing at a CAGR of 3.6%. Textile recycling has become a fruitful industry, and tends to grow further. The Green deal and circular economy policies will fuel the future growth of the industry.
The fashion industry will continue to overproduce resulting in more clothes than we can wear.
Secondhand clothing has never reached the peak of popularity since it has never been communicated well with the consumers. On the other hand, exporting secondhand clothing is not aligned with the goals of the circular economy. Garments worn as secondhand clothing will eventually end up in landfills anyway.
What’s the key to success?
The future is green and circular. Donating and purchasing pre-used textiles and clothing will not completely solve this issue. Data show that less than 1% of textile waste is recycled into new textile fibers. There are some attempts to treat used textiles and turn them into secondary raw materials. The textiles are composed out of two or more components, e.g.: cotton and polyester. This makes recycling hard. The challenge is to discover how to separate these components easily. New, innovative ways of tackling this challenge are required.
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2. Market gaps in the Renewable energy industry
Why now?
To reach the Sustainable Development Goals, the world by 2030 should have 57% renewable energy out of the total power. The next ten years are crucial for this transformation. The energy transition requires the mobilization of capital, human resources, and innovative approaches in renewable energy projects. We use natural resources more than ever as the population grows. The 2021 global energy crisis will accelerate innovation in this industry. Post pandemic gas prices are soaring, which turns the issue of renewable energy into a social issue.
What’s the potential?
The clean energy market is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030. The necessity of renewable sources of energy is growing year after year. Although the awareness of environmental issues is rapidly growing, the green market is still a niche. Currently, renewable energy provides around 7% of the world’s demand. According to research, the world can be 100% powered by renewable sources by 2050. The total energy demand will grow as the global population grows (projected to reach 9.7 billion by 2050). Matching this growth means taking rapid steps towards the full transition to renewable energy.
What’s the key to success?
There is no one right way or a great solution that can tackle this complex challenge. Many innovative ideas have emerged in the past years. Renewable energy sources such as printable solar panels, body heat, and alcohol waste are a few of them. Entrepreneurial minds can find a lot of opportunities in the green revolution. Renewable energy is more than producing energy. It’s more about storage and distribution. Repair and maintenance require highly skilled individuals, which are hard to find. Consulting in renewable energy brings is highly requested as well.
If you’re on the lookout to invest DOWNLOAD the complete FREE e—book with 15 industries with market gaps that will explode in 2023 HERE.
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3. Market gaps in Cleaning Technology and Services industry
Why now?
During the COVID-19 pandemic, the first thing we learned was the importance of keeping personal hygiene. The surfaces that we come into daily contact with can harbor virus particles. Sanitizing surfaces and spaces become more important than ever. The demand for cleaning supplies skyrocketed in 2020-2021. Keeping (extremely) clean will probably remain a habit in the future.
What’s the potential?
The global cleaning market is projected to reach 58.2 billion USD by 2024 at a CAGR of 4.5%. The major factor driving the growth is the awareness regarding hygiene at the workspace. The global cleaning service market is to be 88.9 billion USD by 2025 at a CAGR of 6.3 %. The market of cleaning services and technologies is divided into high maturity market (developed countries such as UK, US, Germany, France, etc.) and medium maturity market (UAE, Qatar, Canada, Eastern Europe).
The pandemic significantly impacted the cleaning industry in general. The demand for cleaning surged. The projections show that the growth will continue post-pandemic. Green cleaning products will be a game-changer in this industry.
What’s the key to success?
Modern technologies in cleaning were introduced during the pandemic. UV radiation turned out to be more efficient than steam cleaning, and deadlier to viruses. Smart tools can keep track of cleanliness and compliance. The industry gravitates toward automation. Limiting human contact and increasing efficiency are crucial for this industry. Cleaning bigger spaces (airports, arenas) requires more complex solutions and tools, and can be an interesting niche for innovation in the future. There are interesting attempts for mass production of self-cleaning surfaces and coatings, that can disrupt the industry in the future.
If you’re on the lookout to invest DOWNLOAD the complete FREE e—book with 15 industries with market gaps that will explode in 2023 HERE.
If you are interested in finding more about market gaps in green industries, read the third piece of the blog series, or explore more industries in the first and second blog pieces. To learn how to identify market gaps in your industry, take advice from our innovation consultants in our must-read article.
- Industries with potential market gaps that will explode in 2022 – Part 1
- Industries with potential market gaps that will explode in 2022 – Part 2
- Industries with potential market gaps that will explode in 2022 – Part 3
- Industries with potential market gaps that will explode in 2022 – Part 4 (This article)
- Industries with potential market gaps that will explode in 2022 – Part 5
