NEWARK, Del, July 03, 2023 (GLOBE NEWSWIRE) -- According to Future Market Insight, the global climate tech market is projected to reach US$ 182.54 billion by 2033, registering a noteworthy CAGR of 24.5%. This is a considerable increase from its present value of US$ 20.34 billion in 2023.
The market is experiencing robust growth and offers immense potential for addressing climate change and promoting sustainable development. This growth could be attributed to the urgency to tackle climate change becoming increasingly evident.
This rapidly expanding market is driven by several factors, including
- the growing global awareness of climate change
- government regulations and policies
- corporate sustainability goals
- remarkable technological advancements
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One of the primary market drivers is the rising global awareness of climate change and its adverse effects. People are becoming more conscientious about the need to transition toward cleaner and more sustainable energy sources to reduce carbon emissions. This heightened awareness has led to an increased public demand for climate tech services and solutions. This has also encouraged governments and businesses to invest in renewable energy, energy efficiency, and other sustainable technologies.
Government regulations and policies are crucial in shaping the climate tech market. Many countries have implemented ambitious renewable energy targets, carbon pricing mechanisms, and stricter emissions standards. These regulations create a favorable environment for climate tech companies by providing incentives and support for the development and adoption of sustainable technologies. Governments also invest in research and development initiatives, fostering innovation in the climate tech sector.
Corporate sustainability goals and commitments have become another key force behind market expansion. Numerous companies, including large multinational corporations as well as micro, small & medium enterprises, have set targets to reduce their carbon footprints. This has created a significant demand for climate tech solutions. These solutions include renewable energy generation systems, energy-efficient technologies, and sustainable supply chain solutions.
Several trends are shaping the Climate Tech market. One notable trend is the growing integration of digital technologies, such as artificial intelligence, big data analytics, and the Internet of Things, in climate solutions. These technologies enable better monitoring, management, and optimization of energy systems, leading to improved efficiency and sustainability.
Another trend is the emergence of decentralized and distributed energy systems. Renewable energy technologies become more affordable and accessible. Therefore, individuals and communities are adopting localized energy generation solutions, such as rooftop solar panels and community microgrids. This trend empowers individuals and reduces reliance on centralized power grids. This, in turn, enhances energy resilience and promotes sustainable development.
The electrification of transportation is another significant trend in the market. The shift toward electric vehicles is driven by concerns over air pollution and carbon emissions from traditional internal combustion engines. This trend has led to increased demand for EV charging infrastructure, battery technologies, and smart mobility solutions. This opens up significant opportunities for climate tech market players.
Key Takeaways from this Market:
- The climate tech industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of 21.3% through 2033.
- The United States held a 17.7% share of the global climate tech industry in 2022.
- With a CAGR of 24.9% over the forecast period, India is predicted to develop rapidly in the climate tech industry.
- In 2022, Japan had a 6.5% share of the climate tech industry globally
- The climate tech industry in China is expected to increase, registering a CAGR of 26.7% over the forecast period.
- Germany accounted for 10.4% of the global climate tech industry in 2022.
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Competitive Landscape in this Market:
Key market players are actively driving innovation and sustainable solutions. They focus on electric vehicles and renewable energy, invest in renewable projects, and aim for carbon neutrality. They also commit to being carbon-negative and developing AI-powered energy efficiency solutions.
Certain players pursue carbon-free energy and sustainable infrastructure. A few of them operate on renewable energy and strive for a carbon-neutral supply chain. Climate tech companies also provide grid solutions, wind turbines, offshore wind farms, solar power solutions, and fuel cell technology. These companies contribute to the advancement of clean technologies and sustainable practices in various sectors.
Major Players are:
- GE
- IBM
- Enablon
- Microsoft
- Schneider Electric
- Engie Impact
- Intelex
- Enviance
- Sensus
- Lo3 Energy
- Isometrix
Recent Developments by Key Players:
In May 2023, Salesforce launched 'Green Code,' a new program aimed at reducing carbon emissions in software development. The program provides sustainability principles for IT operations managers, system architects, software developers, and UX designers. 'Green Code' helps accelerate the global transition toward achieving net-zero carbon emissions.
The Swiss start-up Climeworks AG unveiled its intention to construct its second sizable direct air capture (DAC) facility in June 2022. It has the potential to remove around 36,000 tons of carbon dioxide from the atmosphere annually.
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Outlook by Categorization:
By Component:
- Climate Tech Solutions
- Services
- Consulting
- Integration and Deployment
- Support and Maintenance
By Technology:
- IoT
- AI and Analytics
- Digital Twin
- Cloud Computing
- Security
- Blockchain
By Application:
- Carbon Footprint Management
- Green Building
- Water Purification
- Soil Condition/Moisture Monitoring
- Crop Monitoring
- Forest Monitoring
- Weather Monitoring and Forecasting
- Air and Water Pollution Monitoring
- Sustainable Mining and Exploration
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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