Climate Tech Market Segments, Driver, Restraints, And Trends
Climate Tech Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
LONDON, GREATER LONDON , UK, July 5, 2024 /EINPresswire.com/ -- The climate tech market has experienced robust growth in recent years, expanding from $20.79 billion in 2023 to $26.12 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to increasing concerns about climate change and its impacts on the environment, growing awareness and demand for sustainable and eco-friendly solutions, government initiatives and policies promoting renewable energy and environmental sustainability, advancements in technology, rising investment in clean energy and climate-related projects, corporate commitments to reduce carbon footprint and adopt sustainable practices.
Strong Future Growth Anticipated
The climate tech market is projected to continue its strong growth, reaching $63.42 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%. The growth in the forecast period can be attributed to shift towards a circular economy and the adoption of circular supply chains, technological innovations in energy storage and grid modernization, demand for clean transportation solutions, including electric vehicles and alternative fuels, rising consumer awareness and demand for environmentally friendly products and services, increasing adoption of smart city initiatives and sustainable urban development, focus on sustainable agriculture and food production practices, and need for climate-resilient infrastructure and disaster preparedness.
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Growth driver of the climate tech market
The government regulations and policies are expected to propel the growth of the climate tech market going forward. Government regulations and policies refer to the rules, guidelines, and initiatives implemented by governments to address climate change and promote sustainable development. Government regulations and policies help create a favorable environment for climate tech innovation, investment, and deployment, ultimately contributing to the transition to a more sustainable and low-carbon economy.
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Climate Tech Market Major Players and Market Trends
Key players in the climate tech market include Microsoft Corporation, General Electric Company, IBM Corporation, BYD Auto Co. Ltd., Schneider Electric, Salesforce Inc, Climate Investor One, Wolters Kluwer N.V., Molten Ventures, ENGIE Insight Services Inc., Consensys, Form Energy, Intelex Technologies, Enablon North America Corp., Climeworks AG, AMP Robotics Corporation, Isometrix, Sensus, Taranis, Enviance Inc., Bedrock Energy, Breakthrough Energy Ventures, Trace Genomics, Hortau Inc., LO3 Energy.
Major companies operating in the climate tech market are developing innovative products such as environmental intelligence suites to provide environmental insights. Environmental Intelligence Suite is a collection of AI-based software tools aimed at helping organizations prepare for and respond to weather and climate-related disruptions.
Climate Tech Market Segments:
1) By Component: Climate Tech Solutions, Services
2) By Technology: Internet of Things (IoT), Artificial Intelligence (AI) And Analytics, Digital Twin, Cloud Computing, Security, Blockchain
3) By Application: Carbon Footprint Management, Green Building, Water Purification, Soil Condition Or Moisture Monitoring, Crop Monitoring, Forest Monitoring, Weather Monitoring And Forecasting, Air And Water Pollution Monitoring, Sustainable Mining And Exploration
Geographical Insights: North America Leading the Market
North America was the largest region in the climate tech market in 2023. Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by expanding healthcare facilities and increasing awareness of the benefits of climate tech.
Climate Tech Market Definition
Climate tech refers to technologies, innovations, and solutions aimed at addressing climate change challenges. These technologies are designed to reduce greenhouse gas emissions, increase energy efficiency, promote renewable energy adoption, enhance climate resilience, and support sustainable practices across various sectors.
Climate Tech Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Climate Tech Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on climate tech market size, climate tech market drivers and trends, climate tech market major players, competitors' revenues, market positioning, and market growth across geographies. The climate tech market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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