Climate Tech Global Market Report 2024

The climate tech market size has grown exponentially in recent years. It will grow from $20.79 billion in 2023 to $26.12 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth observed in the historical period in climate tech can be attributed to several factors, including escalating concerns about climate change and its adverse effects on the environment, a heightened awareness and demand for sustainable and eco-friendly solutions, government initiatives and policies advocating for renewable energy and environmental sustainability, technological advancements facilitating climate tech innovations, increased investment in clean energy and climate-related projects, and corporate commitments to reduce carbon footprint and embrace sustainable practices.

The climate tech market size is expected to see exponential growth in the next few years. It will grow to $63.42 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%. The anticipated growth in the forecast period for climate tech can be attributed to several factors, including a shift towards a circular economy and the adoption of circular supply chains, ongoing technological innovations in energy storage and grid modernization, growing demand for clean transportation solutions such as electric vehicles and alternative fuels, increasing consumer awareness and demand for environmentally friendly products and services, the rising adoption of smart city initiatives and sustainable urban development practices, a focus on sustainable agriculture and food production, and the imperative for climate-resilient infrastructure and disaster preparedness. Key trends expected in the forecast period include the expansion of renewable energy, innovations in energy storage, increased adoption of electric vehicles (EVs), implementation of circular economy initiatives, and advancements in climate data analytics.

Government regulations and policies are anticipated to drive growth within the climate tech market in the foreseeable future. These regulations encompass the directives and initiatives instituted by governments to combat climate change and encourage sustainable development. They foster an environment conducive to innovation, investment, and implementation of climate tech solutions, thereby facilitating the transition towards a more sustainable, low-carbon economy. An example of this is the ambitious climate targets set by the United States in January 2021, aiming to reduce greenhouse gas emissions by 50-52% by 2030 and achieve 100% carbon pollution-free electricity by 2035.

Leading companies within the climate tech market are actively developing cutting-edge products, such as environmental intelligence suites, to offer valuable insights into environmental dynamics. Environmental Intelligence Suites comprise AI-powered software tools designed to assist organizations in preparing for and addressing weather and climate-related disruptions. For instance, in October 2021, IBM Corporation launched an environmental intelligence suite aimed at aiding organizations in assessing their environmental impact, simplifying regulatory compliance, and enhancing operational efficiency. Leveraging AI, weather data, climate risk analytics, and carbon accounting capabilities, the suite delivers environmental insights, monitors disruptive environmental conditions, predicts climate change impacts, and facilitates measurement and reporting of environmental data.

In December 2021, General Electric Company, a US-based technology and financial services corporation, finalized the acquisition of Opus One Solutions Energy Corp, headquartered in Canada, for an undisclosed sum. This strategic acquisition by GE is poised to strengthen its presence in the climate tech sector, with a specific focus on grid modernization and energy management. By incorporating Opus One's technologies and expertise into its portfolio, GE aims to augment its capabilities in delivering innovative solutions for grid optimization, renewable energy integration, and overall energy system efficiency. Opus One Solutions Energy Corp. is renowned for its specialization in climate tech services, aligning closely with GE's strategic objectives in sustainable technology advancement.

Major companies operating in the climate tech market report are 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.

North America was the largest region in the climate tech market in 2023. The regions covered in the climate tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the climate tech market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Climate tech encompasses technologies, innovations, and solutions specifically developed to address the challenges posed by climate change. These technologies aim to reduce greenhouse gas emissions, enhance energy efficiency, promote the adoption of renewable energy sources, bolster climate resilience, and support sustainable practices across various industries.

The key components of climate tech include climate tech solutions and services. Climate tech solutions encompass technologies, products, and services tailored to either mitigate or adapt to the impacts of climate change. These technologies leverage a range of advancements such as the internet of things (IoT), artificial intelligence (AI) and analytics, digital twin, cloud computing, security, and blockchain. Climate tech applications span areas such as 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, and sustainable mining and exploration.

The climate tech market research report is one of a series of new reports that provides climate tech market statistics, including climate tech industry global market size, regional shares, competitors with a climate tech market share, detailed climate tech market segments, market trends and opportunities, and any further data you may need to thrive in the climate tech industry. This climate tech market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The climate tech market includes revenues earned by entities by providing services such as consulting and advisory services, renewable energy services, carbon management services, and climate risk assessment and management. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The climate tech market also includes sales of solar panels, wind turbines, hydroelectric generators, lighting systems, and smart home devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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