The climate tech market is predicted to grow at a CAGR of 18.36% thereby reaching US$125.303 billion in 2029 from US$53.946 billion in 2024.
Climate tech encompasses a wide array of technologies specifically designed to address the challenges faced by multiple sectors due to climate change. These technologies aim to minimize GHG (Greenhouse Gas) emissions, improve pollution control measures, and enable communities to adapt to dynamic climatic change.
Growing global warming has bolstered the demand for innovative technologies to restore biodiversity, driving the demand for climate tech. Furthermore, the ongoing shift towards e-mobility, investment in renewable projects, and initiatives to bolster the study of climate change have further created a new framework for the market to prosper in the coming years.
Major weather & climate monitoring organizations are investing in improving their technical infrastructure to enhance the accuracy of their obtained results and measurements, which has further led to an upward market trajectory. However, the high associated investments for the development of such technologies may limit their expansion scope in certain nations that lack the basic infrastructure, thereby posing a challenge for the overall market growth.
For instance, in June 2024, Aker Carbon Capture formed a joint venture with SLB to combine their expertise and innovative solutions to accelerate the development of carbon capture technologies that will be used in industrial decarbonization. Likewise, in December 2023, the Singapore Economic Development Board and the S-Hub consortium Shell Singapore Pte. Ltd and ExxonMobil Asia Pacific Pte. Ltd formed a MoU to coordinate the planning and development of carbon capture projects that will enhance the permanent capture & storage of CO2 by 2030.
According to the International Council of Clean Transportation, in 2023, China accounted for 66% of the global electric vehicle production and 33% of new light-duty electric vehicles sold globally. The same source further stated that battery electric vehicle adoption in other major APAC economies, namely Japan, South Korea, and India, also experienced positive growth in comparison to the previous year.
The countries' governments have implemented favorable policies to reduce carbon emissions and bolster their storage, further increasing regional market growth. For instance, in June 2023, the JOGMEC (Japan Organization For Metals and Energy Solution) selected seven projects aimed at capturing CO2 emitted from major sectors such as oil & refineries, steel, electric, chemical, and pulp & paper. The projects bolster the country's efforts to achieve full-scale carbon neutrality by 2050.
Climate tech encompasses a wide array of technologies specifically designed to address the challenges faced by multiple sectors due to climate change. These technologies aim to minimize GHG (Greenhouse Gas) emissions, improve pollution control measures, and enable communities to adapt to dynamic climatic change.
Growing global warming has bolstered the demand for innovative technologies to restore biodiversity, driving the demand for climate tech. Furthermore, the ongoing shift towards e-mobility, investment in renewable projects, and initiatives to bolster the study of climate change have further created a new framework for the market to prosper in the coming years.
Major weather & climate monitoring organizations are investing in improving their technical infrastructure to enhance the accuracy of their obtained results and measurements, which has further led to an upward market trajectory. However, the high associated investments for the development of such technologies may limit their expansion scope in certain nations that lack the basic infrastructure, thereby posing a challenge for the overall market growth.
Climate Tech Market Drivers:
- Initiatives to bolster carbon capture storage (CCS) capacity have positively impacted the overall market expansion.
For instance, in June 2024, Aker Carbon Capture formed a joint venture with SLB to combine their expertise and innovative solutions to accelerate the development of carbon capture technologies that will be used in industrial decarbonization. Likewise, in December 2023, the Singapore Economic Development Board and the S-Hub consortium Shell Singapore Pte. Ltd and ExxonMobil Asia Pacific Pte. Ltd formed a MoU to coordinate the planning and development of carbon capture projects that will enhance the permanent capture & storage of CO2 by 2030.
Climate Tech Market Geographical Outlook
- Asia Pacific is predicted to expand at a significant rate.
According to the International Council of Clean Transportation, in 2023, China accounted for 66% of the global electric vehicle production and 33% of new light-duty electric vehicles sold globally. The same source further stated that battery electric vehicle adoption in other major APAC economies, namely Japan, South Korea, and India, also experienced positive growth in comparison to the previous year.
The countries' governments have implemented favorable policies to reduce carbon emissions and bolster their storage, further increasing regional market growth. For instance, in June 2023, the JOGMEC (Japan Organization For Metals and Energy Solution) selected seven projects aimed at capturing CO2 emitted from major sectors such as oil & refineries, steel, electric, chemical, and pulp & paper. The projects bolster the country's efforts to achieve full-scale carbon neutrality by 2050.
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Industry and Market Insights, Opportunity Assessment, Product Demand Forecasting, Market Entry Strategy, Geographical Expansion, Capital Investment Decisions, Regulatory Framework & Implications, New Product Development, Competitive IntelligenceReport Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
The Climate Tech market is segmented and analyzed as follows:
- By Type
- Climate Modeling
- Prediction Tools
- Carbon Capture Technologies
- Others
- By Product
- Hardware
- Software
- By End-User
- Agriculture
- Energy & Utilities
- Industrial
- Transportation
- Others
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- UK
- Germany
- France
- Italy
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- Japan
- China
- India
- South Korea
- Indonesia
- Thailand
- Others
- North America
Table of Contents
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
5. CLIMATE TECH MARKET BY TYPE
6. CLIMATE TECH MARKET BY PRODUCT
7. CLIMATE TECH MARKET BY END-USER
8. CLIMATE TECH MARKET BY GEOGRAPHY
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
10. COMPANY PROFILES
Companies Mentioned
Some of the key companies profiled in this Climate Tech Market report include:- Microsoft
- IBM
- Ørsted A/S
- Xylem
- IsoMetrix
- Intelex Technologies
- Pachama, Inc.
- ENGIE
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 146 |
Published | September 2024 |
Forecast Period | 2024 - 2029 |
Estimated Market Value ( USD | $ 53.95 billion |
Forecasted Market Value ( USD | $ 125.3 billion |
Compound Annual Growth Rate | 18.3% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |