The North America Clean Technology Market is expected to witness market growth of 11.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America Clean Technology Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $343.50 billion by 2031. The Canada market is experiencing a CAGR of 13.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 13.1% during 2024-2031.
The clean technology market, commonly referred to as cleantech, represents one of the most rapidly expanding industries within the global economy. It encompasses various technologies, processes, and innovations designed to reduce environmental impact, enhance energy efficiency, and promote sustainability across various sectors.
Moreover, cleantech includes renewable energy sources such as solar, wind, hydro, and bioenergy, as well as advancements in energy storage, electric vehicles (EVs), smart grids, water purification, carbon capture, and circular economy practices. In light of the growing awareness surrounding climate change, resource depletion, and environmental degradation, governments, corporations, and investors are swiftly redirecting their attention toward sustainable technology in pursuit of long-term sustainability and economic advancement.
Canada's renewable technology sector is undergoing significant transformation, with a particular emphasis on hydrogen as a pivotal element of its energy transition strategy. The government has introduced the Clean Hydrogen Investment Tax Credit (CHITC) to incentivize the production and adoption of low-carbon hydrogen. 80 low-carbon hydrogen projects are underway, representing over CAN$100 billion in potential investments. However, challenges such as the timely rollout of subsidies, development of necessary infrastructure, and establishment of consistent definitions for clean hydrogen persist. An export agreement with Germany aims to establish a CAN$600 million transatlantic hydrogen corridor, reflecting Canada's commitment to becoming a global hydrogen production and export leader.
The US market dominated the North America Clean Technology Market by country in 2023, and is expected to continue to be a dominant market till 2031; thereby, achieving a market value of $343.50 billion by 2031. The Canada market is experiencing a CAGR of 13.9% during 2024-2031. Additionally, the Mexico market is expected to exhibit a CAGR of 13.1% during 2024-2031.
The clean technology market, commonly referred to as cleantech, represents one of the most rapidly expanding industries within the global economy. It encompasses various technologies, processes, and innovations designed to reduce environmental impact, enhance energy efficiency, and promote sustainability across various sectors.
Moreover, cleantech includes renewable energy sources such as solar, wind, hydro, and bioenergy, as well as advancements in energy storage, electric vehicles (EVs), smart grids, water purification, carbon capture, and circular economy practices. In light of the growing awareness surrounding climate change, resource depletion, and environmental degradation, governments, corporations, and investors are swiftly redirecting their attention toward sustainable technology in pursuit of long-term sustainability and economic advancement.
Canada's renewable technology sector is undergoing significant transformation, with a particular emphasis on hydrogen as a pivotal element of its energy transition strategy. The government has introduced the Clean Hydrogen Investment Tax Credit (CHITC) to incentivize the production and adoption of low-carbon hydrogen. 80 low-carbon hydrogen projects are underway, representing over CAN$100 billion in potential investments. However, challenges such as the timely rollout of subsidies, development of necessary infrastructure, and establishment of consistent definitions for clean hydrogen persist. An export agreement with Germany aims to establish a CAN$600 million transatlantic hydrogen corridor, reflecting Canada's commitment to becoming a global hydrogen production and export leader.
List of Key Companies Profiled
- IBM Corporation
- ABB Ltd.
- Eaton Corporation plc
- GE Vernova Group
- Siemens AG
- Schneider Electric SE
- First Solar, Inc.
- Sungrow Power Supply Co., Ltd.
- NextEra Energy, Inc.
- Iberdrola, S.A.
Market Report Segmentation
By Application
- Commercial
- Industrial
- Residential
By Type
- Renewable Energy Technologies
- Energy Storage Solutions
- Energy Efficiency Solutions
- Water & Waste Management
- Air & Environment Management
- Agriculture & Food Systems
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. North America Clean Technology Market by Application
Chapter 6. North America Clean Technology Market by Type
Chapter 7. North America Clean Technology Market by Country
Chapter 8. Company Profiles
Companies Mentioned
- IBM Corporation
- ABB Ltd.
- Eaton Corporation plc
- GE Vernova Group
- Siemens AG
- Schneider Electric SE
- First Solar, Inc.
- Sungrow Power Supply Co., Ltd.
- NextEra Energy, Inc.
- Iberdrola, S.A.
Methodology
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