Climate Tech Market
Growth Factors of Climate Tech Market
The climate tech market size was valued at USD 20.43 billion in 2023, and the market is now projected to grow from USD 25.32 billion in 2024 to USD 149.27 billion by 2032, exhibiting a CAGR of 24.8% during the forecast period of 2024-2032.
During the COVID-19 pandemic, public equities surged, reaping benefits the climate tech market, however this momentum waned due to the Russia-Ukraine battle and shifting government priorities. Supply chain disruptions additionally negatively impacted the market. Despite those demanding situations, developing awareness, digital transformation, and net-zero initiatives have pushed latest market boom. A high-quality shift is anticipated within the climate tech region inside the coming years.
Key drivers of the market include heightened public consciousness and strong governmental aid. Many corporations and international locations have set net-zero targets for 2050, aligning with the Paris Agreement's purpose to limit worldwide warming to 1.5°C. These entities intention to reduce emissions by 45% with the aid of 2030 and acquire net-zero emissions by using 2050.
Current market trends include technological improvements, regulatory changes, and heightened environmental focus. Companies are accelerating efforts to attain net-zero targets by using expanding renewable strength use, electrifying transportation, and emphasizing circular economic system and waste control projects. These tendencies reflect a broader commitment to sustainability and environmental responsibility.
Comprehensive Analysis of Climate Tech Market
The climate tech market growth is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the industry. These segmentations are methodically segregated by enterprise type analysis, by technology analysis and by application analysis. By enterprise type analysis incudes large enterprises and SMEs. By technology analysis incudes IoT, digital twins, AI, building information modeling, and others. By application analysis incudes agriculture, energy and utilities, and others.
The North America region lead the climate tech market share by benefitting a market size of USD 7.51 billion in 2023 due to its substantial investments in clean technology and sustainability initiatives.
The top players in the market play a crucial role in the technology industry assuring industrial prospectus growth and setting market standards. These players include, Google LLC (Alphabet, Inc.), Ørsted, Climeworks, Intelex Technologies, Pachama, Inc., Schneider Electric, CropX Inc., General Electric Co, IsoMetrix, Microsoft Corporation these market players provide a level-playing competitive landscape.
In May 2024, Schneider Electric partnered with Crux to secure Section 45X Advanced Manufacturing Production Tax Credits from Silfab Solar, leveraging the Inflation Reduction Act to boost renewable energy infrastructure and sustainability.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 24.8% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Enterprise Type
By Technology
- IoT
- Digital Twins
- AI
- Building Information Modeling
- Others (Agent-based Modeling)
By Application
- Sustainable Farming
- Crop Yield/Health Stability
- Agriculture Research
- Livestock Monitoring
- Water Management
- Soil Management
- Others (Smart Farming)
- GHG Emissions
- Weather Monitoring
- Smart Grid Optimization
- Power Generation & Distribution
- Renewable Energy
- Others (Sustainable Mobility)
By Region
- North America (By Enterprise Type, Technology, Application, and Country)
- U.S.
- Canada
- Mexico
- South America (By Enterprise Type, Technology, Application, and Country)
- Brazil
- Argentina
- Rest of South America
- Europe (By Enterprise Type, Technology, Application, and Country)
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Benelux
- Nordics
- Rest of Europe
- Middle East & Africa (By Enterprise Type, Technology, Application, and Country)
- Turkey
- Israel
- GCC
- North Africa
- South Africa
- Rest of the Middle East & Africa
- Asia Pacific (By Enterprise Type, Technology, Application, and Country)
- China
- Japan
- India
- South Korea
- ASEAN
- Oceania
- Rest of the Asia Pacific
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