Decarbonization Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Decarbonization Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of the Decarbonization Market

The global decarbonization market size stood at USD 1,940.23 billion in 2023. The market is anticipated to rise from USD 2,061.35 billion in 2024 to USD 5,515.54 billion by 2032, registering a CAGR of 13.09% from 2024 to 2032.

Decarbonization is achieved by substituting fossil fuels with clean and renewable energy alternatives, such as wind, solar, and electric vehicles. Asia Pacific and Europe are focusing on decreasing carbon as these regions are releasing more greenhouse gases in their countries. Moreover, increasing consciousness about climate change is fostering market expansion.

Decarbonization plays a pivotal role in combating global warming, driven by greenhouse gases, which lead to extreme weather events and harm biodiversity. Companies are embracing decarbonization strategies, including renewable energy, electric vehicles, and grid technology, to meet climate goals and reduce carbon footprints. Hence, increasing emphasis on climate change activities is propelling the decarbonization market growth.

Comprehensive Analysis of the Decarbonization Market

By service, the global market is divided into carbon accounting & reporting services, waste reduction & circular economy services, and sustainable transportation services. Sustainable transportation services dominate the global market due to the presence of numerous transport solutions across the globe. On the basis of technology, the market is categorized into renewable energy technologies, energy efficiency solutions, Electric Vehicles (EVs) & transportation, grid technology, nuclear, and others. Renewable energy technologies lead the global market due to growing financial backing for wind and solar energy infrastructures. Based on the end-use industry, the market is classified into automotive & transportation, agriculture, energy & utility, buildings, industry, and others. The automotive & transportation segment captures a leading decarbonization market share due to increasing reliance on electric vehicles and transportation services.

Asia Pacific dominated the global market owing to the surging adoption of decarbonization practices in Japan and China due to a rise in greenhouse gas emissions. Market growth in North America is driven by its rising concentration of greenhouse gas emissions by applying climate guidelines in countries. The U.S. emphasizes the zero carbon emission goals, which are contributing to market expansion in the region.

Deloitte (U.K.), Accenture (Ireland), Siemens (Germany), IBM (U.S.), Dakota Software (U.S.), EnergyCap (U.S.), Air Liquide (France), Nippon Yusen Kabushiki Kaisha (NYK) (Japan), ZF Friedrichshafen (Germany), and ReNew (India) are some of the key companies in the market. Major market participants emphasize building a solid product portfolio and making investments to stay ahead of the curve. In August 2024, Air Liquide, a frontrunner in gas technology, planned to allocate up to USD 850 million toward the construction and operation of four Large Modular Air parting units, along with the necessary infrastructure. This initiative is part of a long-term, binding agreement with ExxonMobil aimed at advancing their upcoming low-carbon hydrogen project in Baytown, TX.

Segmentation Table

Global Decarbonization Market Scope

Study Period 2019-2032

Base Year 2023

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 13.09% from 2024 to 2032

Unit Value (USD Billion)

Segmentation By Service, Technology, End-Use Industry, and Region

Segmentation By Service

Carbon Accounting & Reporting Services

Waste Reduction & Circular Economy Services

Sustainable Transportation Services

By Technology

Renewable Energy Technologies

Energy Efficiency Solutions

Electric Vehicles (EVs) & Transportation

Grid Technology

Nuclear

Others

By End-Use Industry

Automotive & Transportation

Agriculture

Energy & Utility

Buildings

Industry

Others

By Region

North America (By Service, Technology, End-Use Industry, and Country)

U.S. (By End-Use Industry)

Canada (By End-Use Industry)

Europe (By Service, Technology, End-Use Industry, and Country)

U.K. (By End-Use Industry)

Germany (By End-Use Industry)

France (By End-Use Industry)

Italy (By End-Use Industry)

Spain (By End-Use Industry)

Rest of Europe (By End-Use Industry)

Asia Pacific (By Service, Technology, End-Use Industry, and Country)

Japan (By End-Use Industry)

India (By End-Use Industry)

China (By End-Use Industry)

Australia (By End-Use Industry)

South Korea (By End-Use Industry)

Rest of Asia Pacific (By End-Use Industry)

Latin America (By Service, Technology, End-Use Industry, and Country)

Brazil (By End-Use Industry)

Mexico (By End-Use Industry)

Rest of Latin America (By End-Use Industry)

Middle East & Africa (By Service, Technology, End-Use Industry, and Country)

GCC (By End-Use Industry)

South Africa (By End-Use Industry)

Rest of the Middle East & Africa (By End-Use Industry)