Decarbonization Market Size, Share & Trends Analysis Report By Technology, By Service (Carbon Accounting & Reporting, Sustainable Transportation Services), By Deployment, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Decarbonization Market Size, Share & Trends Analysis Report By Technology, By Service (Carbon Accounting & Reporting, Sustainable Transportation Services), By Deployment, By End-use, By Region, And Segment Forecasts, 2023 - 2030

Decarbonization Market Growth & Trends

The global decarbonization market size is expected to reach USD 4.06 trillion by 2030, registering a CAGR of 11.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Decarbonization is about reducing CO2 emissions resulting from human activity, with the eventual goal of eliminating them. Technologies for decarbonization are advancing quickly. Sector-specific energy efficiency and demand-side policies will continue to impact and primarily coincide with investment and retrofit cycles. In hard-to-decarbonize industries, CCUS (Carbon capture, utilization, and storage) and hydrogen will co-exist and play a crucial balancing role with effects seen after 2030.

The transition to Net Zero will involve many dimensions covering infrastructure, technology, capital, and above all people who will need to act together to make this happen. To accelerate the transformation required to reach Net Zero by 2050, the Climate Ambition Alliance was formed ahead of the 2021 United Nations Climate Change Conference, also known as COP26,6, to align decarbonization efforts by countries, corporations, cities and further facilitate the countries to submit their enhanced nationally determined contributions (NDCs), targeting the emission reduction requirements. As of September 2020, more than 120 countries have committed to Net Zero targets through the Climate Ambition Alliance.

Globally, an increasing number of companies have made climate change mitigation commitments to chart a path towards decarbonization. A larger number of companies are now going for public disclosure on their emissions and setting ambitious targets for themselves. Several initiatives including science-based targets initiative,13 UN – Global Impact, Business Ambition for 1.5°C, and 14 B- Corps commitment to reach Net Zero, have witnessed enhanced corporate participation in recent years.

Significant initiatives by governments are fueling the market growth. For instance, The government of Japan has set goals for reaching carbon neutrality by 2050 and cutting carbon emissions by 50% by 2030. For instance, in September 2022, GE Renewable Energy declared the company had been chosen as the provider for the Fukaura Wind Farm in Japan by GPI (Green Power Investment). The project is GE's third with GPI in Japan and will include 19 units of the 4.2-117 onshore wind turbine. A 10-year full-service contract with the option of an extension is also included in the agreement. Tohoku Electric Power Co., Inc. is assisting the project as a strategic partner in GPI's efforts in the Tohoku region.

Decarbonization Market Report Highlights

• Based on technology, the renewable energy technologies segment led the market and accounted for over 69% share of the global revenue in 2022. Renewable energy plants in regions have increased owing to the stringent government regulations regarding emissions. The power scenario in the country has been witnessing a change with the increased adoption of gas-based and renewable power sources as compared to coal-based power generation
• Based on service, the sustainable transportation services segment led the market and accounted for over 48% share of the global revenue in 2022. Sustainable transportation services refer to options and solutions that prioritize environmental sustainability, reduce carbon emissions, minimize resource consumption, and promote social and economic well-being
• Based on deployment, the cloud segment is expected to grow at the fastest CAGR over the forecast period. Deploying decarburization over the cloud is cost-effective, highly scalable, and provides easier execution, maintenance, and upgrades. This is expected to bode well for the growth of the segment
• The oil and gas end-use industry contributes significantly to global greenhouse gas emissions through the extraction, production, and use of fossil fuels. Decarbonization in the oil and gas sector refers to attempts to minimize the industry's carbon footprint and transition to a more sustainable and low-carbon energy future
• The expanding installation of solar power projects in China and India is driving the demand for renewable energy solutions in the Asia Pacific

Please note The report will be delivered in 2-3 business days upon order notification.