New York, United States , Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Climate Tech Market Size is to Grow from USD 19.3 Billion in 2023 to USD 162.2 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 23.72% during the projected period.
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"Climate tech" refers to technologies specifically made to lessen greenhouse gas emissions or the effects of global warming. These developments are intended to reduce greenhouse gas emissions, increase energy efficiency, promote the use of renewable energy sources, strengthen climate resilience, and support environmentally friendly corporate practices in a variety of sectors. The climate tech industry is expected to continue growing rapidly during the forecast period, offering plenty of chances for investment and innovation in the battle against climate change. Due to the increasing difficulties brought about by climate change, including extreme weather events, rising sea levels, and declining biodiversity, there is a growing need for climate tech solutions. The need to reduce reliance on fossil fuels is driving a global shift towards clean and renewable energy sources, which is driving the adoption of climate tech. Due to stringent environmental regulations and international government targets for carbon reduction, enterprises are using climate tech to meet sustainability standards. However, in particular, for small and medium-sized enterprises (SMEs) with limited funding, the substantial upfront cost required for the adoption of climate tech can serve as a barrier.
Browse key industry insights spread across 208 pages with 117 Market data tables and figures & charts from the report on the "Global Climate Tech Market Size, Share, and COVID-19 Impact Analysis By Components (Climate Tech Solutions and Services), By Technology (IoT, Analytics, Cloud Computing, Blockchain, and Others), By Application (Carbon Footprint Management, Green Building, Water Purification, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The climate tech solutions segment is anticipated to hold the greatest share of the global climate tech market during the projected timeframe.
On the basis of components, the global climate tech market is divided into climate tech solutions and services. Among these, the climate tech solutions segment is anticipated to hold the greatest share of the global climate tech market during the projected timeframe. The governments are enacting rules and regulations to reduce greenhouse gas emissions and promote the use of renewable energy technology.
The blockchain segment is predicted to hold the greatest share of the global climate tech market during the estimated period.
On the basis of technology, the global climate tech market is divided into IoT, analytics, cloud computing, blockchain, and others. Among these, the blockchain segment is predicted to hold the greatest share of the global climate tech market during the estimated period. The market's expansion is mostly attributable to blockchain technology, which was utilized to create a decentralized market for the buying and selling of renewable energy credits.
The green building segment is anticipated to hold the largest share of the global climate tech market during the projected timeframe.
On the basis of application, the global climate tech market is divided into carbon footprint management, green building, water purification, and others. Among these, the green building segment is anticipated to hold the largest share of the global climate tech market during the projected timeframe. These regulations, which often demand new buildings to be more energy-efficient, have contributed to the rise of green building technologies.
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North America is expected to hold the largest share of the global climate tech market over the forecast period.
North America is expected to hold the largest share of the global climate tech market over the forecast period. Government actions and laws have led to a major growth in the market for climate technology. The US government has set a goal to reduce carbon emissions by about 40% by the year 2050, according to CNBC. In addition, throughout the forecast period, the region's developed economies the USA and Canada, for instance, which make large investments in climate protection, are anticipated to drive the market.
Europe is predicted to grow at the fastest pace in the global climate tech market during the projected timeframe. The expansion of the market can be attributed to a notable regulatory push in the region toward the decarbonization of industrial activity. In addition, the European Union has set tough targets to reduce greenhouse gas emissions, which has spurred investment in clean energy sources like solar and wind power as well as energy-efficient technology like smart grids and energy storage systems.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global climate tech market include IBM, Enablon, Salesforce, Microsoft, Schneider Electric, Engie Impact, Sensus, Lo3 Energy, Isometrix, Taranis, Trace Genomics, Consensys, Cropx, Hortau, and Others.
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Recent Developments
- In March 2024, the NATO Investment Fund, NATO recently entered a new market and initiated its first business accelerator program, primarily for businesses in the climate technology space. NATO's entry into venture capital is marked by the new program, called the Defense Innovation Accelerator for the North Atlantic, or DIANA, which aims to solve security issues related to climate change.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global climate tech market based on the below-mentioned segments:
Global Climate Tech Market, By Components
- Climate Tech Solutions
- Services
Global Climate Tech Market, By Technology
- IoT
- Analytics
- Cloud Computing
- Blockchain
- Others
Global Climate Tech Market, By Application
- Carbon Footprint Management
- Green Building
- Water Purification
- Others
Global Climate Tech Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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