Overview and Scope
Climate tech refers to technologies, innovations, and solutions aimed at addressing climate change challenges. These technologies are designed to reduce greenhouse gas emissions, increase energy efficiency, promote renewable energy adoption, enhance climate resilience, and support sustainable practices across various sectors.
Sizing and Forecast
The climate tech market size has grown exponentially in recent years. It will grow from $20.79 billion in 2023 to $26.12 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to increasing concerns about climate change and its impacts on the environment, growing awareness and demand for sustainable and eco-friendly solutions, government initiatives and policies promoting renewable energy and environmental sustainability, advancements in technology, rising investment in clean energy and climate-related projects, corporate commitments to reduce carbon footprint and adopt sustainable practices.
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Segmentation & Regional Insights
The climate tech market covered in this report is segmented –
1) By Component: Climate Tech Solutions, Services
2) By Technology: Internet of Things (IoT), Artificial Intelligence (AI) And Analytics, Digital Twin, Cloud Computing, Security, Blockchain
3) By Application: Carbon Footprint Management, Green Building, Water Purification, Soil Condition Or Moisture Monitoring, Crop Monitoring, Forest Monitoring, Weather Monitoring And Forecasting, Air And Water Pollution Monitoring, Sustainable Mining And Exploration
North America was the largest region in the climate tech market in 2023. The regions covered in the climate tech market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The government regulations and policies are expected to propel the growth of the climate tech market going forward. Government regulations and policies refer to the rules, guidelines, and initiatives implemented by governments to address climate change and promote sustainable development. Government regulations and policies help create a favorable environment for climate tech innovation, investment, and deployment, ultimately contributing to the transition to a more sustainable and low-carbon economy. For instance, in January 2021, according to US Climate 2021 Highlights, reported by the White House, a US-based organization 2021, the United States set ambitious climate targets, aiming to reduce its greenhouse gas emissions by 50-52% levels by 2030 and achieve 100% carbon pollution-free electricity by 2035. Therefore, government regulations and policies are driving the growth of the climate tech market.
Key Industry Players
Major companies operating in the climate tech market report are Microsoft Corporation, General Electric Company, IBM Corporation, BYD Auto Co. Ltd., Schneider Electric, Salesforce Inc, Climate Investor One, Wolters Kluwer N.V., Molten Ventures, ENGIE Insight Services Inc., Consensys, Form Energy, Intelex Technologies, Enablon North America Corp., Climeworks AG, AMP Robotics Corporation, Isometrix, Sensus, Taranis, Enviance Inc., Bedrock Energy, Breakthrough Energy Ventures, Trace Genomics, Hortau Inc., LO3 Energy
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