According to a recent report published by Future Market Insights (FMI), the global climate tech market is estimated to showcase a noteworthy CAGR of around 24.2% from 2022 to 2032.
The report states that the global market is expected to reach a valuation of ~US$ 16.9 Billion by the end of 2022 and ~US$ 147.5 Billion by 2032. Stringent regulations to control climate pollution in major economies would drive demand for climate tech solutions and services.
Demand for climate tech solutions is expected to grow rapidly across a wide range of industries, including utilities, power & energy, transportation & logistics, and oil & gas. The climate tech market is expected to grow at a rapid pace as a result of increased use of advanced technologies to monitor various forms of pollutants.
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Key Takeaways: Climate Tech Market
- By component, the solutions segment is anticipated to account for the largest share of 7% in the global climate tech market by 2032.
- By technology, the blockchain segment is estimated to grow at a robust CAGR of 9% during the forecast period.
- By application, the carbon footprint management segment is set to grow at 6% CAGR during the evaluation period.
- The U.S. accounted for about 3% of the North America climate tech market share in 2021.
- The global climate tech market exhibited a CAGR of around 5% during the historical period (2017-2021).
“Emergence of Industry 4.0 to promote the use of sustainable practices and eco-friendly technology for reducing power and energy consumption is projected to drive demand for climate tech,” says a FMI analyst.
Promotion of Green Technology by Government Agencies to Drive the Global Market
The global climate tech market is set to expand at a rapid pace as consumers and businesses are becoming more conscious about the negative effects of climate change. Various countries are also focusing on using renewable energy sources to cut back on pollution and provide a brighter future to the next generation.
Key players worldwide are investing huge sums in renewable energy projects to support the advancement of various sectors, including transportation. Government agencies are also attempting to promote green technologies, which would aid growth.
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More Valuable Insights on Climate Tech Market
Future Market Insight’s report on climate tech market industry research is segmented into five major sections – component (solutions, and services [consulting, integration & deployment, and support & maintenance]), technology (IoT, AI & analytics, digital twin, cloud computing, security, and blockchain). Application (carbon footprint management, green building, water purification, soil condition/moisture monitoring, crop monitoring, forest monitoring, weather monitoring and forecasting, air & water pollution monitoring, and sustainable mining & exploration), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the climate tech demand outlook.
Climate Tech Outlook by Category
By Component:
- Climate Tech Solutions
- Services
- Consulting
- Integration and Deployment
- Support and Maintenance
By Technology:
- IoT
- AI and Analytics
- Digital Twin
- Cloud Computing
- Security
- Blockchain
By Application:
- Carbon Footprint Management
- Green Building
- Water Purification
- Soil Condition/Moisture Monitoring
- Crop Monitoring
- Forest Monitoring
- Weather Monitoring and Forecasting
- Air and Water Pollution Monitoring
- Sustainable Mining and Exploration
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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