New York, July 04, 2023 (GLOBE NEWSWIRE) -- According to Persistence Market Research, the global climate resilient technologies market is forecasted to progress at a CAGR of 17.9% and reach a valuation of US$ 86.13 billion by the end of 2033.
Energy-efficient technologies and practices are in high demand as they help reduce energy consumption and lower greenhouse gas emissions. This includes energy-efficient appliances, smart grid systems, LED lighting, insulation, and efficient building designs. Energy efficiency not only reduces carbon footprints but also leads to cost savings for individuals and businesses.
With changing weather patterns and increasing risks to food production, there is a need for climate-smart agricultural practices and technologies. This includes precision farming, drip irrigation, drought-tolerant crop varieties, agroforestry, and soil conservation techniques. These practices aim to enhance agricultural productivity while reducing environmental impacts.
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Key Takeaways from Market Study
- The global climate resilient technologies market stands at US$ 16.59 billion in 2023.
- Resilience solutions accounted for a leading market share of 57.8% in 2022.
- By enterprise size, the large enterprises segment is estimated to expand at a CAGR of 19.5% through 2033.
- By vertical, power generation and distribution held a market share of 23.6% in 2022.
“Market growth is driven by several key factors, including the transition toward renewable energy sources such as solar, wind, and hydroelectric power, which can effectively reduce carbon emissions and dependence on fossil fuels. Adoption of electric vehicles (EVs) also leads to reduced environmental pollution,” says a Persistence Market Research analyst.
Growing Adoption of Carbon Capture and Storage (CCS) Driving Climate Resilient Technologies Market
By promoting the development and deployment of CCS technologies, governments and businesses can demonstrate their commitment to reducing carbon emissions and transitioning to a low-carbon economy. This drives the demand for CCS technologies and encourages investment in research and development, innovation, and infrastructure for CCS. The captured carbon dioxide can be utilized in industrial processes or for enhanced oil recovery.
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More Valuable Insights on Offer
Persistence Market Research’s report on the climate resilient technologies industry is segmented into four sections – solution (climate resilience solutions, services [integration & implementation, consulting services, support & maintenance]), enterprise size (small offices [1 to 9 employees], small enterprises [10 to 99 employees], medium-sized enterprises [100 to 499 employees], large enterprises [500 to 999 employees], very large enterprises [1000+ employees]), industry (agriculture, energy & utilities, others), and region (North America, Latin America, East Asia, South Asia & Pacific, Western Europe, Eastern Europe, Central Asia, Russia & Belarus, Balkans & Baltics, and the Middle East and Africa [MEA]).
Competitive Landscape
The competitive landscape of the climate resilient technologies market is characterized by the presence of various companies offering innovative solutions to address climate change challenges. The market is dynamic, with both established players and emerging startups striving to gain a competitive edge.
Some of the leading players in the market include: 3M, TerraFuse, Inc., ClimateAi, inc., Climavision, Challenergy Inc., Arup Group Limited, Kingspan Group, Saint-Gobain Group, Gro Intelligence, Inc., Nephila Capital Ltd.
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Recent Developments
- Tesla (2021): Tesla, the electric vehicle and clean energy company, announced plans to build a "gigafactory" in Berlin, Germany, which would focus on manufacturing electric vehicles and renewable energy products. This investment reflects their commitment to sustainable transportation and renewable energy solutions.
- Microsoft (2021): Microsoft announced its commitment to become carbon negative by 2030 and remove all the carbon it has emitted since its founding in 1975 by 2050. They pledged to invest $1 billion in a new climate innovation fund to accelerate the development of carbon reduction, capture, and removal technologies.
- Apple (2021): Apple announced its plan to become carbon neutral across its entire supply chain and product life cycle by 2030. The company has been transitioning its operations to run on 100% renewable energy and investing in renewable energy projects globally.
For additional information on how the climate resilient technologies market will shape up in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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About the Electronics, Semiconductors, and ICT Division at Persistence Market Research
Expert analysis, actionable insights, and strategic recommendations – the Electronics, Semiconductor, and ICT team at Persistence Market Research helps clients from all over the globe with their unique business intelligence needs. With a repository of over 500 reports on electronics, semiconductors, and ICT, of which 100+ reports are specific for ICT, the team provides end-to-end research and analysis on regional trends, drivers for market growth, and research development efforts in the electronics, semiconductor, and ICT industry.
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