Austin, July 17, 2024 (GLOBE NEWSWIRE) -- The SNS Insider report estimates the Decarbonization Market Size at USD 311.71 billion in 2023, with a projected CAGR of 31.24% to reach USD 3.54 trillion by 2032.
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The growing pressure to minimize environmental liabilities with restrictions on long-term operational risks is hugely influencing companies to adopt the latest ecological safety solutions. The global decarbonization market is also widely expanding its wings because of rigid legislations and compliances fixed by different government bodies and organizations across various industries.
Using diesel or petroleum-based substances, rich in carbon content, for the present world transport system has already indicated that electric vehicles possess an extremely bright prospect in reducing carbon emissions. Furthermore, many companies have been revising or bringing forward pre-planned low-carbon hydrogen production following legislation in pursuit of medium-term growth opportunities. For example, the German powertrain and propulsion system producer Bosch is working on an investment of $200 million into its US facility for the production of fuel cell stacks.
Growing industrial electricity demand and increasing adoption of greener solutions are powering the growth of the global decarbonization market. Other factors likely to boost the market are technological advancements in manufacturing and industrialization, as well as increased research and development efforts.
Complying with environmental regulations will act as a driver for the global decarbonization market during the forecast period, as various governments and multiple organizations have enforced reductions in carbon footprints. Furthermore, the decarbonization market is of paramount importance to the present evolution in shifting towards cloud-based computing and a digital economy; hence, it's creating a demand for carbon footprint monitoring software that tracks emission profiles electronically.
Decarbonization Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 311.71 billion |
| Market Size by 2032 | USD 3.54 trillion |
| CAGR | 31.24% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Segment Analysis
The Energy and Utility dominated the decarbonization market with a revenue share of about 25% in 2023. Major factors contributing to this dominating position are: Energy and Utility companies are leading from the front in global initiatives to minimize carbon emissions through regulatory pressures and consumer behavior related to a shift in choice towards cleaner energy sources. Such firms have invested heavily in projects related to wind and solar farms, among others, apart from adopting new technologies such as carbon capture and storage that will help the environment. Contributed to this is the fact that the critical role played by this sector in supplying essential services means that decarbonization efforts within Energy and Utility have immense spillover effects into other sectors, further entrenching its market leadership.
Recent Developments
- May 2023: APM Terminals Bahrain announced a BHD3.8 million (USD10 million) solar project that was launched at Khalifa Bin Salman Port, resulting in energy self-sufficiency before the end of the same year. The next process cut 65% of the carbon emissions, becoming the region's first fully self-sufficient seaport to generate 18.5 GW every year with the installed 20,000 solar panels.
- May 2023, Dassault Systèmes teamed up with Envision Digital to accelerate industrial decarbonization by using virtual twin technology through the EnOS system from Envision Digital and the 3DEXPERIENCE platform from Dassault Systèmes in order to optimize sector-wide operations.
- May 2023: The US Department of Energy announced its Clean Fuels & Items Shot initiative for at least an 85% reduction of GHF emissions from carbon-based fuels and everyday products across the nation by 2035.
Regional Analysis
North America held more than 35% of the market share in 2023. Rising concerns regarding climate change in the United States and Canada act as a driver for North America. North America is likely to capture a substantial share of the global market during the forecast period due to the large amount invested in research and development by major corporations, especially the presence of several IT companies, and stringent EPA rules that provide potential growth for the market. One of the major reasons for domination could be attributed to the huge core target market in advanced economy nations.
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SNS View on Decarbonization Market
The decarbonization market has become significant, considering the sober role played in helping surmount the global climate challenge. The analysts emphasize that this is a market in growth, driven by regulatory frameworks that have stiffened across the world and have forced industries to take sustainable measures. Technological innovation in renewable energy and carbon capture technologies will help achieve goals of reducing emissions. Analysts underline both the necessity of environmental requirements and the strategic investments that come with decarbonization. Many of these initiatives will be value-driving in the long term, putting companies in position at the forefront during regulatory evolution and investor scrutiny over basic metrics related to sustainability.
Key Takeaways:
- The increasing adoption of renewable energy solutions drives market growth.
- Support from regulatory and policy incentives therefore turns out to be essential drivers of the market dynamics.
- Technological advances occurring in carbon capture and storage therefore become a major factor toward meeting reduction goals on emissions.
- Regional disparities underline the fact that different strategies should be designed to maximize the potential of the market.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Decarbonization Market Segmentation, By Service Type
8. Decarbonization Market Segmentation, By Technology
9. Decarbonization Market Segmentation, By Deployment Mode
10. Decarbonization Market Segmentation, By End-Use Industry
11. Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion
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