Assessing Consumer Behavior in Climate Tech Market 2024: Insights and Preferences

The Climate Tech Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Climate Tech Global Market Report 2024, The climate tech market size is expected to see exponential growth in the next few years. It will grow to $63.42 billion in 2028 at a compound annual growth rate (CAGR) of 24.8%.  The growth in the forecast period can be attributed to shift towards a circular economy and the adoption of circular supply chains, technological innovations in energy storage and grid modernization, demand for clean transportation solutions, including electric vehicles and alternative fuels, rising consumer awareness and demand for environmentally friendly products and services, increasing adoption of smart city initiatives and sustainable urban development, focus on sustainable agriculture and food production practices, and need for climate-resilient infrastructure and disaster preparedness. Major trends in the forecast period include renewable energy expansion, energy storage innovations, electric vehicle (EV) adoption, circular economy initiatives, and climate data analytics.

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.

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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

Major companies operating in the climate tech market are developing innovative products such as environmental intelligence suites to provide environmental insights. Environmental Intelligence Suite is a collection of AI-based software tools aimed at helping organizations prepare for and respond to weather and climate-related disruptions. For instance, in October 2021, IBM Corporation, a US-based technology company, launched an environmental intelligence suite to help organizations assess their impact on the environment, reduce the complexity of regulatory compliance and reporting, and create more efficient business operations to reduce resource consumption and plan for resiliency in the face of climate disruptions. The suite leverages AI, weather data, climate risk analytics, and carbon accounting capabilities to provide environmental insights, monitor for disruptive environmental conditions, predict potential impacts of climate change, and measure and report on environmental data.

The climate tech market report table of contents includes:

1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis

Major Players:

• Microsoft Corporation
• General Electric Company
• IBM Corporation
• BYD Auto Co. Ltd.
• Schneider Electric

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