CHICAGO, July 18, 2024 /PRNewswire/ -- Climate Adaption
Market in terms of revenue was estimated to be worth
$23.2 billion in 2024 and is poised
to reach $40.4 billion by 2030,
growing at a CAGR of 9.7% from 2024 to 2030 according to a new
report by MarketsandMarkets™.
The climate adaptation market is experiencing robust growth due
to several new drivers. Firstly, advancements in climate modeling
and data analytics are enabling more precise predictions of climate
impacts, encouraging investment in adaptation technologies.
Secondly, the increasing integration of Internet of Things (IoT)
and artificial intelligence (AI) in climate monitoring systems
enhances real-time data collection and response capabilities.
Thirdly, corporate social responsibility (CSR) initiatives are
pushing companies to adopt sustainable practices, including climate
adaptation strategies, to improve their public image and meet
stakeholder expectations. Additionally, there is a growing
recognition of the economic benefits of proactive adaptation
measures, such as reduced damage costs and enhanced operational
efficiency, which is spurring further investment.
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Browse in-depth TOC on "Climate Adaption
Market"
248 - Tables
51 - Figures
255 -
Pages
Climate Adaption Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$23.2
billion
|
Estimated Value by
2030
|
$40.4
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 9.7%
|
Market Size Available
for
|
2020–2030
|
Forecast
Period
|
2024–2030
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
By Solution, and By End
user
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Middle East and Africa, and South
America
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Mounting investment in
carbon removal technologies
|
Key Market
Drivers
|
Increasing extreme
weather events
|
Government agencies, by End User, hold the second-largest
market in Climate Adaption Market.
The Government agencies segment secures the second-largest
market share within the Climate Adaption Market by end user
segment, driven by several key factors. Government agencies are
increasingly leveraging early climate warning systems and
environment monitoring technologies to enhance their ability to
predict and respond to climate-related risks. By deploying advanced
meteorological tools and real-time data analytics, these agencies
can anticipate extreme weather events such as hurricanes, droughts,
and floods more accurately. This predictive capability allows
governments to implement proactive measures to protect communities,
infrastructure, and natural resources, thereby reducing potential
damage and improving resilience. Furthermore, the integration of
these systems supports evidence-based policymaking and strategic
planning in adapting to changing climate conditions.
Direct Air Capture and Carbon Storage (DACCS) technology, by
Technology-based Solutions, to be the third-largest market
segment.
Direct air capture (DAC) technology is emerging as a pivotal
driver in the climate adaptation market, offering a promising
solution to reduce atmospheric CO2 levels. By directly removing
carbon dioxide from the air using specialized chemical processes,
DAC addresses the challenge of mitigating emissions from
difficult-to-decarbonize sectors like aviation and agriculture.
This technology not only complements traditional carbon capture
methods but also enables carbon removal from dispersed sources,
enhancing flexibility in climate mitigation strategies. Moreover,
DAC presents opportunities for carbon-neutral or even
carbon-negative solutions, making it an attractive option for
industries and governments striving to achieve ambitious climate
targets and enhance environmental sustainability on a global
scale.
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Europe to emerge as the
third-largest Climate Adaption Market.
The Europe region holds the
third-largest market share in the global Climate Adaption Market
due to a confluence of factors driving significant growth
potential. Based on country, the market has been segmented into
Norway, the UK, France, Italy, the
Netherlands, and the Rest of Europe. The Rest of Europe includes Belgium, Sweden, Ireland, Spain, and Poland. Norway has actively reduced carbon emissions
since 1990, with upcoming CCUS projects in the Netherlands and the UK set to advance the
region's efforts. The EU leads in climate action by employing CCUS
and negative emission technologies to meet ambitious
decarbonization goals. Key initiatives include the CCS Directive,
Innovation Fund, and EU Emissions Trading System (EU ETS), which
support legislative frameworks, promote technological advancements
and incentivize carbon capture. It also excels in environmental
monitoring and early climate warning systems, using advanced
satellite technology and climate models to provide early warnings
for extreme weather events.
Key Players
Key players in the global Climate Adaption
Market include Baker Hughes Company (US), Exxon Mobil
Corporation (US), Climeworks (Switzerland), INTERNATIONAL BUSINESS MACHINES
CORPORATION (US), and Vaisala (Finland).
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Get access to the latest updates on Climate Adaption
Companies and Climate Adaption Industry Growth
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