Climate Adaptation Market Report 2024 - Climate Adaptation Market Trends

"The Business Research Company recently released a comprehensive report on the Global Climate Adaptation Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The climate adaptation market size has grown rapidly in recent years. It will grow from $20.87 billion in 2023 to $23.11 billion in 2024 at a compound annual growth rate (CAGR) of 10.8%. The growth in the historic period can be attributed to government policies and regulations, an increase in extreme weather events, rising carbon emissions, funding projects for infrastructure, and urbanization.

The climate adaptation market size is expected to see rapid growth in the next few years. It will grow to $34.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%. The growth in the forecast period can be attributed to increasing demand for pest control measures, industrial growth, population growth, water management, and increasing awareness. Major trends in the forecast period include carbon removal technologies, technology-based solutions, innovative solutions, automation, and machine learning.

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Market Drivers and Trends:
The increasing carbon emissions are expected to propel the growth of the climate adaptation market going forward. Carbon emissions are the release of carbon compounds, primarily carbon dioxide (CO2) and methane (CH4), into the atmosphere, mainly from burning fossil fuels and industrial processes, contributing significantly to climate change and global warming. Factors contributing to increasing carbon emissions include population growth, rising energy consumption, industrial expansion, urbanization, and reliance on fossil fuels for energy production. With carbon emissions continuing to rise, the urgency for implementing effective climate adaptation strategies has led to advancements in technology-based solutions, such as carbon capture and storage (CCS) and direct air capture (DAC), which are integral to the climate adaptation market's growth. For instance, in February 2024, according to the Department for Energy Security and Net Zero, a UK-based government department focused on the energy portfolio, there has been an increasing greenhouse gas emissions from domestic transport to 113.2 MtCO2e in 2022, a 2% rise from 2021. Therefore, the increasing carbon emissions are driving the climate adaptation market.

Major companies operating in the climate adaptation market are focusing on developing advanced products such as carbon management technologies to enhance efficiency, reduce emissions, and cater to the growing demand for effective climate solutions in various industries. Carbon management technologies are innovative systems designed to capture, store, or reduce carbon emissions from industrial processes, enabling organizations to meet sustainability goals and comply with regulatory requirements. For instance, in September 2024, Baker Hughes, a US-based energy technology company, launched CarbonEdge, an advanced carbon management solution designed associated with climate adaptation efforts applications across multiple industries, offering real-time monitoring and analysis of carbon emissions. It utilizes cutting-edge sensor technology to provide precise emission data, allowing industries to optimize operations and reduce their carbon footprint effectively. CarbonEdge is based on Baker Hughes' considerable experience in energy technology, provides dependable performance and significant environmental benefits for businesses looking to improve their sustainability efforts.

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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.

Major Key Players of the Market:
Exxon Mobil, Accenture* plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited, Baker Hughes, Jacobs Engineering, WSP Global, Xylem Inc., Mott MacDonald, Tetra Tech, Ramboll, Dewberry, Esri, RPS Group plc, Vaisala, Sierra Club, Campbell Scientific Inc., The Carbon Trust, Carbon Engineering ULC, DNV GL, ClimeCo LLC, AquaBounty Technologies, BARANI DESIGN Technologies, EcoMetrix Solutions Group, Arup Group Limited

Climate Adaptation Market 2024 Key Insights:
• The climate adaptation market size is expected to see rapid growth in the next few years. It will grow to $34.98 billion in 2028 at a compound annual growth rate (CAGR) of 10.9%.
• Rising Carbon Emissions Fuel The Growth Of The Climate Adaptation Market
• Innovative Carbon Management Solutions Lead The Way In Climate Adaptation
• Asia-Pacific was the largest region in the climate adaptation market in 2023

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This release was published on openPR.