According to Future Market Insights, the global geoengineering market size has reached US$ 11.0 Billion in 2018. Demand for geoengineering recorded Y-o-Y growth of 15.5% in 2022, and thus, the global market is expected to reach US$ 23.9 Billion in 2023. Over the projection period 2023-2033, geoengineering solutions sales in the region are projected to exhibit 18.7% CAGR and total a market size of US$ 133.2 Billion by 2033-end.
The market growth is being propelled by notable need to address climate change and global warming. Rising greenhouse gas emissions and associated environmental changes have prompted the exploration of innovative solutions, including geoengineering, to mitigate the effects of climate change.
As geoengineering technologies continue to advance and demonstrate their value across industries, the market is expected to grow further, with new applications and use cases emerging in the future.
Other Drivers Propelling the Demand for Geoengineering include:
Challenges for Companies /Manufacturers in the Geoengineering Market:
Opportunities in the Geoengineering Industry:
Latest Trends in the Geoengineering Market:
| Attributes | Details |
|---|---|
| Geoengineering Market Size (2023) | US$ 23.9 Billion |
| Geoengineering Market Projected Size (2033) | US$ 133.2 Billion |
| Value CAGR (2023 to 2033) | 18.7% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
From 2018 to 2022, the global geoengineering market experienced a CAGR of 18.7%, reaching a market size of US$ 23.9 Billion in 2023.
From 2018 to 2022, the global geoengineering industry witnessed inclined growth due to the rising awareness of mitigating the impact of climate change. The need to reduce the carbon emission and its harm to the environment, technologies and solutions regarding eliminating the harmful greenhouse gases, led to increased adoption of geoengineering. Clean energy sources are essential for powering the technologies used in geoengineering projects.
Looking ahead, the global geoengineering industry is expected to rise at a CAGR of 18.7% from 2023 to 2033. During the forecast period, the market size is expected to reach US$ 133.2 Billion.
The geoengineering industry is expected to continue its growth course from 2023 to 2033, driven by increasing demand for solutions and technologies that will help industries such as manufacturing, energy and utility and oil and gas. The growth of the climate tech market and continuous research and development efforts are expected to drive the demand for geoengineering during the forecast period.
The market has potential for a significant growth in the Asia Pacific region due to the massive adoption of geoengineering in countries such as China, Japan and India. However, the environmentalists, activists may hinder market growth associated with geoengineering.
Principal Consultant
| Country | The United States |
|---|---|
| Market Size (US$ Billion) by End of Forecast Period (2033) | US$ 18.9 Billion |
| CAGR % 2023 to End of Forecast (2033) | 25.6% |
The geoengineering industry in the United States is expected to reach a market share of US$ 14.9 Billion by 2033, expanding at a CAGR of 25.6%. The geoengineering industry in the United States is likely to witness growth due to intensive research and development in the geoengineering solutions. Additionally, there are other factors expected to drive the growth for geoengineering in the country are:
| Country | The United Kingdom |
|---|---|
| Market Size (US$ Billion) by End of Forecast Period (2033) | US$ 15.5 Billion |
| CAGR % 2023 to End of Forecast (2033) | 29.1% |
The geoengineering industry in the United Kingdom is expected to reach a market share of US$ 15.5 Billion, expanding at a CAGR of 29.1% during the forecast period. The United Kingdom market is projected to experience growth due to United Kingdom government has shown significant support for research of greenhouse gas removal (GGR) and carbon dioxide removal (CDR). Recently, an experiment with solar geoengineering test flight was conducted, the experiment was largely conducted to test the equipment’s regarding solar radiation management. By mimicking the natural process of cooling the atmosphere by spraying sulfur dioxide in the stratosphere.
| Country | China |
|---|---|
| Market Size (US$ Billion) by End of Forecast Period (2033) | US$ 13.9 Billion |
| CAGR % 2023 to End of Forecast (2033) | 27.3% |
The geoengineering industry in China is anticipated to reach a market share of US$ 13.9 Billion, moving at a CAGR of 27.3% during the forecast period. The geoengineering industry in China is expected to grow remarkably due to the genuine concerns over not just limiting the greenhouse gas emissions but also implying geoengineering solutions in the country. As the country has suffered a backlash from peaking carbon dioxide emission, China has made a successive growth in bringing down the carbon emission.
There is an immense opportunity in China to explore, development, and build system around the idea of geoengineering to fulfill the industry requirements.
| Country | Germany |
|---|---|
| Market Size (US$ Billion) by End of Forecast Period (2033) | US$ 12.0 Billion |
| CAGR % 2023 to End of Forecast (2033) | 24.2% |
The geoengineering industry in Germany is estimated to reach a market share of US$ 12.0 Billion by 2033, thriving at a CAGR of 24.2%. The market in Germany is predicted to grow because of its ocean iron fertilization and the development of negative emissions technologies. With the increasing adoption of ocean iron fertilization Germany is mitigating the impact of the carbon dioxide which is related to climate change.
| Country | India |
|---|---|
| Market Size (US$ Billion) by End of Forecast Period (2033) | US$ 10.4 Billion |
| CAGR % 2023 to End of Forecast (2033) | 28.7% |
The geoengineering industry in India is expected to reach a market share of US$ 10.4 Billion, expanding at a CAGR of 28.7% during the forecast period. The market in India is likely to witness growth due to the increasing interest over the global climate change crisis. The geoengineering in India is in its nascent stage and has a massive scope towards research and development in the technological perspectives.
The solar radiation management (SRM) segment is expected to dominate the geoengineering industry with a CAGR of 19.1% from 2023 to 2033. This segment captures a significant market share in 2023 due to its prominent environmental benefits.
The driving factor for considering solar radiation management (SRM) as a potential geoengineering technique is the need to address the impacts of climate change and global warming. SRM aims to offset some of the warming effects caused by increased greenhouse gas concentrations in the atmosphere by reflecting a portion of the sun's energy back into space.
The carbon dioxide removal (CDR) segment is expected to dominate the geoengineering industry with a CAGR of 18.4% from 2023 to 2033. This segment captures a significant market share in 2023 due to its impact over the climate change crisis.
The primary driver for CDR is the urgent need to reduce greenhouse gas concentrations in the atmosphere, particularly CO2, to mitigate the impacts of climate change. CDR techniques seek to address the root cause of climate change by directly removing CO2, which is the most significant greenhouse gas contributing to global warming.
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The geoengineering industry is highly competitive, with numerous players vying for market share. In such a scenario, key players must adopt effective strategies to stay ahead of the competition.
Key Strategies Adopted by the Players
Companies involved in geoengineering may focus on product innovation to develop new technologies, methods, or approaches for climate engineering. This could involve advancements in solar radiation management (SRM) techniques, carbon dioxide removal (CDR) technologies, or other forms of geoengineering. Companies may invest in research and development to improve the efficiency, scalability, and environmental impact of their solutions.
Collaboration and partnerships are likely to be essential for companies in the geoengineering sector. Given the interdisciplinary nature of geoengineering, companies may form strategic partnerships with research institutions, universities, government agencies, and other private entities to share knowledge, leverage expertise, and accelerate progress. Collaborations could involve joint research projects, technology sharing, or co-development of solutions.
As geoengineering technologies advance, companies may explore opportunities to expand into emerging markets. These markets could be in regions that are particularly vulnerable to climate change impacts or have specific environmental challenges. Companies may seek partnerships with local organizations or governments to adapt and deploy their geoengineering solutions to address region-specific climate issues.
In a rapidly evolving field like geoengineering, mergers and acquisitions can be a strategic move for companies to consolidate resources, acquire specialized expertise, and accelerate growth. Larger companies may acquire startups or research entities with promising technologies, while smaller companies may seek partnerships with larger firms to gain access to resources and expertise.
Key Players in the Geoengineering Industry
Key Developments in the Geoengineering Market:
The market in 2023 is valued at US$ 23.9 million.
The market will reach US$ 133.2 million by 2033.
The market will register a 18.7% CAGR until 2033.
China will expand at a 27.3% CAGR through 2033.
Global Thermostat, Climeworks, Saipem are some key players.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand Side Trends 1.3. Supply Side Trends 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Key Market Trends 3.1. Key Trends Impacting the Market 3.2. Product Innovation / Development Trends 4. Pricing Analysis 4.1. Pricing Analysis, By Type 4.2. Average Pricing Analysis Benchmark 5. Global Market Demand (Value in US$ Million) Analysis 2018 to 2022 and forecast, 2023 to 2033 5.1. Historical Market Value (US$ Million) Analysis, 2018 to 2022 5.2. Current and Future Market Value (US$ Million) Projections, 2023 to 2033 5.2.1. Y-o-Y Growth Trend Analysis 5.2.2. Absolute $ Opportunity Analysis 6. Market Background 6.1. Macro-Economic Factors 6.2. Forecast Factors - Relevance & Impact 6.3. Value Chain 6.4. COVID-19 Crisis – Impact Assessment 6.4.1. Current Statistics 6.4.2. Short-Mid-Long Term Outlook 6.4.3. Likely Rebound 6.5. Market Dynamics 6.5.1. Drivers 6.5.2. Restraints 6.5.3. Opportunities 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Type 7.1. Introduction / Key Findings 7.2. Historical Market Size (US$ Million) Analysis By Type, 2018 to 2022 7.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Type, 2023 to 2033 7.3.1. Solar Radiation Management 7.3.2. Carbon Dioxide Removal 7.4. Market Attractiveness Analysis By Type 8. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Planetary Ecosystem 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Million) Analysis By Planetary Ecosystem, 2018 to 2022 8.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Planetary Ecosystem, 2023 to 2033 8.3.1. Land 8.3.2. Air 8.3.3. Water 8.4. Market Attractiveness Analysis By Planetary Ecosystem 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Industry 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Million) Analysis By Industry, 2018 to 2022 9.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Industry, 2023 to 2033 9.3.1. IT & Telecommunication 9.3.2. Manufacturing 9.3.3. Government 9.3.4. Energy & Utilities 9.3.5. Oil & Gas 9.3.6. Others 9.4. Market Attractiveness Analysis By Industry 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Million) Analysis By Region, 2018 to 2022 10.3. Current and Future Market Size (US$ Million) Analysis and Forecast By Region, 2023 to 2033 10.3.1. North America 10.3.2. Latin America 10.3.3. Europe 10.3.4. East Asia 10.3.5. South Asia Pacific 10.3.6. Middle East and Africa 10.4. Market Attractiveness Analysis By Region 11. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 11.1. Introduction 11.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 11.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 11.3.1. By Type 11.3.2. By Planetary Ecosystem 11.3.3. By Industry 11.3.4. By Country 11.3.4.1. U.S. 11.3.4.2. Canada 11.4. Market Attractiveness Analysis 11.4.1. By Type 11.4.2. By Planetary Ecosystem 11.4.3. By Industry 11.4.4. By Country 11.5. Market Trends 12. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033 12.1. Introduction 12.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 12.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 12.3.1. By Type 12.3.2. By Planetary Ecosystem 12.3.3. By Industry 12.3.4. By Country 12.3.4.1. Brazil 12.3.4.2. Mexico 12.3.4.3. Rest of Latin America 12.4. Market Attractiveness Analysis 12.4.1. By Type 12.4.2. By Planetary Ecosystem 12.4.3. By Industry 12.4.4. By Country 13. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033 13.1. Introduction 13.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 13.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 13.3.1. By Type 13.3.2. By Planetary Ecosystem 13.3.3. By Industry 13.3.4. By Country 13.3.4.1. Germany 13.3.4.2. Italy 13.3.4.3. France 13.3.4.4. U.K. 13.3.4.5. Spain 13.3.4.6. BENELUX 13.3.4.7. Russia 13.3.4.8. Rest of Europe 13.4. Market Attractiveness Analysis 13.4.1. By Type 13.4.2. By Planetary Ecosystem 13.4.3. By Industry 13.4.4. By Country 14. South Asia & Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033 14.1. Introduction 14.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 14.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 14.3.1. By Type 14.3.2. By Planetary Ecosystem 14.3.3. By Industry 14.3.4. By Country 14.3.4.1. India 14.3.4.2. Indonesia 14.3.4.3. Malaysia 14.3.4.4. Singapore 14.3.4.5. Australia & New Zealand 14.3.4.6. Rest of South Asia and Pacific 14.4. Market Attractiveness Analysis 14.4.1. By Type 14.4.2. By Planetary Ecosystem 14.4.3. By Industry 14.4.4. By Country 15. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033 15.1. Introduction 15.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 15.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 15.3.1. By Type 15.3.2. By Planetary Ecosystem 15.3.3. By Industry 15.3.4. By Country 15.3.4.1. China 15.3.4.2. Japan 15.3.4.3. South Korea 15.4. Market Attractiveness Analysis 15.4.1. By Type 15.4.2. By Planetary Ecosystem 15.4.3. By Industry 15.4.4. By Country 16. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033 16.1. Introduction 16.2. Historical Market Size (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022 16.3. Current and Future Market Size (US$ Million) Forecast By Market Taxonomy, 2023 to 2033 16.3.1. By Type 16.3.2. By Planetary Ecosystem 16.3.3. By Industry 16.3.4. By Country 16.3.4.1. GCC Countries 16.3.4.2. Turkey 16.3.4.3. South Africa 16.3.4.4. Rest of Middle East and Africa 16.4. Market Attractiveness Analysis 16.4.1. By Type 16.4.2. By Planetary Ecosystem 16.4.3. By Industry 16.4.4. By Country 17. Key Countries Analysis- Market 17.1. U.S. Market Analysis 17.1.1. By Type 17.1.2. By Planetary Ecosystem 17.1.3. By Industry 17.2. Canada Market Analysis 17.2.1. By Type 17.2.2. By Planetary Ecosystem 17.2.3. By Industry 17.3. Mexico Market Analysis 17.3.1. By Type 17.3.2. By Planetary Ecosystem 17.3.3. By Industry 17.4. Brazil Market Analysis 17.4.1. By Type 17.4.2. By Planetary Ecosystem 17.4.3. By Industry 17.5. Germany Market Analysis 17.5.1. By Type 17.5.2. By Planetary Ecosystem 17.5.3. By Industry 17.6. Italy Market Analysis 17.6.1. By Type 17.6.2. By Planetary Ecosystem 17.6.3. By Industry 17.7. France Market Analysis 17.7.1. By Type 17.7.2. By Planetary Ecosystem 17.7.3. By Industry 17.8. U.K. Market Analysis 17.8.1. By Type 17.8.2. By Planetary Ecosystem 17.8.3. By Industry 17.9. Spain Market Analysis 17.9.1. By Type 17.9.2. By Planetary Ecosystem 17.9.3. By Industry 17.10. BENELUX Market Analysis 17.10.1. By Type 17.10.2. By Planetary Ecosystem 17.10.3. By Industry 17.11. Russia Market Analysis 17.11.1. By Type 17.11.2. By Planetary Ecosystem 17.11.3. By Industry 17.12. Rest of Europe Market Analysis 17.12.1. By Type 17.12.2. By Planetary Ecosystem 17.12.3. By Industry 17.13. China Market Analysis 17.13.1. By Type 17.13.2. By Planetary Ecosystem 17.13.3. By Industry 17.14. Japan Market Analysis 17.14.1. By Type 17.14.2. By Planetary Ecosystem 17.14.3. By Industry 17.15. South Korea Market Analysis 17.15.1. By Type 17.15.2. By Planetary Ecosystem 17.15.3. By Industry 17.16. India Market Analysis 17.16.1. By Type 17.16.2. By Planetary Ecosystem 17.16.3. By Industry 17.17. Malaysia Market Analysis 17.17.1. By Type 17.17.2. By Planetary Ecosystem 17.17.3. By Industry 17.18. Indonesia Market Analysis 17.18.1. By Type 17.18.2. By Planetary Ecosystem 17.18.3. By Industry 17.19. Singapore Market Analysis 17.19.1. By Type 17.19.2. By Planetary Ecosystem 17.19.3. By Industry 17.20. Australia and New Zealand Market Analysis 17.20.1. By Type 17.20.2. By Planetary Ecosystem 17.20.3. By Industry 17.21. GCC Countries Market Analysis 17.21.1. By Type 17.21.2. By Planetary Ecosystem 17.21.3. By Industry 17.22. Turkey Market Analysis 17.22.1. By Type 17.22.2. By Planetary Ecosystem 17.22.3. By Industry 17.23. South Africa Market Analysis 17.23.1. By Type 17.23.2. By Planetary Ecosystem 17.23.3. By Industry 17.24. Rest of Middle East and Africa Market Analysis 17.24.1. By Type 17.24.2. By Planetary Ecosystem 17.24.3. By Industry 18. Market Structure Analysis 18.1. Market Analysis by Tier of Companies 18.2. Market Share Analysis of Top Players 18.3. Market Presence Analysis 19. Competition Analysis 19.1. Competition Dashboard 19.2. Competition Benchmarking 19.3. Competition Deep Dive 19.3.1. Global Thermostat 19.3.1.1. Business Overview 19.3.1.2. Solution Portfolio 19.3.1.3. Profitability by Market Segments (Business Segments/Region) 19.3.1.4. Key Strategy & Developments 19.3.2. Climeworks 19.3.3. Saipem 19.3.4. LanzaTech 19.3.5. Carbon Clean 19.3.6. Aker Carbon Capture 19.3.7. Carbon Engineering 19.3.8. CarbonFree 19.3.9. Solargis 19.3.10. Zero Emission Fuels 20. Assumptions and Acronyms Used 21. Research Methodology
Explore Technology Insights
View Reports
Geoengineering Market
