According to Future Market Insights, the global Geoengineering Market size has reached USD 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 USD 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 USD 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) | USD 23.9 Billion |
| Geoengineering Market Projected Size (2033) | USD 133.2 Billion |
| Value CAGR (2023 to 2033) | 18.7% |
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From 2018 to 2022, the global geoengineering market experienced a CAGR of 18.7%, reaching a market size of USD 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 USD 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.
| Country | The United States |
|---|---|
| Market Size (USD Billion) by End of Forecast Period (2033) | USD 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 USD 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 (USD Billion) by End of Forecast Period (2033) | USD 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 USD 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 (USD Billion) by End of Forecast Period (2033) | USD 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 USD 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 (USD Billion) by End of Forecast Period (2033) | USD 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 USD 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 (USD Billion) by End of Forecast Period (2033) | USD 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 USD 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.
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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
Product Innovation
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.
Strategic Partnerships and Collaborations
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.
Expansion into Emerging Markets
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.
Mergers and Acquisitions
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 USD 23.9 million.
The market will reach USD 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.
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Geoengineering Market
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