Decarbonization Market Size, Share, Growth, Trends, and Global Industry Analysis: By Service (Carbon Accounting & Reporting Services, Waste Reduction & Circular Economy Services, and Sustainable Transportation Services), By Technology (Carbon Capture and Storage (CCS), Carbon Removal Technologies, Electric Vehicles (EVs), Energy Efficiency Solutions, and Renewable Energy Technologies), By End User (Oil & Gas, Automotive & Transportation, Agriculture, Energy & Utility, Aerospace & Defense, and Manufacturing), and Region Forecast 2019-2030

Decarbonization market size was valued at US$ 7,892.1 million in 2023 and is projected to reach a value of US$ 17,666.2 million by 2030, at a CAGR of 12.2% from 2024-2030. Moreover, the U.S. decarbonization market is projected to grow significantly, reaching an estimated value of US$ 7339.1 million by 2032.

This decarbonizing market focuses on the reduction of carbon emissions and the transition of industries into sustainable, low-carbon practices. It practices the use of clean energy sources, employs energy-efficient technologies, and promotes environmentally friendly processes. The sectors include renewable energy, electric vehicles, green infrastructure, and sustainable manufacturing. It finds vigor through global efforts to combat climate change, stringent environmental regulations, and increased recognition of the economic and social advantages of decarbonization.

Key Players

The decarbonization market key companies are Atos, Deloitte, EcoAct, Sphera, Black & Veatch, Carbon Trust, Sinai, RPS, Accenture, IES Ltd., Guidehouse, DNV, Schneider Electric, Infosys, Envirosoft, GE Digital, EY, Carbon Footprint Ltd, Trinity Consultants, Siemens, Accuvio, IBM, Enviance, Isometrix, Enablon, Salesforce, EnergyCap., Carbon Trust, and Dakota Software.

Key Takeaways

• The Asia-Pacific region is presently the fastest-growing market for decarbonization
• North America stands as the largest market, led by the United States and Canada, which feature strong investments
• By Service, Carbon Accounting & Reporting Services segment holds a 46.2% market share
• By Technology, Carbon Capture and Storage (CCS)segment holds 58.1% market share
• By End-user, Automotive & Transportation segment holds 51.3% market share

Facts & Figures

• In 2022, global CO2 emissions from fossil fuels reached approximately 36.4 billion metric tons, marking a 1% increase compared to 2021.
• As of June 2023, renewable energy accounted for about 30% of global electricity generation, up from 26% in 2020
• In 2022, electric vehicle sales globally surged to 10.6 million units, representing a 55% increase from 2021.

Key Developments

• In May 2023: APM Terminals Bahrain announced with fanfare its launch of a new ground-breaking solar power project worth about BHD 3.8 million, or US$ 10 million, positioning the company to make Khalifa Bin Salman Port entirely energy self-sufficient by the end of 2023. Upon its implementation, the terminal will reduce its carbon footprint by 65% while securing a reliable and sustainable source of electricity to pave the way for Khalifa Bin Salman Port as the first completely self-sufficient seaport in the region. After the solar implementation project, APM Terminals Bahrain will erect 20,000 photovoltaic panels, which will yield up to 18.5 Gigawatts of electricity annually.
• In May 2023: Dassault Systems and Envision Digital announced an alliance towards improving industrial decarbonization performance for sustainable energy solutions, accelerating industrial decarbonization. Two companies will outline how the company-specific technologies Envision Digital's Enos digital decarbonization system and Dassault Systems' 3DEXPERIENCE-platform-deliver virtual twin experiences in large asset engineering, manufacturing, and operations of any industry.

Top Companies in Decarbonization Industry

NextEra Energy is the leading U.S. clean energy company and possesses a huge investment in renewable sources, especially wind and solar power. It has improved its efficiency while incorporating more renewable integration to obtain zero emissions by 2045. Climeworks Direct air capture technology is its specialty where it captures CO2 from the atmosphere directly for storage or reuse. Their innovative facilities, such as the one in Iceland, are examples of scalable solutions that can be used for carbon removal and play a critical role in global efforts in climate. Diverse approaches are presented through the companies in terms of decarbonization. 

Market Segmentation

By Service: Carbon Accounting & Reporting Services are provided through transparent carbon footprint assessment and reporting, which helps a business measure, manage, and report its greenhouse gas emissions. Sustainable Transportation Services will concern the promotion of environmentally friendly modes of transport; it includes electric vehicles, public transit, and sustainable logistics. Waste Reduction & Circular Economy Services are addressed through the minimization of waste, recycling, and circular economy practices.

By Technology: Renewable Energy Technologies tap into naturally replenishing resources, including solar, wind, and hydropower, renewable substitutes for fossil fuel and non-renewable sources. Electric Vehicles replace Internal Combustion Engines with electric propulsion. Energy Efficiency Solutions maximize the use of resources while minimizing wastes and emissions. Carbon Removal Technologies are engineering technologies focused on capturing carbon dioxide directly from the atmosphere. Carbon Capture and Storage (CCS) captures carbon dioxide emissions from industrial processes and power plants and prevent their entry into the atmosphere.

End user: Oil & Gas: Decarbonizing oil and gas would involve the use of cleaner technologies and sustainable practices aimed to reduce carbon emissions. Energy & Utility: Decarbonization in the energy and utility sector would be achieved through renewable energy, as well as more efficient usage of energy. Agriculture: Reforms in agriculture include practices for sustainable agriculture to reduce emissions from livestock and enhance the sequestration of carbon in soils. Automotive & Transportation: This industry includes changing to electric vehicles, fuel efficiency, and using alternative fuels for aerospace and defense. Aerospace & Defense: Decarbonizing the aerospace and defense industry means reducing emissions that are produced in aviation and military activities. Manufacturing: Decarbonize manufacturing by harnessing energy-efficient processes, sustainable material usage, and reduced emission associated with industrial operations.