The world is turning a new shade of green, and the global clean technology market is the vibrant canvas. Estimated at USD 916.20 billion in 2024, this sector, fueled by the pressing need to heal our planet and embrace sustainable energy, is projected to blossom at a robust 12.7% CAGR from 2025 to 2030. Cleantech is a garden of innovation, sprouting renewable energy technologies, energy storage solutions, electric vehicles, water purification marvels, and waste-to-resource systems. For instance, in October 2024, IBM Corporation cultivated its offerings by acquiring Prescinto, an AI-powered SaaS platform that optimizes the performance of renewable energy assets and efficiently manages clean energy storage.
The declining price tags of solar and wind power, the electrifying progress in battery storage, and the burgeoning fleet of electric vehicles are injecting vitality into this market's growth. Global solar capacity continues its ascent, with technological ingenuity enhancing both efficiency and affordability. Similarly, the rise of hydrogen as a pristine energy carrier and the development of carbon capture technologies are reshaping the industrial and energy landscapes. Businesses are actively sowing investments in Cleantech, not just to meet regulatory requirements but also to reap the rewards of the burgeoning demand for sustainable products and services. A testament to this is Ørsted A/S's selection in March 2024 for potential federal funding of up to USD 100 million from the Department of Energy to cultivate Star e-Methanol, a groundbreaking Power-to-X facility along the Texas Gulf Coast.
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Supportive government policies, corporate sustainability goals, and increasing consumer awareness about the need for eco-friendly alternatives further accelerate the transition. Clean technologies are no longer niche solutions but have become mainstream, reshaping energy production, transportation, and industrial processes. Key regions such as North America, Europe, and Asia Pacific are leading the way in deploying these technologies, particularly in renewable energy projects and electric mobility. The rise of innovative solutions, such as hydrogen fuel cells, carbon capture, and circular economy practices, is opening new opportunities for growth across various sectors. As clean technologies continue to advance, they are expected to play a crucial role in building a sustainable and resilient global economy, fostering both environmental and economic progress.
Detailed Segmentation
Type Insights
The renewable energy technologies segment led the market in 2024, accounting for over 62% share of the global revenue. Renewable energy technologies are advancing due to cost reductions, innovation, and strong policy support. Their diverse strengths collectively contribute to a sustainable global energy transition, with each technology playing a crucial role in achieving carbon neutrality and energy resilience. Declining costs of photovoltaic panels, breakthroughs in technologies such as perovskite cells, and government incentives drive solar adoption. For instance, in December 2024, GE Vernova collaborated with National Renewable Energy Laboratory, to supply a 3.4 MW-140m wind turbine to National Renewable Energy Laboratory, for use in energy research and experimentation. This transaction signifies a strengthened, strategic partnership designed to foster pioneering collaborative research leveraging GE Vernova's assets, highlighting the potential for private sector and government collaboration to advance progress and innovation in the energy research.
Application Insights
The industrial segment dominated the global clean technology market in 2024. The industrial application segment of the clean technology market is driven by a combination of regulatory pressures, cost efficiencies, technological innovations, and societal demands. Industries are adopting clean technologies to reduce emissions, improve efficiency, enhance sustainability, and meet corporate and consumer expectations. As these technologies continue to evolve, industries will find even more opportunities for growth, resource optimization, and alignment with global environmental goals. For instance, in January 2024, Vestas partnered with ArcelorMittal, steel manufacturing company, to introduce a low-emission steel solution designed to substantially reduce the lifetime carbon dioxide emissions associated with wind turbine tower production.
Regional Insights
Asia Pacific dominated the industry with a revenue share of over 50.0% in 2024. Countries such as China, India, Japan, and South Korea are leading the way in adopting renewable energy technologies, supported by ambitious targets to reduce carbon emissions and transition to sustainable energy systems. For instance, China’s commitment to peak emissions by 2030 and achieve carbon neutrality by 2060 has catalyzed large-scale investments in solar power, wind energy, and green hydrogen projects.
Key Clean Technology Company Insights
Some key companies in the clean technology industry include GE Vernova, IBM Corporation, Vestas, Canadian Solar, Adani Green Energy Limited and others.
- Adani Green Energy Limited is a prominent renewable energy company. Adani Green Energy Limited is a subsidiary of the Adani Group. Adani Green Energy Limited specializes in developing, owning, and operating utility-scale grid-connected solar, wind, and hybrid renewable power plants across India. The company integrates advanced technologies to enhance operational efficiency, including Radio Frequency Identification (RFID) and GPS technology, and Virtual Reality (VR)-based training modules. The company is actively contributing to India's renewable energy goals, aiming to reduce dependence on imports and enhance domestic production. The company is establishing a comprehensive solar supply chain within India, including manufacturing components such as ingots, wafers, cells, panels, and polysilicon.
- Canadian Solar specializes in renewable energy and solar technology, manufacturing solar photovoltaic modules, providing battery energy storage solutions and solar energy, and developing utility-scale battery and solar power energy storage projects. Its operations span a diverse geographic footprint, with sales and a development pipeline at various stages across North America, South America, Europe, Africa, the Middle East, Australia, and Asia. The company's activities are organized into two primary business segments: CSI Solar and Recurrent Energy.
Key Clean Technology Companies:
The following are the leading companies in the Clean Technology Market. These companies collectively hold the largest market share and dictate industry trends.
- Adani Group
- Canadian Solar
- Enel Spa
- General Electric
- Iberdrola, S.A.
- IBM Corporation
- Jinko Solar
- NextEra Energy Resources, LLC
- Ørsted A/S
- Vestas
Clean Technology Segmentation
Grand View Research has segmented the global clean technology market based on type, application, and region:
- Type Outlook (Revenue, USD Million, 2017 - 2030)
- Renewable Energy Technologies
- Energy Storage Solutions
- Energy Storage Solutions
- Water and Waste Management
- Agriculture and Food Systems
- Air and Environment Management
- Application Outlook (Revenue, USD Million, 2017 - 2030)
- Residential
- Commercial
- Industrial
- Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Brazil
- Middle East and Africa
- UAE
- KSA
- South Africa
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Recent Developments
- In December 2024, GE Vernova collaborated with National Renewable Energy Laboratory, to supply a 3.4 MW-140m wind turbine to National Renewable Energy Laboratory, for use in energy research and experimentation. This transaction signifies a strengthened, strategic partnership designed to foster pioneering collaborative research leveraging GE Vernova's assets, highlighting the potential for private sector and government collaboration to advance progress and innovation in the energy research.
- In September 2024, IBM Corporation and United Nations Development Programme launched new interactive models on energy within United Nations Development Programme's global GeoHub platform. These advanced solutions leverage technologies like the data platform and IBM Watsonx AI to empower users ranging from national and community policymakers to the general public-to analyze complex energy challenges using advanced artificial intelligence (AI). By providing access to a broad array of resources, these solutions facilitate data-driven decision-making to support a just energy transition.
- In August 2024, Ørsted A/S partnered with Mission Clean Energy, a utility-scale renewable energy and storage developer, to advance four standalone battery energy storage systems (BESS) across the Midwest. The partnership with Mission Clean Energy enhances Ørsted A/S's development efforts and expands the range of technologies available to utilities and other customers.
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