Market Overview:
Decarbonization services provide roadmaps and strategies to help companies and governments reduce their carbon emissions. This includes energy optimization, renewable energy consulting, carbon offsetting, and more. Such services are critical to meet climate targets and transition to a low carbon economy.
Market key trends:
One of the key trends in the decarbonization service market is the rise in demand for renewable energy consulting. As organizations aim to increase the use of clean and renewable sources of energy like solar and wind power, many are seeking expert advice and strategy development from renewable energy consulting firms. These consultants help identify the most suitable renewable technologies, obtain necessary permits and approvals, and optimize renewable energy generation and usage. They also assist in developing long-term renewable procurement plans. This is expected to continue fueling the growth of renewable energy consulting as the fastest growing segment within the overall decarbonization service market during the forecast period.
The global Decarbonization Service Market is estimated to be valued at US$ 69.73 Bn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Segment Analysis
The decarbonization service market is segmented by service, end-use industry, and region. The Carbon footprint assessment service segment dominated the market in 2023 and accounted for around 28% of the global market share owing to rising awareness about measuring carbon footprint and reducing emissions among organizations.
Key Takeaways
The global decarbonization service market size is expected to witness high growth, exhibiting a CAGR of 12% over the forecast period 2023-2030, due to increasing focus on reducing carbon emissions and transitioning towards a net-zero economy.
Regional analysis
Europe dominated the market in 2023 and accounted for around 32% of the global market share due to stringent government policies and initiatives to cut down carbon emissions. The Asia Pacific region is expected to grow at the fastest rate owing to the rapid industrialization and growing investments in clean energy projects in major economies like China and India.
Key players
Key players operating in the decarbonization service market are Schneider Electric, ENGIE, Siemens, AECOM, EDF, Johnson Controls, DNV, Honeywell International Inc., Carbon Clean Solutions Limited, The ERM International Group Limited, CarbonCure Technologies Inc., Ørsted A/S, and ABB.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it