The North America Clean Technology Market would witness market growth of 11.7% CAGR during the forecast period (2024-2031).
The US market dominated the North America Clean Technology Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $343,505.8 Million by 2031. The Canada market is experiencing a CAGR of 13.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 13.1% during (2024 - 2031).
The clean technology market, commonly referred to as cleantech, represents one of the most rapidly expanding industries within the global economy. It encompasses various technologies, processes, and innovations designed to reduce environmental impact, enhance energy efficiency, and promote sustainability across various sectors.
Moreover, cleantech includes renewable energy sources such as solar, wind, hydro, and bioenergy, as well as advancements in energy storage, electric vehicles (EVs), smart grids, water purification, carbon capture, and circular economy practices. In light of the growing awareness surrounding climate change, resource depletion, and environmental degradation, governments, corporations, and investors are swiftly redirecting their attention toward sustainable technology in pursuit of long-term sustainability and economic advancement.
Canada's renewable technology sector is undergoing significant transformation, with a particular emphasis on hydrogen as a pivotal element of its energy transition strategy. The government has introduced the Clean Hydrogen Investment Tax Credit (CHITC) to incentivize the production and adoption of low-carbon hydrogen. 80 low-carbon hydrogen projects are underway, representing over CAN$100 billion in potential investments. However, challenges such as the timely rollout of subsidies, development of necessary infrastructure, and establishment of consistent definitions for clean hydrogen persist. An export agreement with Germany aims to establish a CAN$600 million transatlantic hydrogen corridor, reflecting Canada's commitment to becoming a global hydrogen production and export leader.
Free Valuable Insights: The Clean Technology Market is Predict to reach USD 1976.03 Billion by 2031, at a CAGR of 12.2%
Based on Application, the market is segmented into Commercial, Industrial, and Residential. Based on Type, the market is segmented into Renewable Energy Technologies, Energy Storage Solutions, Energy Efficiency Solutions, Water & Waste Management, Air & Environment Management, and Agriculture & Food Systems. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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