Richmond, Nov. 10, 2023 (GLOBE NEWSWIRE) -- According to a research report "Carbon Footprint Management Market, By Component (Solution, Services (Consulting, Integration & Deployment, Support & Maintenance)), Deployment Mode (Cloud, On-premises), Vertical (Metals & Mining, Electronics & Consumers Goods, Automotive, Pharmaceutical & Healthcare, IT & Telecom, Transportation and Logistics, Energy and Utilities, Other), Organization Size (Corporates/Enterprises, Mid-Tier Enterprises, Small Businesses) and Region.
Global Carbon Footprint Management Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 10.9 Billion |
| Market size value in 2030 | USD 42.9 Billion |
| CAGR (2023-2030) | 21.6% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Offering, Component, End User, Region and Geography |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Carbon Footprint Management Market
175 - Market Data Tables
66 - List of Figures
230 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The global carbon footprint management market is a key player in the sustainable business landscape, and is at the forefront of the global initiative to combat climate change. Carbon footprint management has become a central theme in the face of urgent environmental challenges, influencing the strategies and operations of organizations across various industries, and becoming an integral component of the global sustainability agenda.
The increasing pressure to address climate change and a global shift toward a low-carbon economy are the primary factors driving the carbon footprint management market in the international market. Governments and stakeholders are urging organizations to evaluate and reduce their carbon emissions to combat climate change. Additionally, the widespread transition to a low-carbon economy is motivated by the economic benefits of sustainable practices, including cost savings and access to new markets. The convergence of these drivers places carbon footprint management at the core of global sustainability initiatives and the attainment of targets outlined in international climate agreements. Also, the increasing adoption of cutting-edge technologies like artificial intelligence, the Internet of Things (IoT), and big data across various industries to reduce carbon emissions is anticipated to provide new opportunities for the expansion of the carbon footprint management market during the forecast period.
Major vendors in the global Carbon Footprint Management Market - Accuvio (Diligent Corporation), Carbon Footprint Ltd, Dakota Software, EcoTrack Fleet Management, EnergyCAP, LLC., Engie SA, Enviance (Cority Software Inc.), Envirosoft, Intelex Technologies, ULC, IsoMetrix, Locus Technologies, ProcessMap, Salesforce, Inc., SAP, Schneider Electric, Seceon Inc., The Carbon Trust and others and Others.
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Global transition to a low-carbon economy
The carbon footprint management market is strongly influenced by the global shift towards a low-carbon economy. As countries and industries across the globe increasingly prioritize sustainability, the demand for comprehensive carbon footprint management solutions rises in tandem. Organizations worldwide are compelled to monitor, analyze, and mitigate their carbon emissions to align with stringent environmental regulations and meet ambitious climate goals. This transition fosters a growing awareness of the environmental impact of business operations, prompting companies to seek advanced tools and technologies for efficient carbon footprint measurement and reduction. The carbon footprint management market responds to this need by offering innovative solutions that enable businesses to track and optimize their emissions across the entire value chain. Moreover, as consumers become more environmentally conscious, companies are compelled to adopt sustainable practices, further propelling the market. The integration of technology-driven carbon management solutions not only aids in environmental stewardship but also enhances corporate reputation and resilience in a world increasingly shaped by climate considerations. In essence, the global shift towards a low-carbon economy acts as a catalyst, propelling the carbon footprint management market to the forefront of sustainable business practices.
Market Dynamics
Drivers:
- Mounting pressure to address climate change
- Adoption of advanced technologies
- Regulatory and stakeholder pressures
- Increasing government initiatives to implement low-carbon policies
Opportunities:
- Growing demand for carbon offset solutions
- Increasing technological advancements
- Increasing awareness and adoption of sustainable practices
The increasing interest in green finance and sustainable investment
The increasing interest in green finance and sustainable investment presents new approach for the global carbon footprint management market. As financial institutions and investors increasingly prioritize environmentally responsible practices, there is a growing need for robust carbon footprint management solutions. Companies seeking to align with sustainable investment criteria are compelled to adopt comprehensive carbon monitoring and reduction strategies. This surge in demand opens up opportunities for the carbon footprint management market to provide innovative tools and technologies that facilitate accurate measurement, reporting, and mitigation of carbon emissions. Additionally, as governments and regulatory bodies worldwide incentivize green initiatives, businesses are motivated to integrate carbon management practices into their operations to access favourable financial terms and support. The market, in turn, responds by offering solutions that not only meet compliance requirements but also contribute to enhanced corporate social responsibility and reputation. The convergence of green finance with carbon footprint management not only ensures better environmental stewardship but also positions businesses favourably in the evolving landscape of sustainable investments, creating a symbiotic relationship that drives growth and positive environmental impact.
Energy and utilities segment is expected to hold the highest market share.
Based on Vertical, the energy and utilities segment is hold the major market share of the revenue. This dominance is attributed to the majority market share held by the energy and utility category, a trend expected to persist due to heightened heating and cooling demands and a robust economy in the sector. The adoption of carbon footprint management is driven by the surge in carbon emissions resulting from increased energy consumption and power generation.
Furthermore, the energy sector is undergoing a global transformation, fueled by the expansion of unconventional oil operations in the United States and heightened concerns about climate change. The significant rise in unconventional oil production over the past decade has not only disrupted the industry, geopolitics, and the environment but has also impacted the energy sector at large.
As per the 2022 report, the primary driver behind the substantial increase of over 2 billion tons in global energy-related CO2 emissions was the heightened consumption of coal. In 2021, the world witnessed a record-high of 6% increase in energy-related carbon dioxide emissions, reaching 36.3 billion tons. This surge was predominantly fueled by the global economy rebounding from the COVID-19 crisis and relying heavily on coal.
The market for carbon footprint management market is dominated by North America.
North America dominated the global carbon footprint management market and hold the highest market share and is anticipated to maintain this position during forecast period. This is attributed to the increasing investments and adoption of IoT, ML, and AI technologies in the carbon footprint management industry. The region is further propelled by stringent government policies aimed at reducing carbon emissions and achieving a net-zero pathway. The exploration of new oil fields and the booming shale oil and gas industry in North America necessitate increased attention to carbon footprint management. For example, the United States Geological Survey (USGS) reports the presence of significant reserves—over 280 trillion cubic feet of gas, 46 billion barrels of oil, and 20 billion barrels of natural gas—trapped under low-permeability shale formations in the U.S., requiring extensive carbon management for exploration activities in these fields.
On the other hand, the Asia-Pacific region is expected to grow with highest CAGR during the forecast period, driven by rapid industrialization and urbanization, presenting a promising opportunity for stakeholders. Emerging economies in the region are expected to make significant financial contributions to air quality regulatory frameworks. The announcement of China's emissions trading program in July, the largest of its kind, is noteworthy, especially considering China's status as the top global producer of carbon dioxide. The escalating concerns regarding increasing CO2 emissions in the region are predicted to propel the expansion of the carbon footprint management market. In alignment with the Paris Agreement, Indian officials have established a target to reduce carbon emissions by over 30% by 2030, further emphasizing the growing necessity to manage one's carbon footprint in response to these developments.
Cloud-based solutions drive the expansion of carbon footprint management market across various industries.
Based on Deployment Mode, the Cloud based solution is expected to grow with highest CAGR during the forecast period. The adoption of cloud-based carbon footprint management solutions is on the rise across various industrial sectors, driven by their exceptional flexibility and scalability. These solutions enable organizations to access and implement carbon footprint management tools from any location with an internet connection, making them well-suited for businesses of diverse sizes and geographic locations. This flexibility ensures effective management of carbon footprint data and strategies, irrespective of operational scale or geographical dispersion. Additionally, the cost-effectiveness of cloud-based deployment is contributing to further growth. Unlike traditional on-premises solutions that often involve substantial upfront investments and ongoing maintenance costs, cloud-based offerings typically operate on a subscription model, allowing organizations to pay only for the resources they utilize.
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