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The Global Carbon Footprint Management Market Size is valued at 11.50 billion in 2023 and is predicted to reach 58.31 billion by the year 2031 at a 22.64% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Progress in technology, the growing emphasis on reducing carbon emissions, and support from government-run programs propel the market.
- Carbon footprint management techniques have become increasingly popular due to the growing need for openness regarding company sustainability efforts, driving the industry's growth.
- North America dominated the market and accounted for a global revenue share in 2023.
- The carbon footprint management industry is slow because of high costs and unwillingness to implement carbon emission practices.
The global carbon footprint management industry is expanding due to rising industrial energy consumption demands and the need for more sustainable energy sources. Also, the development of the carbon footprint management industry is being positively impacted by an increase in government activities and policies for low carbon policies. The carbon footprint management systems market may be constrained during the forecast period due to higher installation and maintenance expenses.
However, throughout the forecast period, the growing adoption of trends in advanced technologies, such as artificial intelligence, IoT, and big data, across sectors would present lucrative prospects for the carbon footprint management market growth.
Recent Developments:
- In October 2020, For an undisclosed sum, Canadian carbon reduction solutions provider Radicle Group Inc. purchased Climate Smart Companies Inc. Radicle Group hopes that by making this acquisition, it will be able to serve better the demands of customers who want to determine their emissions and then manage a carbon plan to grow their business. A Canadian company called Climate Smart Companies offers help managing carbon footprints.
Competitive Landscape:
Some of the Carbon Footprint Management market players are:
- Accuvio Sustainability Reporting Software
- Carbon EMS
- Carbon Footprint Ltd.
- Dakota Software Corporation
- Eco Track
- Enablon
- EnergyCAP, Inc.
- ENGIE
- Enviance
- Envirosoft Corporation
- ESP
- IBM Corporation
- Intelex Technologies ULC
- IsoMetrix Software
- Laragon Sustainability Solutions
- Locus Technologies
- NativeEnergy
- ProcessMAP Corporation
- Salesforce
- SAP
- Schneider Electric
- Trinity Consultants
- Wolters Kluwer N.V.
Market Segmentation:
The Carbon Footprint Management market is segmented on the basis of component, deployment mode, organization size, and vertical. Based on components, the market is segregated into solutions and services. The deployment mode segment comprises cloud and on-premises. By organization size, the market is segregated into corporates, mid-tier enterprises, and small businesses. The vertical segment includes manufacturing, energy & utilities, residential & commercial buildings, transportation & logistics, IT & telecom, Financial services, and government.
Based On Deployment Mode, The Cloud Segment Is Accounted As A Major Contributor In The Carbon Footprint Management Market
Due to advantages like cheap capital expenditures on onsite hardware, simple scalability, security, connection, and safety, cloud deployment is becoming more and more popular. For instance, Google Cloud announced a new function in October 2021 that allows users to create a personalized carbon footprint report. This new function intends to assist users in achieving their environmental objectives. Furthermore, compared to on-premises servers, the cloud is a greener option. In contrast to on-premises, which has a server utilization rate of only 15%, a large-scale cloud provider has a 65% rate. This suggests that fewer machines are in use, which decreases the amount of electricity needed. Consequently, the cloud is a resource-efficient and environmentally friendly alternative, which is advantageous for the global market for carbon footprint management.
Transportation & Logistics Segment Witnessed Growth At A Rapid Rate
Due to the carbon emissions produced by millions of automobiles, the transportation sector is anticipated to dominate the market over the forecast period. One of the primary sources of carbon emissions is the transportation sector. The personal automotive industry is the leading source of pollution in many nations. Investments in electric vehicles have increased as a result of more stringent government rules and efforts to cut carbon emissions. Because of this, the carbon footprint management market will probably grow. Furthermore, a number of options for reducing the environmental impact are offered by transportation management systems that combine planning and execution.
The North America Carbon Footprint Management Market Holds A Significant Revenue Share In The Region
Since governments in the US actively consider the effects of rapid industrialization and the unstable production of carbon, which create substantial health and environmental issues harm, the North American region is predicted to have a significant share in the global carbon footprint market. A similar carbon tax, such as an energy tax, has already been imposed in a number of countries in this region (based on the carbon emission during the production of energy). According to a 2021 article from the Center for Climate and Energy Solutions, a nonprofit American environmental organization, thirty-five carbon tax projects have already been deployed across the region.
Carbon Footprint Management Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 11.50 Bn |
|
Revenue forecast in 2031 |
USD 58.31 Bn |
|
Growth rate CAGR |
CAGR of 22.64% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Component, Deployment Mode, Organization Size, And Vertical |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Schneider Electric, SAP, IBM, Salesforce, Isometrix, Enviance, Dakota Software, ESP, Accuvio, Locus Technologies, ProcessMap, NativeEnergy, Eco Track, Energy Cap, Carbon Footprint Ltd., Enablon, and Trinity Consultants. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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