PUBLISHER: IMARC | PRODUCT CODE: 1169656
PUBLISHER: IMARC | PRODUCT CODE: 1169656
The global carbon footprint management market size reached US$ 9.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.5 Billion by 2027, exhibiting a growth rate (CAGR) of 6.38% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Carbon footprint is the measure of carbon dioxide (CO2) and greenhouse gas (GHG) emissions by various everyday and industrial activities including transportation, land clearance, construction of roads and buildings, fuel production, power generation, etc. Carbon footprint management refers to the solutions and services used to monitor and control an enterprise's carbon emissions. It involves minimizing energy and waste generation and raw material consumption for cost optimization and reduced environmental impact. Organizations formulate carbon management plans, which involve a documented strategy for energy and GHG reduction and improving air quality and sustainability of the enterprise.
The increasing environmental consciousness, along with rising emphasis on minimizing carbon footprints generated by commercial, industrial and residential complexes, represents one of the key factors driving the market growth. Moreover, the implementation of favorable government policies to promote sustainable development is also strengthening the market growth. Carbon footprint management solutions are widely used across various industries, such as manufacturing, oil and gas, automotive, construction and transportation to enhance operational efficiencies and reduce carbon emissions in the environment. Additionally, various technological advancements, such as the integration of connected devices with the artificial intelligence (AI), Internet of Things (IoT) and big data solutions, are acting as other growth-inducing factors. Carbon footprint management solutions are deployed through the cloud and other advanced technologies for enhanced scalability, speed and minimal risks of data loss. Other factors, including rapid modernization of the existing infrastructure, along with the increasing construction of green buildings, are anticipated to drive the market further.