PUBLISHER: Orion Market Research | PRODUCT CODE: 1311857
PUBLISHER: Orion Market Research | PRODUCT CODE: 1311857
Title: Global Carbon Footprint Management Market Size, Share & Trends Analysis Report by Component (Solutions, and Services) and by Mode of Deployment (Cloud, and On-Premises) and by Vertical (Manufacturing, Energy and Utilities, Residential and Commercial Buildings, Transportation and Logistics, IT and Telecom, Financial Services, and Government) Forecast Period (2023-2030).
The global carbon footprint management market is anticipated to grow at a considerable CAGR of 6.9% during the forecast period. The growth of the market is attributed to factors such as increasing environmental concerns, government regulations for carbon emissions reduction, and corporate sustainability initiatives. Further, the expansion and growth of companies working in the carbon foot print management market to new regions are anticipated to propel the growth of the market. For instance, in March 2022, Carbon Trust, the London-based global climate consultancy announced the launch of its carbon footprint and label service in China. Carbon Trust partnered with Beijing-based China Standard Conformity Assessment Co Ltd, or CSCA, and registered with the country's State Administration for Market Regulation. The launch of the footprint label service in China is a positive step toward the country's sustainability goal of carbon neutrality by 2060. As carbon neutrality becomes increasingly important in China, the newly available footprint label service will increase Chinese companies' competitiveness in the global market.
The global carbon footprint management market is segmented based on its component, mode of deployment, and vertical. Based on the component, the market is segmented into solutions and services. Based on the mode of deployment, the market is categorized into cloud and on-premises. Based on vertical, the market is segmented into manufacturing, energy and utilities, residential and commercial buildings, transportation and logistics, IT and telecom, financial services, and government. Among components, the carbon footprint solution sub-segment is anticipated to hold a significant market share, driven by the adoption of software platforms and tools for carbon data collection, analysis, and reporting.
Among the verticals, the energy and utilities sub-segment is anticipated to dominate the market, as it is a significant source of carbon emissions and faces increasing pressure to reduce its environmental impact. According to the international Energy Agency, carbon emissions from energy and industry have increased by 60% since the UN framework convention on climate change was signed in 1992. To reach net zero emissions by 2050, annual clean energy investment globally will need to more than triple by 2030 to around $4 trillion. Thus the growing emission from the energy sector coupled with growing launches of solutions to track and monitor the carbon footprint in the industry is anticipated to propel the subsegment growth. For instance, in January 2022, McDermott International launched ArborXD™, a web-based tool that supports carbon-conscious decision-making for energy customers seeking pathways to net-zero operations. It provides data collection, estimation, and reporting on the potential carbon impact of energy facilities before construction begins. Embedded as early as the design phase, ArborXD™ is applied throughout the energy project life cycle-whether a concept, front-end engineering design, or an engineering, procurement, construction, and installation project. As a web-based tool, ArborXD™ provides customers access to life cycle footprint estimates, cost tradeoff analyses, emission reduction pathways, and environmental impact assessments.
The global carbon footprint management market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Europe market is anticipated to cater to a prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the carbon footprint management market.
Among these regions, the North America region is anticipated to account for a significant share in the carbon footprint management market during the forecast period. The growth of the carbon footprint management market in the region is primarily driven by factors such as growing corporate sustainability initiatives, and the presence of key market players. For instance, ECOtrack, LLC, Locus Technologies, Inc., EnergyCAP, Inc., NativeEnergy, LLC, ProcessMAP Corp., Environmental Systems Products Holdings Inc., and others are headquartered in the US. Also, increasing investment in research and development to find new solutions to avert the effect of climate change is anticipated to propel the growth of the market in the region. For instance, in May 2021, The U.S. Department of Energy (DOE) today announced $35 million in funding to Reduce the Carbon Footprint of Biofuel Production. The 15 awarded research projects are housed at colleges, universities, and labs across nine states and will advance new technologies to decarbonize biorefining processes used across the energy, transportation, and agriculture sectors. The funding awards are supported by DOE's Advanced Research Projects Agency-Energy (ARPA-E). These investments in advancements in clean energy technology will help America achieve the goal of a 100% clean energy economy and net-zero emissions by 2050.
The major companies serving the global Carbon Footprint Management market include: SAP SE, ENGIE SA, Schneider Electric SE, International Business Machines Corp. (IBM), Carbon Footprint Ltd, Intelex Technologies Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2021, Diligent Corp., the leading provider of SaaS governance, risk, and compliance (GRC), acquired Accuvio, a leading environmental, social, and governance (ESG) data aggregation and reporting software company. Together, Diligent and Accuvio will offer clients the most comprehensive ESG solution in the market by aggregating next-generation ESG data across governance, risk, compliance, and diversity with natural integration points that bring critical intelligence to executives and the board. Diligent ESG connects to multiple internal platforms and data sources, enabling automated data collection through robotic process automation to ensure companies can monitor performance against ESG objectives in real-time. With Accuvio, Diligent will enable organizations to prepare, track and disclose key metrics in alignment with major regulatory frameworks and standards - including greenhouse gas (GHG) emissions across the entire value chain