Carbon Footprint Management Market Forecasts to 2030 - Global Analysis By Component, Deployment mode, Organization size, End User and By Geography

According to Stratistics MRC, the Global Carbon Footprint Management Market is accounted for $13.4 billion in 2023 and is expected to reach $48.7 billion by 2030 growing at a CAGR of 20.2% during the forecast period. A carbon footprint is the total amount of greenhouse gases (GHG) that a certain activity, person, or manufactured item releases into the atmosphere. When fossil fuels are used to create power, heat buildings, destroy forests, generate products, or move people and things, carbon dioxide is created, which is the most common greenhouse gas (GHG) emission.

According to Benjamin 2021, buildings in the United States account for 40% of carbon emissions and utilize 75% of grid electricity.

Market Dynamics:

Driver:

• The transition to a paperless economy and cloud computing.

• The utilization of cloud computing and a paperless economy is widespread throughout the world's economies. Countries like China, India, and the Middle East provide various incentives for businesses use these strategies and environmentally friendly infrastructure to stop the generation of GCG and other carbon gases. Their execution might need actions to reduce carbon emissions in factories and other businesses by deploying equipment and filtering devices. Carbon footprint management software is used to ascertain emission levels and record data through cloud or on-premises deployment prior to employing these solutions, driving total sales of the product.

Restraint:

• High initial expenditures.

• Economic growth and the resulting rise in energy consumption have several advantages for underdeveloped and emerging nations. People in these nations are also concerned about carbon emissions, but when asked to rank problems, they place it last, behind worries about security, food, education, health, and energy and transportation. Transportation, power generation, industry (commercial and residential), agriculture, land use, and forestry are the sectors that produce carbon emissions. Companies in emerging nations with low money are unable to invest in such solutions due to the financial expenditure needed to deploy carbon footprint management solutions and work on mitigation strategies.

Opportunity:

• Government efforts to implement low-carbon policies are increasing.

• Government programs promote carbon footprint management systems, which can assist in measuring, monitoring, and lowering emissions produced by residences and companies. Many governments and stakeholders throughout the world that are working on climate change are constantly making policies and changes to lower greenhouse gases and emission levels in the environment. More than 120 nations have set new goals for reducing emissions by 2030, and governments responsible for almost 70% of the world's CO2 emissions have vowed to achieve net-zero emissions by 2050, according to the World Energy Outlook-2021. Global initiatives have been made to reach these goals, including the Carbon Action Initiative and the Net-Zero Government Initiative.

Threat:

• Comprehensive measurement, monitoring, and reporting challenges emissions in scope 3.

• The total amounts of indirect emissions that take place across a company's value chain are considered scope 3 emissions. In the financial services sector, scope 3 greenhouse gas (GHG) emissions play a significant role in overall emissions. A increasing corpus of studies demonstrates that the impact of a company's scope 3 emissions can be several times greater than its scope 1 and scope 2 emissions. Nearly all emissions for financial organizations come from the value chain. Demands for the disclosure of scope 3 emissions are coming from a number of businesses and investment efforts. It is also crucial to recognize that there are difficulties in calculating scope 3 emissions, even though they are increasingly recognized as a significant danger indicator.

COVID-19 Impact:

• The primary COVID-19 pandemic outbreak impeded the expansion of the global carbon footprint management market due to the pandemic-related limitations that were put in place at the time, including lockdowns, social distance standards, and remote working. As a result, there was a decline in the need for carbon footprint management solutions at the time because numerous rules had been loosened. However, as economic activity returns to normal levels following the COVID-19 lockdowns, the rising concern about climate change and global warming is helping to sustain the market for carbon footprint control systems.

• The energy and utilities segment is expected to be the largest during the forecast period

• The energy and utilities segment is expected to have a lucrative growth. As the world seeks to transition to a low-carbon economy, energy and utility companies are under immense pressure to decarbonize their operations and shift towards renewable energy sources. These companies are investing heavily in carbon reduction technologies, such as carbon capture and storage, and exploring cleaner energy alternatives like wind, solar, and hydropower. Additionally, advancements in smart grid technologies enable better monitoring and management of energy consumption, further aiding in carbon footprint reduction efforts.

• The cloud segment is expected to have the highest CAGR during the forecast period

• The cloud segment is anticipated to witness the fastest CAGR growth during the forecast period. It is projected that cloud-based services would have a significant influence on the worldwide market, in a significant way because of the requirement for continuous availability and higher standards of security. Many firms have shown a preference for cloud-based solutions due to their higher scalability. The market for mobile and online application security is anticipated to have substantial development due to the rising popularity of cloud-based deployment strategies. Although cloud deployment offers numerous benefits, it does not offer the same level of customization as an on-premises installation.

Region with largest share:

During the forecast period, it is expected that the North American Carbon Footprint Management market will continue to hold a majority of the market share. The market for carbon footprint management in North America is anticipated to grow as a result of the region's various laws and the United States government's significant efforts to minimize GHG emissions. For instance, it has published the Affordable Clean Energy (ACE) Rule, which limits the emissions of greenhouse gases (GHG) from fossil fuel-fired power facilities that are currently in operation. The EPA's yearly net gain from this regulation, after expenses, domestic climate benefits, and health benefits, is predicted to range from USD 120 million to USD 730 million. As a result of these restrictions, there will likely be a rise in demand for carbon footprint management in the future.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period. Stakeholders view the Asia-Pacific area as a potentially profitable opportunity as a result of its growing development and urbanization. The biggest scheme of its type, China's carbon trading program, was officially launched in July. It's significant to note that China is the nation with the highest carbon dioxide production rates. Rising concerns about regional CO2 emissions are expected to fuel the growth of the market for carbon footprint management. As part of the Paris Agreement, Indian officials have set a goal to reduce carbon emissions by more than 30% by 2030.

Key players in the market:

Some of the key players in Carbon Footprint Management market include: Firstcarbon Solutions, Enablon, IBM Corporation, IsoMetrix Software, Dakota Software Corporation, Schneider Electric, ProcessMAP, Ecova, Envirosoft Corporation, Intelex Technologies ULC, Carbon Footprint Ltd, Laragon Sustainability Solutions, Engie, Verisae, Locus Technologies, NativeEnergy and Wolters Kluwer N.V.

Key Developments:

• In February 2023, Enablon and Makersite announced strategic collaboration to help enterprises reach ESG goals. The two industry leaders will help organizations manage Net Zero ambitions through decarbonizing supply chains.

• In September 2022, Enviance acquired an ESG performance software platform and consultancy, Reporting 21. The Reporting 21 solution will be incorporated into Enviance/Cority's Sustainability Cloud to better support customers in managing, reporting, and actioning their sustainability and ESG initiatives.

• In July 2022, Trinity Consultants acquired an aquatic environmental consulting firm, Ecofish Research. This acquisition brings Trinity's water ecology and aquatic sciences consulting service teams to approximately 250 professionals, with the ability to deliver a wide range of water ecology-related services.

Components Covered:

• Solutions
• Services

Deployment modes Covered:

• Cloud
• On-premises

Organization sizes Covered:

• Corporates/Enterprises
• Mid-Tier Enterprises
• Small Businesses

End Users Covered:

• Manufacturing
• Energy and Utilities
• Residential and Commercial Buildings
• Transportation and Logistics
• IT and Telecom
• Financial Services
• Government
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

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All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
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• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
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