Carbon Footprint Management - Global Market Outlook (2021 - 2028)

Carbon Footprint Management - Global Market Outlook (2021 - 2028)

According to Stratistics MRC, the Global Carbon Footprint Management Market is accounted for $9.56 billion in 2021 and is expected to reach $16.59 billion by 2028 growing at a CAGR of 8.2% during the forecast period. A carbon footprint a significant measure of the environmental impact of carbon dioxide and methane’s contributing factors to man-made climate change in the form of greenhouse gases, also referred to as global warming. Carbon footprint management is the measured output units of carbon dioxide (CO2) and methane (CH4) for a particular individual, product, practice or organization as it applies to environmental impact. Carbon footprint is expressed in metric tons per year.

Market Dynamics:

Driver:

Growing adoption of environment sustainability among corporates

Corporates make a substantial contribution to the Global Greenhouse Gas (GHG) emissions, thus providing effective measures for the carbon footprint management. Many companies adopt GHG reduction policies to monitor & measure their emissions, to assign responsibility for emissions to managers, and to report these actions & outcomes to stakeholders. The organizations also act on information pertaining to senior management responsibilities for climate change, climate change risk management strategies, climate change policies, actions directed to reduce GHG emissions, capital investments & payback periods, objectives & targets, and GHG emission calculation methodologies & assumptions. In addition, many large-scale organizations collaborate with companies, which can help them to reduce carbon footprint to maintain their CSR activities, thus driving the growth of the carbon footprint management market.

Restraint:

Lack of willingness of growing economies

Lack of willingness to adopt carbon emission solutions in undeveloped & developing countries is a major factor restraining the growth of the market. The large capital requirement is often the main reason for this unwillingness.

Opportunity:

Adoption of advanced technologies

Modern industrialization for low carbon emission and adoption of advanced technologies, such as Internet of Things, artificial intelligence, and big data, provide lucrative opportunities for the carbon footprint management market.

Threat:

High cost of infrastructure replacement

High costs involved in replacement of existing infrastructure to replace with green technology would hinder the growth of the market. Infrastructure varies in every organization, thus making it complicated to choose an appropriate tool to replace the already-built infrastructure with a greener one. As this requires heavy investments and skilled expertise, to replace an already-built infrastructure with sustainable carbon footprint can incur high cost of installation, thereby challenging the growth of the carbon footprint management market.

The cloud/on-demand segment is expected to be the largest during the forecast period

The cloud deployment mode offers better control of the data, along with the reduced risk of data loss and concerns related to regulatory compliance. Owing to these benefits, several enterprises are opting for cloud-based solutions to ensure safety and security. Organizations are increasingly deploying cloud-based solutions depending on the businesses’ needs and user requirements. The cloud deployment mode offers benefits, such as increased scalability, speed, 24/7 service, and enhanced IT security.

The energy and utilities segment is expected to have the highest CAGR during the forecast period

The energy consumption has increased globally at a significant growth rate from last few years. The drivers for the increment are robust global economy and higher heating and cooling needs across few parts of the world. The demand for fossil fuels, natural gas, solar, and wind energy has seen a double-digit growth in the last few years. Owing to a higher electricity demand, energy needs also witnessed a surge. As a consequence, CO2 is rising due to the high-energy consumption.

Region with largest share:

North America is projected to hold the largest market share owing to the high per capita emissions of the region. According to Carbon Dioxide Information Analysis Center (CDIAC), around 91% of current fossil fuels and CO2 emissions are from the US.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR due to the high demand for coal in the region. The use of coal is among the many issues dividing advanced and developing countries as they seek to limit the damage on the environment.

Key players in the market

Some of the key players profiled in the Carbon Footprint Management Market include IBM, Schneider Electric SE, Intelex, IHS Markit Ltd, Firstcarbon Solutions, Carbon Footprint, Processmap Corporation, Salesforce, Ecova, Inc, Verisae, Inc, Enablon SA, Isometrix, Enviance, Inc, Engie, and Thinkstep AG .

Key developments:

In January 2020: IsoMetrix and Laragon partnered to develop the European market and support the Latin American expansion. This expansion offers a combined approach of expertise and technology to their customers.

In November 2019: Engie partnered with Accenture, Salesforce, and Vlocity for providing low-carbon energy and services to help ENGIE’s customers around the world achieve a zero carbon future.

In September 2019: Salesforce announced Sustainability Cloud, a carbon accounting product for businesses to drive climate action that will accelerate the world’s efforts towards carbon neutrality. With Salesforce Sustainability Cloud, businesses now have a trusted sustainability platform that gives them a 360-degree view of their environmental impact and provides data-driven insights to make change the planet will notice.

Deployment Modes Covered:
On-Premises
Cloud/On-Demand

Components Covered:
Solution
Services

Types Covered:
Product Focused Carbon Footprint
Corporate Carbon Footprint

Organization Sizes Covered:
Small and Medium-Sized Enterprises
Large Enterprises

End Users Covered:
Energy and Utilities
Building & Construction
Transportation and Logistics
Banking, Financial Services and Insurance (BFSI)
Information Technology (IT) and Telecom
Electronic and Consumer Goods
Oil & Gas
Retail
Manufacturing

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 2020, 2021, 2022, 2025, and 2028
- 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

Free Customization Offerings:
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)
SWOT Analysis of key players (up to 3)
Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances