Carbon Footprint Management Market Scope and Overview
The Carbon Footprint Management Market was worth USD 12.02 billion in 2023, and it’s expected to be reached over USD 54.62 billion in 2031 and grow by CAGR of 20.8 % over the forecast period 2024-2031.
A large-scale implementation of cloud computing and paperless economies is being observed across global economies. This shift is driven by initiatives in countries like China, India, and the Middle East, which offer subsidies to industries that adopt these sustainable practices. These practices aim to reduce greenhouse gas (GHG) emissions, including carbon dioxide (CO2).
Many countries offer tax breaks to companies that invest in renewable energy sources, energy-efficient technologies, or sustainable manufacturing processes. For instance, the United States offers a 30% investment tax credit for solar energy systems.
Financial institutions might offer loans with lower interest rates to businesses that invest in sustainable projects. In India, the Small Industries Development Bank of India (SIDBI) provides concessional loans to industries adopting green technologies
Some of the Major Key Players Studied in this Report are:
- Carbon Footprint Ltd
- Dakota Software Corporation
- ENGIE
- IsoMetrix
- IBM Corporation
- Process MAP
- Schneider Electric
- SAP
- Wolters Kluwer N.V
- Other Players
Recent Innovations in Carbon Footprint Management Market
In September 2023, a carbon emission tracking solution was launched by Eco Vadis to assist companies in monitoring their greenhouse gas emissions. This innovative tool was designed to help businesses implement effective carbon reduction strategies and improve emissions reporting for their products and services across a wide range of industries.
A strategic collaboration was announced in February 2023, by Enablon and Maker site to assist enterprises in achieving their ESG goals. The collaboration aimed to help organizations manage their Net Zero ambitions through decarbonizing supply chains. This would be achieved through data collection, modeling, reporting, planning, forecasting, and operational execution across all three Scopes of greenhouse gas (GHG) emissions.
Market Segmentation Analysis
Carbon Footprint Management Market is segmented into four segments, By Based on Component, Deployment Mode, Organization Size and Verticals. On the basis of Vertical The manufacturing sector was identified as the dominant market segment in carbon footprint management, which held a revenue share of more than 38%. This dominance is attributed to manufacturing being a major source of global carbon emissions. While some companies acknowledge and address these emissions, many are still seeking reduction strategies. The adoption of low-carbon practices in manufacturing extends beyond environmental benefits, also mitigating risks like regulations, competition, litigation, reputational damage, and brand value erosion. The iron and steel industry, as reported by the IEA and UNIDO, was found to contribute 7% of industrial CO2 emissions.
Market Segmentation and Sub-Segmentation Included Are:
On The Basis of Component
- Solution
- Services
On The Basis of Deployment Mode
- Cloud
- On-premises
On The Basis of Organization Size
- Corporates/Enterprises
- Mid-Tier Enterprises
- Small Businesses
On The Basis of Vertical
- Manufacturing
- Energy and Utilities
- Residential and Commercial Buildings
- Transportation and Logistics
- IT and Telecom
- Financial Services
- Government
Regional Outlook
North America region is currently the dominant player in the carbon footprint management market, with holding a revenue share of more than 42%. Due to the region has a significant greenhouse gas emissions footprint, driven by concerns over climate change and corresponding regulatory efforts in the US and Canada.
For Instance, the Canadian government announced a $1.5 billion investment in clean technology on June 12, 2024, signifying a continued commitment to reducing greenhouse gas emissions
In The APAC region, rapid industrialization and urbanization are creating significant opportunities for the carbon footprint management market. Emerging economies within the region are also implementing stricter air quality regulations. Such as China’s emissions trading program and India’s commitment to carbon reduction goals under the Paris Agreement are prime examples driving market expansion in these countries.
For Instance, China’s Ministry of Ecology and Environment announced stricter air quality standards on May 20, 2024, further emphasizing the country’s environmental sustainability goals
Europe, with its long-standing focus on environmental protection, benefits from a well-established framework of stringent environmental regulations. This has positioned the region as a leader in adopting carbon footprint management solutions.
The European Union proposed a new regulation on June 5, 2024, that would require large companies to report their environmental impact, including their carbon footprint
Key Insights Offered in the Carbon Footprint Management Market Report
- Find out how this market is expected to grow in the coming years.
- This report analyzesthe geographical distribution of the market, identifying regions with the highest market share and those with the fastest growth potential.
- This report exploresthe key factors that drive the market growth, such as rising energy demand by industries, the growing focus on corporate sustainability and environmental responsibility and need for transparency in company emissions reporting.
Table of Contents
- Introduction
- Industry Flowchart
- Research Methodology
- Market Dynamics
- Impact Analysis
- Impact of Ukraine-Russia war
- Impact of Economic Slowdown on Major Economies
- Value Chain Analysis
- Porter’s 5 Forces Model
- PEST Analysis
- Carbon Footprint Management Market Segmentation, by Component
- Carbon Footprint Management Market Segmentation, by Services
- Carbon Footprint Management Market Segmentation, by Deployment Mode
- Carbon Footprint Management Market Segmentation, by Vertical
- Regional Analysis
- Company Profile
- Competitive Landscape
- USE Cases and Best Practices
- Conclusion
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Akash Anand – Head of Business Development & Strategy
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