The Global Carbon Footprint Management Market is estimated to be USD 9.2 Bn in 2020 and is expected to reach USD 13.2 Bn by 2025, growing at a CAGR of 7.5%.
Key factors such as high energy consumption for industrial applications has resulted in higher CO2 emission rates. This has been one of the prominent reasons for higher carbon footprints. Therefore there has been increasing concern amongst the corporates to lower the carbon emissions by following mandated regulations and bringing about certain operational efficiencies.
Also, large corporations have led initiatives through CSR activities aimed at achieving environmental sustainability and reducing the carbon footprint. These factors are driving the growth of the market for carbon footprint management.
However, factors such as the significant costs associated with the replacement of current infrastructure with low carbon-emitting infrastructure and the diverse regulatory environment with different guidelines are likely to hamper the carbon footprint management market's growth.
By Component, the Services in carbon footprint management consist of consulting services, system integration services, and operational support services (pre and post-deployment). These services are likely to lower the operating cost and help in improvising business performance. Moreover, there are certain market players providing specialized services. With higher rates of deployment amongst the enterprises, the services segment is holding a high market share.
By Organization Size, the Large Enterprises holds a large market share in the market. With the rise in carbon emissions, followed by the increasing regulatory compliances, these enterprises are bound to maintain and reduce the levels of carbon footprints. Thus, these enterprises invest in utilizing carbon management software to run a simulation, forecast the emissions, and curb them accordingly. Since these initiatives are not financially feasible to the SME users, the large enterprises contribute to high segmental growth.
By Deployment, Cloud-based deployment holds the highest market share. Several organizations are adopting Cloud-based deployment due to its greater flexibility, high control over the data, and cost-effectiveness. It provides enhanced security solutions, which can further help in mitigating the risks associated with data loss. This has led to higher adoption of cloud-based solutions for the carbon footprint management market.
By Vertical, the Energy and Utilities segment holds the highest market share during the forecast period. As per the Environmental Protection Agency (EPA), electricity generation contributes to about 26.9% of carbon emissions, becoming the second-largest source of GHGs. Factors such as rising demand for electricity followed by a rise in CO2 emission contribute to the growth of the segment. Also, rising investments in the utility sector are creating opportunities for market growth
By Geography, North America is anticipated to lead the market. The factors attributing to the growth of the market are due to the stringent regulatory framework coupled with high spending initiated by the Government and the enterprises to reduce carbon footprint and contribute to environmental sustainability. This has significantly aided in the growth of the carbon footprint management market in this region.
Key Topics Covered:
1 Report Description 1.1 Study Objectives 1.2 Market Definition 1.3 Currency 1.4 Years Considered 1.5 Language 1.6 Key Shareholders
2 Research Methodology 2.1 Research Process 2.2 Data Collection and Validation 2.2.1 Secondary Research 2.2.2 Primary Research 2.3 Market Size Estimation 2.4 Assumptions of the Study 2.5 Limitations of the Study
Stringent Regulations Aimed at Lowering Carbon Emissions
Increasing Demand for Energy Consumption by Industries
Growing Concerns about Enterprise Sustainability and Corporate Social Responsibility (CSR) Programs Among the Corporates
High Initial Investment
Lack of Clarity about The Regulatory Landscape
Increasing Government Initiatives
Initiatives by Firms on Green Building Projects
Leveraging Technologies to Reduce Carbon Footprint
Increasing Adoption of Carbon Footprint Management in the Transportation Sector
Lack of Willingness to Adopt Carbon Emission Software Among Developing and Undeveloped Countries
5 Market Analysis 5.1 Porter's Five Forces Analysis 5.2 Impact of COVID-19 5.3 Ansoff Matrix Analysis
6 Global Carbon Footprint Management Market, By Component 6.1 Introduction 6.2 Solution 6.3 Services 6.3.1 Consulting 6.3.2 Integration and Deployment 6.3.3 Support and Maintenance
7 Global Carbon Footprint Management Market, By Organization Size 7.1 Introduction 7.2 Large Enterprises 7.3 Small and Medium-Sized Enterprises
8 Global Carbon Footprint Management Market, By Deployment 8.1 Introduction 8.2 On-Premises 8.3 Cloud-Based
9 Global Carbon Footprint Management Market, By Vertical 9.1 Introduction 9.2 Manufacturing 9.3 Energy and Utilities 9.4 Residential and Commercial Buildings 9.5 Transportation and Logistics 9.6 IT and Telecom
10 Global Carbon Footprint Management Market, By Geography 10.1 Introduction