$30.8 Billion Carbon Footprint Management Market Size to Reach by 2028
Aashish Mehra
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According to a new study, the global Carbon Footprint Management Market is forecast to rise an CAGR of 22.2% to reach $30.8 billion by 2028. Gains will be supported by:
- an increase in government initiatives for emissions reduction
- increasing demand for energy consumption by industries
- implementation of COP27 targets to limit global warming
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Partnerships and product launches are among the key growth strategies adopted by leading companies such as are:
- Schneider Electric (France),
- SAP (Germany),
- IBM (US),
- Salesforce (US),
- ENGIE (France) and many more...
The other companies in the carbon footprint management market focus majorly on acquisitions, partnerships, product launches, collaborations, and expansions to grab a strong foothold in the market.
Recent 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. This involves data collection, modeling, reporting, planning, forecasting, and operational execution across all three Scopes of greenhouse gas (GHG) emissions.
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.
Driver: Increase in government initiatives for low carbon policy;
Carbon footprint management systems can help in tracking, monitoring, and reducing emissions generated by homes and businesses and are supported by government initiatives. Policies and amends to reduce greenhouse gases and emission levels in the environment are made continuously by several governments and stakeholders across the world that are focusing on climate change. According to World Energy Outlook-2021, more than 120 countries announced new targets for emission reductions by 2030, and governments representing approximately 70% global CO2 emissions have pledged to bring emissions to net zero by 2050. To attain these targets, initiatives have been taken globally such as the Carbon Action Initiative and Net-Zero Government Initiative.
Opportunities: The shift Towards Cloud Computing and Paperless Economy
Cloud computing and paperless economy is being implemented on a large scale across global economies. Countries such as China, India, and the Middle East offer several subsidies for industries using these methods and sustainable platforms to prevent the release of GCG and other carbon gases Their implementation may require steps which involve using tools and filtration caps in factories and industries to decrease carbon emissions. Before using these tools, the carbon footprint management software is used to determine the emission levels and document data through the cloud or on-premises deployment, pushing the overall sales of carbon footprint management software.
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North America held a dominant position in the carbon footprint management market industry in 2022, and is expected to continue to do so throughout the forecast period as a result of the region's proactive efforts to reduce the effects of climate change. In line with this, the region has set strong NDC targets and enacted binding ESG disclosure regulations. Carbon footprint management solutions are expected to see considerable growth over the next few years.
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Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road, Suite 430
Northbrook, Illinois - 60062
USA : 1-888-600-6441
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