TheGlobal Carbon Footprint Management Marketis estimated at USD 9.5 billion by 2020 and is expected to reach USD 13.7 billion by 2028, recording a CAGR of 6.1% from 2020 to 2028. In addition, strong compliance with carbon emissions and increased government efforts to reduce carbon emissions encourage market growth. The epidemic has had a profound effect on all aspects of life around the world as well as major economic and market changes.
Carbon footprint refers to the total amount of greenhouse gases emitted directly or indirectly by human activities, organizations, events, or products, and the unit of measurement is equivalent to carbon dioxide (CO2e). Carbon footprint management is concerned with measuring and calculating carbon emissions.
A major factor in the growth of the global carbon footprint regulatory market is the efforts of governments and international organizations to promote low carbon emissions policies and the implementation of a common regulatory framework. This has increased the demand for carbon footprint control software in all industries. Growing government measures around the world are expected to boost the growth of the carbon footprint control market.
The increase in greenhouse gas emissions over the past few decades has led to global climate change, resulting in serious environmental and economic threats, and growing concern about business sustainability and corporate social responsibility (CSR) programs between public and private institutions is expected to drive the global carbon footprint control market. The growing focus on business sustainability among organizations is an important trend that is gaining popularity in the market for managing carbon emissions. Major companies working in the field of carbon offsets are focused on introducing new products to meet the growing market demand for carbon offsets. The new offering is intended to support customers in their journey of stability through their technical expertise, customization approach, and strong partner ecosystem using Capgemini global sustainability framework.
A major obstacle to the growth of the global carbon footprint management market is the lack of willingness to use carbon offset software between developing and developing countries. The high costs associated with the replacement of existing infrastructure using green and low carbon emissions are hampering the market growth. Small industries pose a major challenge to adopting low carbon emissions that limit the market growth.
In June 2020, SAP developed and introduced a carbon footprint calculation system to calculate carbon footprint, which improved its market share of software in the carbon footprint control market. In January 2020, IsoMetrix software developed a strategic partnership with Laragon Sustainability solutions to increase market performance in Europe and Latin America.
The global Carbon Footprint Management Market is divided on the basis of type, the market is divided into software, services, and services are further subdivided by Consulting, and Consolidation and Delivery, support, and maintenance. On a vertical basis, the market is divided into commercial buildings, manufacturing transportation, IT and telecom, and other services. On the basis of technology and media, the market is divided into IT services.
The Asian Pacific market is expected to register a rapid revenue of 24.53% CAGR due to fast-growing industries, government support for carbon footprint control systems, and increased foreign investment in the region. North America has played a major role in world market earnings by 2020, which is expected to grow significantly during the forecast period. North America was the largest region in the carbon footprint control market by 2020. The Asia Pacific is expected to be the fastest-growing region in the forecast period.
Some of the major players operating in the global carbon footprint management market are Greenstone, Thinkstep, Ecova, Inc., Verisae, Inc., Schneider Electric SE, and Enablon. Other key players influencing the global market include ProcessMAP Corporation, FirstCarbon Solutions, Enviance.