According to a research report “Carbon Footprint Management Market by Component (Solution and Services), Service (Consulting, and Integration and Deployment), Vertical (Manufacturing, Energy and Utilities, and Transportation and Logistics), and Region – Global Forecast to 2025″, published by MarketsandMarkets, the carbon footprint management market size expected to grow from $9.0 billion in 2020 to $12.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period.
The corporate companies are increasingly focusing on the reduction of carbon emissions; hence, the demand for the carbon footprint management solution is expected to see a higher adoption rate in the near future.
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Services segment to account for a higher CAGR during the forecast period
Services offered in the carbon footprint management market include designing of the system architecture and security systems, coaching and training programs, management consultancy, government regulations consultancy, legal consultancy, financial services, risk consulting, policy and governance services, operations support, performance and quality evaluation, market consultancy, and future strategies. The overall services segment has a major influence on the carbon footprint management market. These services help lower the operational cost, increase the overall revenue, and improve business productivity and performance.
Energy and utilities vertical to account for the largest market size during the forecast period
The energy and utilities vertical has witnessed the significant adoption of the carbon footprint management solution because of the evolving laws, regulations, and standards. According to IEA, energy consumption has increased globally to approximately twice the average growth rate since 2010. The drivers for the increment being the 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 the higher electricity demand, energy needs also witnessed a surge. As a consequence, CO2 emissions rose 1.7% in 2017 due to the high energy consumption. According to the US Energy Information Administration data, in America, natural gas plants have replaced most of the retired coal capacity. Power companies’ further plan to add 37 GW of new natural gas capacity between the current year and 2025, more than wind standing at 29.7 GW and solar at 21 GW.
Europe to account for the second largest market share in 2020
Europe has been able to reduce GHG emissions since 1990. According to European Environment Agency (EEA), the EU greenhouse gas emissions continued to decrease in 2014 with a 4.1% reduction in emissions as compared to 1990 levels. The region is trying to boost its investments in technology and innovation with an objective to reduce the region’s dependence on fossil fuels. The GHG decreased in across most sectors between 1990 and 2014. Countries, such as the UK, Germany, and France, are majorly contributing in the reduction of carbon emissions. The UK imports large amounts of CO2 embodied in traded goods and services from overseas. According to the Department for Environment Food and Rural Affairs, between 2015 and 2016, the UK’s carbon footprint is estimated to have fallen by 6%. Germany aims to reduce its overall HG emissions by a minimum of 55% till 2030 as compared to its 1990 emission levels. In addition, France is targeting to hit net zero GHG emissions by 2050 and has already introduced a legislation for reaching the target.
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The major carbon footprint management market vendors include Carbon Footprint (England), Salesforce (US), ENGIE (France), IsoMetrix (South Africa), Schneider Electric (France), Intelex (Canada), IBM (US), SAP (Germany), Enablon (France), Trinity Consultants (US), Dakota Software (US), Envirosoft (Canada), Enviance (US), ProcessMAP (US), Accuvio (Ireland), Carbon EMS (New Zealand), Native Energy (US), EnergyCAP (US), Locus Technologies (US), Ecotrack (US).
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