(MENAFN- EIN Presswire) Carbon Footprint Management Market
The growing concern of global warming has given rise to controlling and managing carbon footprint of various industries and countries.
PORTLAND, PORTLAND, OR, UNITED STATE, February 14, 2023 /einpresswire.com / -- Allied market Research published a new report, titled, 'carbon footprint management market is Expected to Reach USD 18.2 Billion by 2031 | Top Players such as -GE, IBM and ENGIE.' The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global carbon footprint management market: global opportunity analysis and industry forecast, 2020–2027 market was valued at USD 9.3 billion in 2021, and is projected to reach USD 18.2 billion by 2031, growing at a CAGR of 7% from 2022 to 2031.
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Rise in demand for energy consumption by industries and increase in demand for sustainable energy solution have propelled the global carbon footprint management market. However, high installation and maintenance costs of carbon footprint solution hinder the market. On the contrary, surge in trend of advanced technologies such as artificial intelligence, IoT, and big data to reduce carbon emission would unlock new opportunities in the future.
The carbon footprint management market is segmented on the basis of component, deployment mode, industry vertical, and region. On the basis of component, the market is divided into solution and service. Depending on deployment mode, the market is classified into on premise and cloud. By industry vertical, the market is segmented into energy and utilities, manufacturing, residential and commercial buildings, transportation and logistics, and IT and telecom. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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By industry vertical, the residential and commercial buildings segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031, due to growing awareness regarding the negative effects of excess carbon production and fear of climate change. However, the energy and utilities segment held the largest share in 2021, accounting for more than one-fourth of the global carbon footprint management market, due to heavy carbon dependency for energy production and rise in need to control it.
By component, the solution segment held the largest share in 2021, accounting for nearly two-thirds of the global carbon footprint management market, owing to various government sustainability and emission control standards. However, the service segment is estimated to register the highest CAGR of 8.4% during the forecast period, due to rapidly growing demand for carbon footprint management services.
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Region-wise, the carbon footprint management market industry was dominated by North America in 2020, and is expected to retain its position during the forecast period, owing to strong initiatives by the local government to minimize the effects of global warming. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to its rapid economic transformation and the rise in awareness regarding the increasing carbon emissions in the region, which is expected to fuel the growth of carbon footprint management solutions in the region in the coming few years.
The global Carbon footprint management market is dominated by key players such as Carbon Footprint Ltd, Dakota Software Corporation, ENGIE, IsoMetrix, IBM, ProcessMAP, General Electric, Salesforce, SAP, and Wolters Kluwer N.V. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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Covid-19 Scenario:
● Due to Covid-19 outbreak, several business and manufacturing industries were forced to limit or halt their production. Moreover, dearth of staff and worker on-site created challenges to maintain full-scale productivity.
● Rise in consumer awareness about personal carbon footprint management boosted the market growth.
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