Global Carbon Footprint Management Market

Global Carbon Footprint Management Market was valued USD 10.9 Billion in 2023 and projected to reach USD 42.9 Billion by 2030, growing at a CAGR of 21.6% during the forecast period of 2023-2030.

The global carbon footprint management market is a key player in the sustainable business landscape, and is at the forefront of the global initiative to combat climate change. Carbon footprint management has become a central theme in the face of urgent environmental challenges, influencing the strategies and operations of organizations across various industries, and becoming an integral component of the global sustainability agenda.

The increasing pressure to address climate change and a global shift toward a low-carbon economy are the primary factors driving the carbon footprint management market in the international market. Governments and stakeholders are urging organizations to evaluate and reduce their carbon emissions to combat climate change. Additionally, the widespread transition to a low-carbon economy is motivated by the economic benefits of sustainable practices, including cost savings and access to new markets. The convergence of these drivers places carbon footprint management at the core of global sustainability initiatives and the attainment of targets outlined in international climate agreements. Also, the increasing adoption of cutting-edge technologies like artificial intelligence, the Internet of Things (IoT), and big data across various industries to reduce carbon emissions is anticipated to provide new opportunities for the expansion of the carbon footprint management market during the forecast period.

Global transition to a low-carbon economy

The carbon footprint management market is strongly influenced by the global shift towards a low-carbon economy. As countries and industries across the globe increasingly prioritize sustainability, the demand for comprehensive carbon footprint management solutions rises in tandem. Organizations worldwide are compelled to monitor, analyze, and mitigate their carbon emissions to align with stringent environmental regulations and meet ambitious climate goals. This transition fosters a growing awareness of the environmental impact of business operations, prompting companies to seek advanced tools and technologies for efficient carbon footprint measurement and reduction. The carbon footprint management market responds to this need by offering innovative solutions that enable businesses to track and optimize their emissions across the entire value chain. Moreover, as consumers become more environmentally conscious, companies are compelled to adopt sustainable practices, further propelling the market. The integration of technology-driven carbon management solutions not only aids in environmental stewardship but also enhances corporate reputation and resilience in a world increasingly shaped by climate considerations. In essence, the global shift towards a low-carbon economy acts as a catalyst, propelling the carbon footprint management market to the forefront of sustainable business practices.

Market Dynamics

Drivers:

• Mounting pressure to address climate change
• Adoption of advanced technologies
• Regulatory and stakeholder pressures
• Increasing government initiatives to implement low-carbon policies

Opportunities:

• Growing demand for carbon offset solutions
• Increasing technological advancements
• Increasing awareness and adoption of sustainable practices

The increasing interest in green finance and sustainable investment

The increasing interest in green finance and sustainable investment presents new approach for the global carbon footprint management market. As financial institutions and investors increasingly prioritize environmentally responsible practices, there is a growing need for robust carbon footprint management solutions. Companies seeking to align with sustainable investment criteria are compelled to adopt comprehensive carbon monitoring and reduction strategies. This surge in demand opens up opportunities for the carbon footprint management market to provide innovative tools and technologies that facilitate accurate measurement, reporting, and mitigation of carbon emissions. Additionally, as governments and regulatory bodies worldwide incentivize green initiatives, businesses are motivated to integrate carbon management practices into their operations to access favourable financial terms and support. The market, in turn, responds by offering solutions that not only meet compliance requirements but also contribute to enhanced corporate social responsibility and reputation. The convergence of green finance with carbon footprint management not only ensures better environmental stewardship but also positions businesses favourably in the evolving landscape of sustainable investments, creating a symbiotic relationship that drives growth and positive environmental impact.

Energy and utilities segment is expected to hold the highest market share.

Based on Vertical, the energy and utilities segment is hold the major market share of the revenue. This dominance is attributed to the majority market share held by the energy and utility category, a trend expected to persist due to heightened heating and cooling demands and a robust economy in the sector. The adoption of carbon footprint management is driven by the surge in carbon emissions resulting from increased energy consumption and power generation.

Furthermore, the energy sector is undergoing a global transformation, fueled by the expansion of unconventional oil operations in the United States and heightened concerns about climate change. The significant rise in unconventional oil production over the past decade has not only disrupted the industry, geopolitics, and the environment but has also impacted the energy sector at large.

As per the 2022 report, the primary driver behind the substantial increase of over 2 billion tons in global energy-related CO2 emissions was the heightened consumption of coal. In 2021, the world witnessed a record-high of 6% increase in energy-related carbon dioxide emissions, reaching 36.3 billion tons. This surge was predominantly fueled by the global economy rebounding from the COVID-19 crisis and relying heavily on coal.

The market for carbon footprint management market is dominated by North America.

North America dominated the global carbon footprint management market and hold the highest market share and is anticipated to maintain this position during forecast period. This is attributed to the increasing investments and adoption of IoT, ML, and AI technologies in the carbon footprint management industry. The region is further propelled by stringent government policies aimed at reducing carbon emissions and achieving a net-zero pathway. The exploration of new oil fields and the booming shale oil and gas industry in North America necessitate increased attention to carbon footprint management. For example, the United States Geological Survey (USGS) reports the presence of significant reserves—over 280 trillion cubic feet of gas, 46 billion barrels of oil, and 20 billion barrels of natural gas—trapped under low-permeability shale formations in the U.S., requiring extensive carbon management for exploration activities in these fields.

On the other hand, the Asia-Pacific region is expected to grow with highest CAGR during the forecast period, driven by rapid industrialization and urbanization, presenting a promising opportunity for stakeholders. Emerging economies in the region are expected to make significant financial contributions to air quality regulatory frameworks. The announcement of China’s emissions trading program in July, the largest of its kind, is noteworthy, especially considering China’s status as the top global producer of carbon dioxide. The escalating concerns regarding increasing CO2 emissions in the region are predicted to propel the expansion of the carbon footprint management market. In alignment with the Paris Agreement, Indian officials have established a target to reduce carbon emissions by over 30% by 2030, further emphasizing the growing necessity to manage one’s carbon footprint in response to these developments.

Cloud-based solutions drive the expansion of carbon footprint management market across various industries.

Based on Deployment Mode, the Cloud based solution is expected to grow with highest CAGR during the forecast period. The adoption of cloud-based carbon footprint management solutions is on the rise across various industrial sectors, driven by their exceptional flexibility and scalability. These solutions enable organizations to access and implement carbon footprint management tools from any location with an internet connection, making them well-suited for businesses of diverse sizes and geographic locations. This flexibility ensures effective management of carbon footprint data and strategies, irrespective of operational scale or geographical dispersion. Additionally, the cost-effectiveness of cloud-based deployment is contributing to further growth. Unlike traditional on-premises solutions that often involve substantial upfront investments and ongoing maintenance costs, cloud-based offerings typically operate on a subscription model, allowing organizations to pay only for the resources they utilize.

Major vendors in the global Carbon Footprint Management Market are Accuvio (Diligent Corporation), Carbon Footprint Ltd, Dakota Software, EcoTrack Fleet Management, EnergyCAP, LLC.,  Engie SA, Enviance (Cority Software Inc.),  Envirosoft, Intelex Technologies, ULC, IsoMetrix, Locus Technologies, ProcessMap, Salesforce, Inc., SAP, Schneider Electric, Seceon Inc., The Carbon Trust and others and Others.

Segmentations Analysis of Carbon Footprint Management Market: –

Major Segmentations Are Distributed as follows:

• By Component
  • Solution
  • Services
    • Consulting
    • Integration & Deployment
    • Support & Maintenance
• By Deployment Mode
  • Cloud
  • On-premises
• By Vertical
  • Metals & Mining
  • Electronics & Consumers Goods
  • Automotive
  • Pharmaceutical & Healthcare
  • IT & Telecom
  • Transportation and Logistics
  • Energy and Utilities
  • Other 
• By Organization Size
  • Corporates/Enterprises
  • Mid-Tier Enterprises
  • Small Businesses
• By Region
  • North America
    • US
    • Canada
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • Chile
    • Peru
    • Rest of Latin America
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • U.K.
    • BENELUX
    • CIS & Russia
    • Nordics
    • Austria
    • Poland
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Indonesia
    • Malaysia
    • Vietnam
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Nigeria
    • Egypt
    • Israel
    • Turkey
    • Rest of MEA

Recent Developments

• February 2023, Enablon and Makersite joined forces in a strategic partnership aimed at assisting enterprises in achieving their Environmental, Social, and Governance (ESG) goals. The collaboration focuses on supporting organizations in decarbonizing their supply chains through comprehensive management of greenhouse gas emissions across all three Scopes.
• September 2022 witnessed the acquisition of Reporting 21, an ESG performance software platform and consultancy, by Enviance. This addition enhances Enviance/Cority’s Sustainability Cloud, empowering customers to efficiently manage, report, and act upon their sustainability and ESG initiatives.
• August 2022, Partners Group committed to acquiring a significant minority stake in VelocityEHS, a leading software platform specializing in Environment, Health, and Safety (EHS) as well as sustainability solutions.
• July 2022, Trinity Consultants expanded their portfolio by acquiring Ecofish Research, an aquatic environmental consulting firm. This strategic move brings Trinity’s water ecology and aquatic sciences consulting services to a team of approximately 250 professionals, enabling the delivery of a diverse range of water ecology-related services.
• January 2022 saw a noteworthy milestone for Veolia Carbon Clean, a collaboration between Carbon Clean and Veolia, as they revealed a fresh corporate identity while making substantial progress in their low-cost carbon capture project.

Answers to Following Key Questions:

• What will be the carbon footprint management market’s trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of carbon footprint management market?
• What are the main forces behind worldwide carbon footprint management market? Which companies dominate carbon footprint management market?
• Which companies dominate carbon footprint management market? Which business possibilities, dangers, and tactics did they embrace in the market?
• What are the carbon footprint management industry’s suppliers’ opportunities and dangers in carbon footprint management market?
• What is the carbon footprint management industry’s regional sales, income, and pricing analysis? In the carbon footprint management market, who are the distributors, traders, and resellers?
• What are the main geographic areas for various trades that are anticipated to have astounding expansion over the carbon footprint management market?
• What are the main geographical areas for various industries that are anticipated to observe astounding expansion for carbon footprint management market?
• What are the dominant revenue-generating regions for carbon footprint management market, as well as regional growth trends?