The global carbon footprint management market size is expected to grow from USD 9.0 billion in 2020 to USD 12.2 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. Companies are increasingly adopting the carbon footprint management software across verticals due to the need for adhering to carbon emission compliances. This has increased the demand for carbon footprint management software across industries. The increasing government initiatives across the world are expected to boost the growth of the carbon footprint management market.
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.
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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.
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). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global carbon footprint management market. New product launches, agreements, and collaborations have been the most adopted strategies by major players from 2018 to 2020, which helped them innovate their offerings and broaden their customer base.Carbon Footprint (England) is one of the leading providers of carbon footprint management software and services. It is specialized in carbon emission assessments, life cycle analysis, environmental strategy/planning, carbon/energy reduction, and carbon offsetting as well as commercialization/marketing of credentials. The company offers software solutions, such as Carbon Footprint Software and Carbon Tracking Software. It provides the following services: Carbon Footprinting, Assurance, Compliance and Legal Requirement, Product Footprint, and other sustainability services. The company’s Carbon Footprint software is an ideal tool to help raise awareness, measure emissions, reduce costs, and engage staff of enterprises for carbon management programs. The company’s Carbon Footprint software has over 1,000,000 users worldwide.
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Salesforce (US) is one of the providers of sales and Customer Relationship Management (CRM) applications and platforms. Its focus is on providing its CRM solutions to sales, service, marketing, and IT. In the carbon footprint management market, Salesforce offers a Sustainability Cloud solution. This solution enables businesses to quickly track, analyze, and report reliable environmental data to help them reduce their carbon emissions. A company’s carbon footprint data is visualized in dynamic reports and dashboards both for audit purposes and for executive engagement with insights that empower businesses to drive climate action programs at scale. Sustainability Cloud is built on Salesforce’ CRM platform and uses global reference data for the calculation of enterprises’ carbon emissions; it can be accessed from any device.
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