Rising Applications of Cloud Computing to Drive Carbon Footprint Management Market at 5.6% CAGR Until 2032
NEW YORK, April 20, 2022 /PRNewswire/ -- The carbon footprint management market study published by Fact.MR provides a detailed outlook of key factors promoting demand and sales in the market. The report also offers insights into the trends, opportunities, and recent developments across major geographies and segments including component, services, deployment, and vertical for the forecast period (2022-2032).
Fact.MR - A Market Research and Competitive Intelligence Provider: Sales in the carbon footprint management market are estimated to be valued around US$ 10.2 Bn in 2022. Exhibiting growth at a CAGR of 5.6%, the global demand for carbon footprint management is poised to reach nearly US$ 17.4 Bn by 2032.
Expanding automotive fleet across the globe is leading to higher levels of carbon emission in the atmosphere. This is compelling government bodies and key manufacturers to invest in carbon footprint management solutions.
Also, the implementation of stringent regulation to curb carbon emission is propelling the demand for tracking and management of carbon footprint. This, in turn, will create opportunities for growth in the market in the forthcoming years.
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Rising greenhouse gas emissions from various industries including chemical, pharmaceutical, automotive, and mining are spurring demand for carbon footprint management to control the carbon emission rate.
In addition to this, need to prevent penetration of greenhouse gases into atmospheric layers, especially the ozone layer, is spurring sales of carbon footprint management technology for real-time data tracking and solution-based outcome.
Growing incidence of heart and lung-related disorders among workers in high carbon-emitting industries is compelling manufacturers to adopt carbon footprint management software, thereby, driving the market.
As per the United Nations Framework Convention on Climate Change (UNFCCC), the 26th session of the Conference of the Parties (COP) set detailed objectives and targets of COP26. These objectives include lowering carbon and methane emissions, along with India's initiatives such as development of the Infrastructure for Resilient Island States (IRIS).
Such initiatives promoting awareness about the impact of carbon emissions on the environment is likely to promote sales of carbon footprint management.
Expected Market Size (2022A)
US$ 10.2 Bn
Estimated Year Value (2025E)
US$ 12.01 Bn
Projected Year Value (2032F)
US$ 17.4 Bn
Global Growth Rate (2022-2032)
- Based on component, the solution segment is estimated to dominate the market, expanding at a CAGR of 5.1% during the forecast period.
- In terms of deployment, sales of cloud carbon footprint management are estimated to increase owing to its large storage capacity and faster and secure data transfer.
- By services, demand in the consulting segment is anticipated to grow at a CAGR of 5.1% through 2032.
- Sales of carbon footprint management in the U.S. are expected to increase at a CAGR of 5.3%.
- Total demand for carbon footprint management in the China market is anticipated to reach nearly US$ 3.1 Bn by the end of 2032.
- Growing adoption of sustainable platforms across various industries to prevent carbon emission will propel the demand in the market.
- Rising inclination toward paperless transactions and cloud computing is projected to pave way for the application of carbon emission management solutions in the forthcoming years.
- High installation cost and functional complications of carbon footprint management solutions might limit sales.
- Lack of availability of sustainable infrastructure to support the functionality of these solutions might restrain the growth in the market.
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Key players are integrating advanced technologies such as machine learning into their carbon footprint management solutions to gain a competitive edge in the market. They are also integrating automation into carbon footprint management techniques to expand their business across the globe.
Some of the players are focusing on adopting inorganic business strategies such as partnerships, collaborations, mergers, and joint ventures to gain a strong foothold in the market.
- January 2020: Isometrix entered into a strategic partnership with Laragon Sustainability Solutions to commercialize its product in Latin and European markets.
- June 2020: SAP developed a new carbon emission accounting system to evaluate carbon footprint.
Key Companies Profiled by Fact.MR
- Schneider Electric
- Dakota Software
More Valuable Insights on Carbon Footprint Management Market
In its latest study, Fact.MR highlights crucial factors steering growth in the global carbon footprint management market for the forecast period of 2022 to 2032. The study also provides key insights into drivers that are expected to create growth prospects in the carbon footprint management market through detailed segmentation as follows:
- Integration & Deployment
- Support & Maintenance
- Energy & Utilities
- Residential & Commercial Buildings
- Transportation & Logistics
- IT & Telecom
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
Key Questions Covered in the Carbon Footprint Management Market Report
- What is the projected market value of the carbon footprint management market during 2022-2032?
- Which are the challenges faced in the carbon footprint management market?
- What is the estimated market value of the carbon footprint management market in 2022?
- Which are the factors boosting sales in the carbon footprint management market during the forecast period?
- What is the expected growth rate of the carbon footprint management market until 2032?
- Which region is expected to register the fastest growth in the global carbon footprint management market during 2022-2032?
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