A lead analyst at AMR highlighted that the carbon footprint management market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the carbon footprint management market. The findings of the report state that the global market for carbon footprint management generated $9.3 billion in 2021, and is projected to reach $18.2 billion by 2031, witnessing a CAGR of 7.0% from 2022 to 2031. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenarios for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restraints, and opportunities to help the market players in devising several growth strategies. An increase in demand for energy consumption by industries and a surge in the need for sustainable energy solutions have driven the global carbon footprint management market. On the other hand, high installation and maintenance costs of carbon footprint solutions impede growth to some extent. However, the rise in the trend of advanced technologies such as artificial intelligence, IoT, and big data to reduce carbon emissions has paved the way for new opportunities in the industry.
Due to the Covid-19 outbreak, several businesses and manufacturing industries were forced to limit or halt their production. Lack of on-site staff and workers, on the other hand, created challenges to maintaining full-scale productivity, thus impacting the market negatively. However, the surge in consumer awareness about personal carbon footprint management fostered market growth.
“The service segment is expected to grow the fastest during the forecast period, owing to high demand for carbon footprint management services in company operations and management to become carbon neutral organization, in turn, is expected to propel the market growth,” said Shadaab Izhar Khan, Research Analyst, ICT & Media at Allied Market Research.
The report offers detailed segmentation of the global carbon footprint management market based on component, deployment mode, industry vertical, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue-generating segments to accomplish growth in the future.
By component, the solution segment accounted for the highest share in 2021, garnering nearly two-thirds of the global market. However, the service segment is estimated to cite the fastest CAGR of 8.4% during the forecast period.
By industry vertical, the residential and commercial buildings segment is expected to showcase the fastest CAGR of 9.0% from 2022 to 2031. On the other hand, the energy and utility segment garnered the highest share in 2021, generating more than one-fourth of the global market.
By region, the market across North America dominated in 2021, contributing t nearly two-fifths of the market. Simultaneously, Asia-Pacific is projected to display the fastest CAGR of 8.8% throughout the forecast period.
The leading market players analyzed in the global carbon footprint management market report include Dakota Software Corporation, ENGIE, IBM, General Electric, Salesforce, SAP, Wolters Kluwer N.V., Carbon Footprint Ltd, IsoMetrix, and ProcessMAP.
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