Carbon footprint management solution expedites the reduction of greenhouse gas (GHG) emissions. The solution assists in determining the carbon footprint of the organization, product, or service that generate emissions of greenhouse gases. Several governments have proposed regulations pertaining to GHG emissions to minimize mitigate the impact caused. For instance, the Environmental Protection Agency (EPA) regulates GHG emissions from power plants under Section 111 of the Clean Air Act, allowing the EPA with greater flexibility in crafting and implementing standards. Embracing such acts and regulations is anticipated to drive the demand for carbon footprint management market.
Carbon Footprint Management Solutions to Offer Improved Operational Efficiency
The increasing demand to achieve operational efficiency at a reduced cost and time among the enterprises drives the demand for global carbon footprint management market. Additionally, several companies across the globe are competing to develop a technology that can lower carbon emissions. For instance, in November 2017, Climeworks developed a Direct Air Capture system (DAC) that extracts and collects carbon dioxide mixed in the air, and later supplied to neighboring vegetable growers for USD 600 per ton. In June 2018, Carbon Engineering revealed that the company’s DAC process could capture and provide gas under USD 100 per ton. With such developments emerging, the demand for global carbon footprint management is upturning; thus, further driving the market growth during the forecast period, 2019–2026.
Embracing Net Zero Carbon Buildings Commitment to Provide a Fillip
The efforts to transform into a greener environment and the advent of smart building projects by utilizing best practice approaches, cost-effective solutions, generate and procure renewable energy sources to meet reduced energy demand are projected to bolster the commercial building segment. For instance, in May 2019, World Green Building Council (WorldGBC) announced that 50 signatories have signed up the Net Zero Carbon Buildings Commitment. These organizations would ensure that its portfolio of buildings operates at net zero carbon by 2030, positioning energy efficiency as a pivotal component to achieve decarbonization.
Emergence of New Standards for Cutting Co2 Emissions in the Automobile Industry
For instance, in April 2019, the European Parliament and the Council adopted Regulation 2019/631 drafting carbon dioxide emission performance standards for new passenger cars and light commercial vehicles, which will be come into effect after January 2020. Implementing such standards is expected to propel the Europe’s carbon footprint management market growth.
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Government Norms and Regulations to Bring Forth Improved Sustainability in North America
North America is expected to witness exponential growth in the carbon footprint management market during the forecast period, 2019–2026. This can be ascribed to government norms and initiatives to protect the environment from climate change and achieve sustainability amidst increasing GHG emissions. According to the U.S. Energy Information Administration (EIA), in 2017, carbon dioxide emissions from burning fossil fuels for energy generation was equivalent to 76% of the total U.S. anthropogenic GHG emissions. Such factors compel organizations to incorporate carbon footprint management thereby boosting the market growth.
Some of the prominent players in global carbon footprint management market are Ecova, Enablon, Greenstone+, IHS Markit, processMAP, Thinkstep, Verisae, Enviance, FirstCarbon Solutions, Schneider Electric SA, Natural Capital Partners, VelocityEHS, Aurecon Group, Carbon Solutions Global Ltd
Carbon Footprint Management Market Segmentation
By Deployment Mode
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* Customer Behaviour Analysis
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