Global Carbon Management System Market Grows at a Staggering CAGR of 12.80%

Introduction

Carbon emission management technologies aim to reduce anthropogenic greenhouse gas emissions, such as those caused by the combustion of fossil fuels, to limit their potential impact on climate systems. The reduction in energy efficiency and carbon footprint is caused by the transition to more circular and sustainable production and consumption methods. In addition, as digital platforms take on a more significant role in society, new services and applications that aid society in using less energy, spending less money, and leaving a smaller carbon imprint are being developed.

Market Dynamics

Rising Economic Worries and a Purpose to Reduce Carbon Footprints Drives the Global Market

Businesses are attempting to change their operating strategies to be more environmentally friendly as they become more concerned with reducing their carbon footprints. For example, the Business Roundtable, a group of CEOs from significant US firms, pledged in August 2019 to revise the definition of a corporation and question the conventional wisdom that claims a company's objective is to maximize profits for its owners or shareholders. The executives agreed that companies should support sustainable practices to protect the environment. Over 95% of the organizations surveyed in a Ramboll study stated that sustainability is an essential factor in long-term economic performance, showing that this idea is widely recognized in the business world. Demand for carbon management products is also fueled by several government regulations requiring businesses to lower their carbon footprints.

Shifting Trend towards Green Initiatives Creates Tremendous Opportunities 

Green energy helps mitigate the adverse effects of greenhouse emissions (GHG). Green energy is created using renewable resources. The amount of carbon dioxide produced per unit of production can be reported in detail to organizations using carbon management software. In order to help organizations, information on carbon emissions is monitored, measured, planned, saved, and said. It also helps draw attention to the harmful impacts of GHG emissions.

Regional Analysis

North America is the most significant shareholder in the global carbon management system market and is anticipated to expand at a CAGR of 12.85% over the forecast period. Covalent, a fashion brand owned by Newlight Technologies, recently announced ambitions to use blockchain technology to create a range of carbon-free accessories. However, they are composed of PHB, a naturally occurring biodegradable polymer known as AirCarbon. The leather wallets and spectacles have the appearance of being made of synthetic polymers. Cognition Foundry developed the blockchain solution on the IBM Blockchain Platform. In addition, the Minister of Natural Resources of Canada announced an investment of USD 1.8 million in energy-efficient systems in Alberta to support carbon management for institutional and commercial enterprises in Alberta that are trying to minimize pollution.

Europe is anticipated to grow at a CAGR of 12.45% generating USD 8.57 billion during the forecast period. A UK government directive mandates that energy providers install smart meters in 26 million homes. The European Union's requirement that carbon emissions be reduced by 80% by 2050 and the nation's growing energy awareness have been recognized as the key drivers of the nation's household carbon management systems. The detailed rollout strategy for the country is managed by the Department of Energy and Industrial Policy.

By developing new technologies, regulations, and strategies, universities in the Asia-Pacific intend to contribute to the reduction of greenhouse gas emissions. Australian National University will provide USD 10 million from 2019 to 2023 as part of the "Zero-Carbon Energy for the Asia-Pacific" grand challenge initiative. The goal is to aid the Asia-Pacific region's effective and sustained transition to zero-carbon energy. The ultimate goal is to fundamentally alter Australia's foreign trade by expanding zero-carbon export sectors. China is rapidly growing its electric vehicle industry to increase energy efficiency. British Petroleum is promoting this shift with a USD 10 million investment in the NIO Capital fund. The fund is expected to help develop possibilities for advanced mobility, including electric vehicles, new energy infrastructure, and batteries.

Key Highlights

• The global carbon management system market was valued at USD 11.15 billion in 2021. It is projected to reach USD 32.97 billion by 2030, growing at a CAGR of 12.80% during the forecast period (2022-2030).
• Based on the offering, the global carbon management system market is bifurcated into software and services. The software segment is the highest contributor to the market and is expected to grow at a CAGR of 12.20% during the forecast period.
• Based on application, the global carbon management system market is bifurcated into energy, greenhouse gas management, air quality management, sustainability, and others. The energy segment owns the highest market share and is expected to grow at a CAGR of 12.80% during the forecast period.
• Based on end-user verticals, the global carbon management system market is bifurcated into oil and gas, manufacturing, healthcare, IT and telecom, and others. The oil and gas segment is the highest contributor to the market and is expected to grow at a CAGR of 12.90% during the forecast period.
• North America is the most significant shareholder in the global carbon management system market and is anticipated to expand at a CAGR of 12.85% over the forecast period.

Competitive Players

1. Simble Solutions Ltd
2. IBM Corporation
3. ENGIE Impact
4. GreenStep Solutions Inc.
5. SAP SE
6. Enablon SA
7. IsoMetrix
8. Schneider Electric SE
9. com Inc.
10. Greenstone Ltd
11. Microsoft Corporation

Recent Developments

• July 2022- For industrial businesses and their supply chain partners, Gravity Climate launched its carbon management software, or "GRAVITY," which will assist them in managing their carbon footprint while promoting efficient decarbonization and long-term profitability.
• June 2022- The global launch of Energy Expert, a sustainability platform created to help users worldwide measure, analyze, and manage the carbon emissions of their business activities and goods, was announced by Alibaba Cloud, a division of Alibaba Group. Additionally, the software-as-a-service options give clients helpful information and suggestions for conserving energy to speed up their sustainability journeys.

Segmentation

1. By Offering
   1. Software
   2. Services
2. By Applications
   1. Energy
   2. Greenhouse Gas Management
   3. Air Quality Management
   4. Sustainability
   5. Other Applications
3. By End-User Verticals
   1. Oil and Gas
   2. Manufacturing
   3. Healthcare
   4. IT and Telecom
   5. Other End-user Verticals