Global Statistics Representing Carbon Footprint Management Market Scenario
Carbon footprint is the measure of greenhouse gas (GHG) emissions caused by an event, individual, industrial processes, or product. The GHG emission primarily consists of carbon dioxide emitted by burning fossil fuel for electricity generation, heating processes, land clearance, manufacturing processes, and transportation. The carbon footprint management helps to focus and examine business areas and facilitate cost reduction by reducing energy usage, raw material consumption, and waste generation activities.
The growing public awareness regarding global warming and the dire need to curb carbon emissions are driving the demand for carbon footprint management market. Besides, stringent regulations and policies concerning the reduction of carbon footprint are the factors driving the demand for carbon footprint management market during the forecast period, 2019–2026. For instance, in December 2018, Environmental Protection Agency (EPA) proposed GHG emissions regulation for new modified and reconstructed power plants, which would replace EPA’s 2015 “Carbon Pollution Standard for New Power Plants” by establishing “New Performance Source Performance Standards” (NSPS) controlling the carbon dioxide emissions from fossil fuel-fueled power plants.
The global carbon footprint management market is expected to grow at a CAGR of 11.1% during the forecast period, 2019–2026.
Services segment to have a strong grasp on the market share in CFM
Services segment is expected to hold a strong market share on account of organizations majorly focusing on offering services to its customers for improved customer experience. For instance, in January 2018, United Nations partnered with WeNow—French startup, to fight emissions from car traffic. The company has developed green-tech solutions to minimize the environmental impact of automobiles to fight climate change utilizing innovative technologies and carbon offsets. Such partnerships and developments for reducing the carbon footprint are projected to fuel the demand for global carbon footprint management market during the forecast period, 2019—2026.
The transportation segment, among other industry segments, is expected to witness substantial market growth. The increasing environmental concerns and the need to bring forth cost-effectiveness in the transportation sector are compelling organizations to focus on reducing the carbon emission. For instance, in November 2018, Groupe Renault partnered with Neoline, designer and operator of cargo sailing ships. With this partnership, the company aims to develop more sustainable maritime transport services powered by wind, contributing to the environmental management of the logistics chain while the company’s 60% of parts and vehicles are transported by water.
Geographically, the global carbon footprint management market is studied across North America, Europe, Asia Pacific, and Latin America and the Middle East and Africa (LAMEA).
North America is expected to witness dynamic growth in the carbon footprint management market due to several regulations and tangible efforts by the U.S. government to decrease the GHG emissions. For Instance, on June 2019, EPA issued Affordable Clean Energy (ACE) Rule; GHG emission regulations for the existing fossil fuel-fired power plants. With this rule, the EPA is envisaged to provide an annual net benefit of USD 120 million to USD 730 million, which involve costs, domestic climate benefits, and health benefits. Such regulations are projected to drive the demand for carbon footprint management market during the forecast period.
Europe is expected to witness significant growth in the carbon footprint management market during the forecast period due to the region’s rapid adoption of technologically advanced solutions to degrade carbon emissions. For instance, in April 2019, Coop – one of the Switzerland's largest retail and wholesale companies, adopted ABB solar inverter technology aiming to reduce energy consumption and improve energy efficiency by 20% with a focus to become carbon neutral by 2023. Thus, embracing technologically advanced solutions to mitigate carbon emissions are expected to influence the carbon footprint market growth in the Europe market during the forecast period.
Asia-Pacific is expected to observe potential growth rate for the carbon footprint management market during the forecast period, 2019–2026. On account of growing concerns pertaining to increasing CO2 emissions in the region are anticipated to propel the carbon footprint management market growth. For instance, according to the International Energy Agency (IEA), in 2018, India’s CO2 emissions rose by 4.8% due to increased consumption of fossil fuels. Further, under the Paris Agreement, India is aiming to reduce its intensity of carbon emission to more than 30% by 2030. Such instances are projected to boost the regional demand for carbon footprint management market.
LAMEA is expected to witness considerable growth in the carbon footprint management market during the forecast period. This can be attributed to the countries in the region inclining towards sustainability and renewable energy sources. For instance, the Dubai Supreme Council of Energy has set a strategy to reduce carbon emissions by 16% i.e., reducing 11 million tons of carbon dioxide by 2021. Additionally, in 2017, the UAE government launched ‘Energy Strategy 2050’, thereby playing its part toward clean energy goal and aiming to reduce the carbon footprint up to 70% by 2050 caused due to power generation.
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 Trust, and Carbon Footprint Ltd
Carbon Footprint Management Segmentation
By Deployment Mode