Carbon Footprint Management Market size is expected to grow significantly during the forecast period. Carbon footprint management is a process of managing or reducing the carbon footprint of an enterprise. Major factors contributing to the growth of the market include lowering operating cost, improved brand perception, and compliance with regulations.
The operating cost of a business will reduce if lesser waste is produced, reducing the, cost of waste management and utilizing resources in an optimum manner. The increase in the levels of CO2 has led to global climate changes. Chemical wastes from chemical industries or emission of poisonous gases from the coal industry have contributed to the depletion of climate in recent times. This has pressurized various governments & international organizations to draft regulations that must be strictly complied by the enterprises to operate in the region.
Based on component, the carbon footprint management market is segmented into solutions and services. Services are further segmented into consulting, system integration, and maintenance. Solutions are provided by various enterprises to develop communities or businesses in a sustainable manner. For instance, FCS International, Inc. recently provided a community plan for 10 million square feet for non-residential uses. All the potential effects of the implementation of community plans were analyzed, leading to the successful implementation of the plan in compliance with all the environmental regulations.
Based on deployment, the market is segmented into the cloud and on-premise models. The effectiveness of having data centers in an on-premise model is less in terms of carbon efficiency. A typical large-scale cloud provided server achieves more server utilization rates than on-premises. More server utilization will lead to lesser running of machines, reducing the amount of power required for an operation.
Based on end-use, the carbon footprint management market is segmented into manufacturing, energy & utilities, residential & commercial buildings, transportation, and IT & telecommunication. Enterprises in the energy market are constantly taking measures to reduce the carbon footprint as they are one of the major sources of CO2 emissions in the environment. For instance, ExxonMobil Corporation spent about USD 8 billion to deploy energy equipment having lower emissions across operations. Royal Dutch Shell PLC boosted its spending on a clean-tech section from USD 1 billion to USD 2 billion annually. Initiatives such as the use of solar panels and energy efficient equipment across offices have also been launched.
North America is expected to have a substantial share in the global carbon footprint management market due to the established regulatory laws and increased spending on carbon footprint management solutions. APAC is also expected to emerge during the forecast period due to foreign investments, rapid industrialization, and subsidies offered by governments for carbon footprint management programs in the region.
Leaders in the market are constantly providing solutions to the existing problems in the region by expanding and partnering. For instance, in January 2020, Laragon partnered with Isometrix to develop Europe and support expansion in Latin America. Key players in the carbon footprint management market are Sphera Solutions GmbH, Ecova, Inc., ProcessMAP Corporation, Greesnstone+ Ltd., Verisae, Inc., Schneider Electric SE, FCS INTERNATIONAL, INC., Enviance Inc., GreenPrint Holdings, Inc., Enablon, Dakota Software, Metrix Software Solutions Ltd., Salesforce, Inc., and IBM Corporation.
Market, By Component, 2015 - 2026 (USD Million)
Market, By Deployment, 2015 - 2026 (USD Million)
Market, By End Use, 2015 - 2026 (USD Million)
The above information has been provided for the following regions and countries: