Carbon Footprint Management Software Market Size is projected to … – GlobeNewswire
November 28, 2022 12:45 ET | Source: Straits Research Straits Research
Pune, INDIA
New York, United States, Nov. 28, 2022 (GLOBE NEWSWIRE) — A carbon footprint is the amount of greenhouse gases (GHG) released into the atmosphere due to a specific activity, person, or manufactured good. By far, the most common source of greenhouse gases (GHGs) is the combustion of fossil fuels for purposes such as generating electricity, heating buildings, clearing forests, manufacturing goods, and transporting people and goods. The global carbon footprint management market is expanding due to increasing environmental consciousness and the topic’s increased focus by regulatory bodies worldwide. Businesses across sectors are adopting carbon management software to comply with government mandates and industry standards like the US Green Deal and the EU’s new taxonomy for sustainable activities.
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Increase in Government Initiatives for Low Carbon Policies Drives the Global Market
Governments worldwide are thinking about rapid industrialization and the unbalanced production of considerable carbon because of the severe health and environmental harm that unchecked carbon emissions cause. Carbon taxes and related policies, such as energy taxes, have been implemented by several national, regional, and local governments to decrease emissions of greenhouse gases. According to the Center for Climate and Energy Solutions, 35 carbon tax programs are currently in place worldwide. Moreover, many countries impose stringent tax laws and regulations on their commercial and industrial sectors to lessen their carbon footprint.
The shift Towards Cloud Computing and Paperless Economy Creates Tremendous Opportunities
The need for documentation of various kinds results in substantial paper consumption; consequently, the government encourages businesses to embrace digital alternatives to paper. Since the widespread adoption of online banking and the explosion of mobile payment apps, our society has become increasingly paperless. The carbon footprint management industry can benefit from both the proliferation of cloud computing and its rising demand. With the help of contemporary IT, workplaces can streamline their document management processes by scanning documents and storing them in the cloud. Thus, going paperless via cloud computing will soon be integrated and adopted, strengthening the market.
Report Scope
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Regional Analysis
North America is the most significant shareholder in the global carbon footprint management software market and is expected to grow during the forecast period. The carbon footprint management market in North America is predicted to grow due to numerous regulations and substantial efforts by the United States government to reduce GHG emissions. For instance, the Environmental Protection Agency (EPA) has issued the Affordable Clean Energy (ACE) Rule to control emissions of greenhouse gases (GHGs) from currently operating power plants that burn fossil fuels. After factoring in the rule’s costs, domestic climate benefits, and health benefits, the EPA gains anywhere from USD 120 million to USD 730 million per year. Future carbon footprint regulations are likely to increase demand for carbon footprint management.
Asia-Pacific is expected to grow during the forecast period. Stakeholders view the Asia-Pacific region as a potentially lucrative opportunity on the back of rapid industrialization and urbanization. Financial support for air quality regulatory frameworks is anticipated from emerging economies. In July, China announced the launch of its emissions trading program, the world’s largest of its kind. It’s worth noting that China is the world leader in carbon dioxide production. Rising concerns about increasing CO2 emissions in the region are expected to fuel growth in the carbon footprint management market. According to the Paris Accord, India plans to reduce its carbon emissions by more than 30 percent by 2030. As a result of calamities like these, it will become increasingly important to control one’s carbon footprint.
It is expected that Europe’s carbon footprint management market will grow remarkably rapidly during the forecast period. It is due to the region’s rapid adoption of technologically advanced solutions to reduce carbon emissions. Coop, one of the largest retail and wholesale companies in Switzerland, adopted ABB solar inverter technology to reduce energy consumption, improve energy efficiency by 20%, and become carbon neutral by 2023. So, over the forecast period, the growth of the European carbon footprint market is expected to be influenced by the adoption of technologically advanced solutions to reduce carbon emissions.
The market for carbon footprint management is expected to grow substantially in LAMEA over the forecast period. It is because many countries in the region are moving toward greener policies and alternative energy sources. Governments and regulatory bodies have issued laws and mandates to lessen the world’s environmental impact. It is assumed that market leaders will expand their product offerings. Because of the increased adoption of policies aimed at reducing greenhouse gases, it is becoming easier for associations to report on the results and actions of their members.
Key Highlights
The global carbon footprint management market’s major key players are
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Global Carbon Footprint Management Market: Segmentation
By Component
By Deployment
By Industry
By Regions
TABLE OF CONTENT
Table of Content and Figure @ https://straitsresearch.com/report/carbon-footprint-management-market/toc
Market News
News Media
Carbon Footprint Management Solution – the Optimal Countermeasure for Rampant Carbon Emission
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