Carbon Footprint Management Market to Garner $18.2 Bn, Globally, by 2031 at 7.0% CAGR: Allied Market Research
Rise in demand for energy consumption by industries and increase in demand for sustainable energy solution have propelled the global carbon footprint management market.
PORTLAND, Ore., June 23, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Carbon Footprint Management Market By Component (Solution, Service), By Deployment Mode (On Premise, Cloud), By Industry Vertical (Energy and Utilities, Manufacturing, Residential and Commercial Buildings, Transportation and Logistics, IT and Telecom): Global Opportunity Analysis and Industry Forecast, 2021-2031". As per the report, the global carbon footprint management industry was accounted for $9.3 billion in 2021, and is expected to reach $18.2 billion by 2031, growing at a CAGR of 7.0% from 2022 to 2031.
Major determinants of the market growth
Rise in demand for energy consumption by industries and increase in demand for sustainable energy solution have propelled the global carbon footprint management market. However, high installation and maintenance costs of carbon footprint solution hinder the market. On the contrary, surge in trend of advanced technologies such as artificial intelligence, IoT, and big data to reduce carbon emission would unlock new opportunities in the future.
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The solution segment dominated the market
By component, the solution segment held the largest share in 2021, accounting for nearly two-thirds of the global carbon footprint management market, owing to various government sustainability and emission control standards. However, the service segment is estimated to register the highest CAGR of 8.4% during the forecast period, due to rapidly growing demand for carbon footprint management services.
The residential and commercal buildings segment to portray the highest CAGR through 2031
By industry vertical, the residential and commercial buildings segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031, due to growing awareness regarding the negative effects of excess carbon production and fear of climate change. However, the energy and utilities segment held the largest share in 2021, accounting for more than one-fourth of the global carbon footprint management market, due to heavy carbon dependency for energy production and rise in need to control it.
North America held the lion's share
However, the market across North America dominated in 2021, accounting for nearly two-fifths of the market, owing to high concentration of specialized CFM solutions vendors and supporting government policies present in the region. By region, the global carbon footprint management industry across Asia-Pacific is anticipated to showcase the highest CAGR of 8.8% during the forecast period, owing to their high dependency on coal for energy production and global pressure to curb carbon and carbon dioxide emissions.
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Major market players
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