Carbon Accounting Software Market by End-user and Geography: Global Opportunity Analysis and Industry Forecast, 2022-2026
NEW YORK, June 22, 2022 /PRNewswire/ -- The need to reduce the overall costs incurred by enterprises is a key driver driving the Carbon Accounting Software Market. Enterprises have realized the benefit of deploying the appropriate software. Visibility of energy usage enables enterprises to identify appropriate cost-saving opportunities. The use of carbon accounting can help enterprises identify business activities that use a lot of energy and thereby help reduce the use of energy as well as resources. Measuring the carbon footprint determines the current consumption of energy and allows enterprises to address any inefficiencies, and also helps them find ways to lower direct energy costs. This reduces the overall costs incurred by these enterprises. Carbon accounting provides end-user enterprises with details about the overall energy consumption patterns during a given period. Hence, such factors are expected to drive the growth of the global carbon accounting software market during the forecast period.
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Regional Analysis & Forecasts
The Carbon Accounting Software Market is segmented by geography (North America, Europe, APAC, MEA, and South America). 37% of the market's growth will originate from North America during the forecast period. The US is the key market for carbon accounting software in North America. Market growth in this region will be faster than the growth of the market in Europe and South America. Concerns among corporations regarding increasing CO2 emission rates will facilitate the carbon accounting software market growth in North America over the forecast period.
Segmentation Analysis & Forecasts
The Carbon Accounting Software Market is segmented by end-user (oil and gas, telecommunication, technology, power and utilities, and others). The market share growth by the oil and gas segment will be significant during the forecast period. The oil and gas sector is the leading adopter of carbon accounting software. Oil and gas enterprises need this software to account for and report carbon emissions from various stages of their value chain. The companies are under increasing pressure to reduce their carbon footprint in accordance with the Paris Agreement goal, which is to limit global warming to below 2 degree C (preferably to 1.5 degree C) when compared to pre-industrial levels. Such necessities are expected to drive market growth during the forecast period.
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Carbon Accounting Software Market: Difficulty in Capturing Energy Usage Data to Challenge the Market Growth
Collecting the data on energy usage is the most critical part of any report on environmental sustainability. With the exception of carbon-intensive industries such as utility, oil and gas, or heavy manufacturing, most organizations rarely track their energy usage. For instance, energy information related to vehicles and fleets is rarely tracked in accounting systems. The calculation of carbon emissions in any given year involves tracking down utility invoices for hundreds of buildings and contacting multiple plant managers to ascertain the use of propane, natural gas, and other energy sources. Estimating the use of energy by equipment such as chillers, trucks, fleets, remote offices, and generators is very difficult and time-consuming. Therefore, capturing accurate data is one of the biggest challenges in the global carbon accounting software market.
The Carbon Accounting Software Market Covers the Following Areas:
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
The carbon accounting software market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
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