Global Carbon Footprint Management Market to Reach $12.2 Billion by 2026
SAN FRANCISCO, June 3, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Carbon Footprint Management – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 10; Released: March 2022
Executive Pool: 4076
Companies: 75 – Players covered include Accuvio; Carbon EMS; Carbon Footprint Ltd.; CorityEnviance; Enablon SA; EnergyCAP, Inc.; ENGIE Impact; Envirosoft Corporation; Intelex Technologies Inc.; IsoMetrix Software; Locus Technologies; NativeEnergy, Inc.; ProcessMAP Corporation; Salesforce.com, Inc.; SAP SE and Others.
Coverage: All major geographies and key segments
Segments: Component (Solutions, Services); Deployment (Cloud, On-Premise); Vertical (Energy & Utilities, Manufacturing, Transportation & Logistics, Residential & Commercial Buildings, IT & Telecom)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Amid the COVID-19 crisis, the global market for Carbon Footprint Management estimated at US$9.5 Billion in the year 2022, is projected to reach a revised size of US$12.2 Billion by 2026, growing at a CAGR of 6% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 5.6% CAGR, while growth in the Services segment is readjusted to a revised 6.5% CAGR. The market for carbon footprint management constitutes services and solutions which aid in managing carbon footprint. Carbon footprint services include managed services and professional services that aid in the management of carbon footprint of an organization. During the past few years, the market has registered considerable growth, due to global warming, rising concerns regarding changes in climate, and focus on having an international agreement related to carbon emission. Growing awareness among organizations related to calculating carbon footprint and reporting it, focus on lowering carbon emissions through efficiencies in operations, need to minimize operational costs, and compulsory carbon footprint regulations and management policies are also fueling market growth.
Further, increasing corporate social responsibility programs and rising focus on enterprise sustainability among organizations is driving gains in the market. At present, many organizations are implementing a strict approach for calculating and managing their carbon emissions and are making considerable investments for the purpose. Also, advancement of telecom and IT infrastructure is expected to bode well for the market. Further, the transition to very low emission transportation solutions is likely to drive gains. Growing focus among energy-extensive sectors on carbon footprint management is also anticipated to drive market growth. Further, the rising support for carbon trading is expected to stimulate the market in long term. But the global market is expected to be restricted by the significant costs related to the use of low carbon emitting and eco-friendly infrastructure as a substitute for the present infrastructure. Also, the ambiguity related to strategic benchmarking and regulatory structure is likely to restrain growth.
The significant initial investment is anticipated to pose as an entry barrier for new companies seeking to enter the market. Nevertheless, there exists growth opportunities for the market, given that adoption in various industries is expected to surge in the coming years. North America is expected to occupy a significant market share of the world carbon footprint management market, mainly supported by a strong regulatory framework and increased investments in carbon footprint management solutions. The Asia-Pacific (including China) and Rest of World (including South America and Middle East/Africa) carbon footprint management markets are likely to register strong growth on account of fast-paced industrialization, government subsidies and rising investments by foreign players. Asia has emerged as a main hub for the carbon trading program. While Western Europe is the biggest market for carbon management services and software, but in the forthcoming years, India and China are expected to account for a large share of the world carbon management market.
Carbon capture and storage is gaining tremendous attention as a practical approach to capture over 90% of carbon dioxide emissions from industrial facilities and power-generation plants to mitigate climate change. The strategy holds high relevance for nations that are diversifying their energy portfolios, but are anticipated to remain dependent on fossil fuels for decades to satiate their energy demand. The implementation of carbon capture and storage technologies is critical to reduce carbon emissions associated with power plants and industrial units like steel or cement manufacturing plants. Stakeholders can store captured carbon dioxide in underground geologic formations or consider other productive uses like improved oil recovery or production of building materials and fuels. Carbon capture holds potential to reduce global greenhouse gas emissions by 14% by 2050, offering an effective option to achieve deep de-carbonization in the industrial sector. Carbon capture holds considerable significance for strategies intended to help the world in staying within 2°C of warming in comparison to the pre-industrial era. The strong potential of carbon capture to mitigate climate change has resulted in a large number of related projects in the recent years. Some of the industrial processes with notable potential for carbon capture include ethanol production, coal gasification, fertilizer production, refinery hydrogen production, natural gas processing and coal-based power generation.
Moreover, CCS is also expected to play a major role in decarbonizing various non-power industrial sectors, such as oil and gas processing, petrochemicals, iron and steel, chemicals, and cement, which are known to vent out large quantities of carbon dioxide during different chemical processes but which currently have limited or no other credible options available for minimizing emission levels. Furthermore, by combining CCS with renewable biomass, carbon dioxide emissions can be removed from the atmosphere, thereby enabling further reduction in emission levels. Carbon capture and storage is perceived to be an effective approach to lower carbon footprint and aid climate mitigation efforts. The combination of the approach with clean energy options is anticipated to reduce carbon emissions globally. On the other hand, the technology requires effective strategies and aggressive efforts to achieve these targets. In addition, stakeholders need to make efforts to deal with high costs associated with carbon capturing from industrial units, which remains a key barrier to broader implementation of carbon capture and storage.
Carbon footprint management market is poised to gain from rapidly evolving role of carbon capture and storage (CCS) technologies. CCS extends a valuable tool in the drive to minimize emissions of greenhouse gases worldwide. The rationale for opting CCS comes from the fact that the current large dependence on fossil fuels would continue to exist for several years to come, due in part to a wide installed base in the fossil fuel industry and early stages of renewables in powering the world. The sheer magnitude of existing fossil-fuel based energy infrastructure makes it difficult for being replaced completely by sustainable and eco-friendly alternative energy sources that can serve the global energy needs. In this scenario, CCS offers a middle path, where dependence on fossil fuels can continue while reducing CO2 emissions from such plants. The technology offers a contingency in managing greenhouse gas emissions even if the switch to renewables is delayed. With several pilot and demonstration projects successfully completed and many large-scale integrated projects in operation, CCS has emerged as an established technology in curtailing concentration of greenhouse gases in the atmosphere. Growth in government funding, new climate change targets through accords such as Paris Agreement, and developments in processes are driving CCS technology further.
The technology, however, is still in a nascent stage and remains largely untested or its impact on the environment is not fully understood. Technological advancements are critical in driving CCS as a major technology in climate change mitigation going forwards. While considerable efforts are focused on improving and advancing existing technologies, new technologies with higher capture efficiency are being explored and developed that could potentially drive future growth. Improvements in carbon capture and storing technologies by lowering capital equipment costs, capture operating costs, and energy penalty is expected to drive the market for CCS in near future. Increase in applications of captured CO2 other than storage such as for Enhanced Oil Recovery (EOR), urea production, enhanced coal bed methane, algae fixation, mineralization, enhanced geothermal systems and others is expected to fuel growth in the market. The industry is not without its own challenges. Expensive nature of these projects, lack of government assistance in some markets, lower awareness levels of the technology and opposition to carbon sequestration in some are major hurdles to growth in CCS deployments. More
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