Global Carbon Footprint Management Market to Reach $11.5 Billion by 2026

In the last several years, concerns regarding climate change and global carbon footprint have surged significantly, and dialogues about greenhouse gases (GHG) are being witnessed everywhere, in political meetings and corporate board discussions. As focus on attaining low-carbon economies rises, many governments globally are gradually taking actions to lower greenhouse gas emissions. While the extent of commitment differs, there however is growing focus on creating emission reduction goals. Adoption of enterprise carbon management solutions is expected to increase, with organizations seeking methods to gauge and lower their carbon footprints to fulfil the targets set by their CSR programs, the industry, and the government. 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.

Amid the COVID-19 crisis, the global market for Carbon Footprint Management estimated at US$8.4 Billion in the year 2020, is projected to reach a revised size of US$11.5 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Solutions, one of the segments analyzed in the report, is projected to grow at a 5.3% CAGR to reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 6.2% CAGR for the next 7-year period. This segment currently accounts for a 40.8% share of the global Carbon Footprint Management market.

The U.S. Market is Estimated at $2.6 Billion in 2021, While China is Forecast to Reach $1.2 Billion by 2026

The Carbon Footprint Management market in the U.S. is estimated at US$2.6 Billion in the year 2021. The country currently accounts for a 30.94% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.2 Billion in the year 2026 trailing a CAGR of 7.1% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4.7% and 5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.1% CAGR while Rest of European market (as defined in the study) will reach US$1.4 Billion by the close of the analysis period.

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 major factors 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. The rising support for carbon trading is expected to stimulate the market over the long term.