Global Carbon Footprint Management Market Report and Forecast 2024-2032

Global Carbon Footprint Management Market Outlook

The global carbon footprint management market size reached a value of USD 10.34 billion in 2023. The market is likely to grow further at a CAGR of 6.3% during 2024-2032 to reach a value of USD 18.03 billion in 2032.

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News and Developments in the Market

In August 2023, Sumitomo Mitsui Banking Corporation (SMBC), IBM Japan and Persefoni collaborated to offer a decarbonisation solution to Japanese customers, which enables them to analyse and support carbon footprint management. Also, the digitally-enabled services help meet regulatory and compliance requirements.

In June 2023, Salesforce developed Net Zero Cloud to enhance the tracking and reporting of the company’s carbon footprint in order to accelerate its transition to net zero. The Net Zero Cloud is used by organisations of all sizes as it helps streamline and improve the availability of emissions reporting.  Such initiatives by the key players are expected to support the carbon footprint management market growth.

In May 2023, Sphera® introduced its Life Cycle Assessment (LCA) Automation software, a next-generation solution that helps customers to gain real-time insights into the environmental footprint of their products and also calculate the carbon footprint at scale. The company intends to enable engineers to develop sustainable products and establish lower carbon emission supply chains.

In September 2021, Engie launched Ellipse, a carbon intelligence platform that allows companies to track their carbon emissions in real-time, design strategies to reduce emissions, and efficiently use sustainability investments. It is tailored to build an accurate emissions footprint using artificial intelligence, allows carbon-first decision-making, and enables the gathering of vast amounts of data.  The new product launches by the leading manufacturers are expected to increase the carbon footprint management market share.

In April 2021, Schneider Electric decided to collaborate with 1,000 suppliers to help reduce their CO2 emissions throughout their operations by 50% by 2025. This will be achieved by delivering digital tools and resources to help them achieve carbon reduction targets. The decision is a part of the company’s Zero Carbon Project initiative, designed to enable the suppliers to develop innovative strategies for emissions reduction.

Emerging Need to Meet Regulatory Standards by the Organisations, Carbon Neutral Government Programmes, and Technological Advancements to be the Key Carbon Footprint Management Market Trends

Carbon footprint management is a strategic approach adopted by organisations to reduce carbon emissions from daily activities to contribute towards limiting the impact of climate change. Also, it helps businesses to identify their potential, supporting the efficient usage of carbon emissions, leading to cost savings.

• There is a surge in the adoption of carbon footprint management solutions and services by the organisations to meet expanding regulatory standards and attain financial incentives through a green status.

• The stringent government regulations towards lowering carbon emissions in order to achieve carbon neutrality by 2050 and alleviate the harmful impacts of climate change are likely to bolster the use of carbon footprint management.

• Technological advancements, such as artificial intelligence and machine learning, and the growing use of AI-powered carbon footprint management solutions to measure the level of carbon emissions by setting an emission baseline in real time are expected to support the market.

Carbon Footprint Management Market Analysis

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The market can be divided based on component into solution and services (consulting, integration and deployment, support and maintenance). On the basis of end-user, the market is segmented into refineries, manufacturing, utilities, and transportation, among others. Based on lifetime, the market is classified into material production, consumption, and end-of-life.

The major regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The comprehensive EMR report offers an extensive assessment of the carbon footprint management market on the basis of Porter's five forces model, along with giving a SWOT analysis.

The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Schneider Electric

• Salesforce, Inc.

• Sphera

• Engie

• Carbon Footprint Ltd

• IBM Corporation

• Isometrix

• Accuvio

• Dakota Software

• SAP SE

• Others

Rising Demand for Efficient Energy Management Solutions to Aid the Carbon Footprint Management Market

There is a rising use of integrated digital solutions for carbon footprint calculation, carbon reduction, and carbon offsetting that are tailored to meet the requirements of customers. The market players are offering efficient carbon footprint management solutions that help organisations to achieve the goals of carbon neutrality and enable them to use cost-effective and reliable, clean energy sources in order to coexist with the global environment.

In July 2023, Alibaba Cloud introduced its Energy Expert, a software-as-a-service offering that allows customers to measure, analyse, and manage the carbon emissions of their activities and products. The platform offers energy-saving insights and energy-efficient technologies that enable clients to attain sustainability and reduce their carbon footprint. The initiatives taken by the key players in offering such innovative solutions that meet the customer expectations are likely to support the carbon footprint management market in the long run.

Also, there are carbon footprint management services that provide the expertise and resources to enable the clients to aggregate, calculate, and track carbon emissions annually. These services help with the complexity of carbon accounting, deliver digital tools, and offer a comprehensive view of carbon emissions through inventory management plans.

For instance, in December 2021, Fujitsu Limited and Ridgelinez Limited announced new services that support the customers in the Japanese market to bring their carbon emissions to zero and achieve carbon neutrality. These consulting services offered by Ridgelinez help the clients to measure and visualise carbon emissions in their supply chains.

Growing Use in the Manufacturing Sector to Support the Carbon Footprint Management Market Growth

The growing awareness about the detrimental effects of carbon emissions is leading to the rising adoption of carbon footprint management by small and mid-size manufacturing companies. These solutions and services are used to analyse and visualise the emissions throughout the supply chain from procurement of raw materials to disposal or recycling of the materials, further helping measure the carbon footprint of the individual products. This helps the manufacturing sector to achieve carbon neutrality through integrated cloud applications and reduction measures.

The stringent government regulations, such as the setting of heavy-duty GHG regulations to reduce carbon emissions in the transportation sector, are resulting in the increased demand for carbon footprint management. These solutions help vehicle owners know the carbon footprint of all types of vehicles, such as petrol, hybrid, and electric, to help them reduce their impact on the environment, which is expected to support the carbon footprint management market development. Moreover, they offer suggestions to reduce the carbon footprint, such as turning off the engine when not needed, changing the oil, switching off the air conditioning, and others.

The surge in eco-consciousness among the refiners is resulting in the need to lower the carbon intensity by reducing emissions on a per barrel of refined crude basis. Thus, the emerging need for net-zero emissions in oil refineries is leading to the growing need to calculate carbon footprint, thus resulting in the demand for carbon footprint management solutions or services.

The market players are developing innovative solutions using technologies to reduce carbon emissions from buildings by helping owners optimise energy use. In June 2023, Honeywell Building Technologies introduced its cloud-based carbon and energy management software with data, analytics, and Internet of Things (IoT) capabilities to enable buildings to reduce carbon emissions and achieve sustainability. The software calculates the carbon data from emission sources, such as gas, electricity, and fuel source and also offers a roadmap for carbon neutrality.

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Competitive Landscape of Carbon Footprint Management Market

Engie is a France-based utility company that delivers services in renewable energy and storage. The company intends to accelerate the transition to net zero carbon by promoting low carbon infrastructure and reducing energy consumption.

IBM Corporation or International Business Machines Corporation is a United States-based company that offers real-world solutions and insights to help the organisations become more sustainable.

Carbon Footprint Ltd provides solutions to cut carbon footprint by calculating the emissions, helping reduce energy costs, meet regulatory standards, and improve the products or services through approved carbon offsetting.

Other carbon footprint management market players include Schneider Electric, Salesforce Inc., Sphera, Isometrix, Accuvi, Dakota Software, and SAP SE, among others.

Key Highlights of the Report