Carbon footprint is the measure of the contribution of human and industrial activities in terms of emissions of carbon dioxide (CO2) and its equivalent in other greenhouse gas (GHG) emissions. It is expressed in a common unit tCO2e (tons of carbon dioxide equivalent). In general, GHGs are emitted through automobiles, land clearance, production and consumption of food, materials, wood, fuels, manufactured goods, roads, buildings, and services. Carbon footprint management refers to examine and focus on business areas where cost-reduction can be achieved through minimizing energy use, raw material consumption and waste generation. The global carbon footprint management market is made up by the solutions and services that help manage the carbon footprint of an enterprise. Market for carbon footprint management has grown substantially over the last few years, with the level of government support and market demand being the most significant driver on the horizon.
Today, all the industries are responsible, to some extent, for the rise in the emission of GHGs, with oil & gas and aviation industry being the major visible offenders. But, with the growing consumer and regulatory pressure, all the companies are being compelled to manage their carbon footprint. There is an increase in awareness among industries regarding the need to manage their energy use strategically. Efficient carbon footprint management involves range of activities such as measuring impact of carbon footprint of various business activities, identifying and implementing a reduction & control strategies and subsequently communicating achievements to stakeholders.
Energy and carbon footprint management are increasingly becoming vital attributes of modern businesses. In recent years both have emerged as a significant challenge and an opportunity for creating long term stakeholder value. In order to meet these challenges and to deliver results, enterprises are looking for depth of specialist engineering and advisory expertise. The market growth of carbon footprint management is driven by factors such as increasing awareness regarding measuring and reporting carbon footprint among enterprises, demand for minimizing carbon emissions with the help of operational efficiencies, need to reduce operational costs, mandatory regulations & carbon footprint management policies, enterprise sustainability & CSR programs and increasing cost and demand for the primary energy sources.
Presently, most enterprises follow a rigorous process to calculate and manage their carbon emissions. Carbon footprint management solutions are expected to play a vital role in the development and implementation of green initiatives taken by these enterprises, aimed to strengthen their reputation as a sustainability leader, differentiating them from competitors. In line with this goal, enterprises are allocating significant share of their budgets for managing their carbon emissions and an appreciable portion of these investments are expected to flow into the carbon footprint management market.
Global Carbon Footprint Management market is mainly classified on the basis of type, deployment, verticals and regions. On the basis of type, global carbon footprint management market is segmented into software and services. Services are further sub-segmented into professional & managed services. On the basis of deployment the market is segmented as on-premises and on demand. On the basis of verticals the market is segmented as commercial (BFSI, IT & Telecommunication, manufacturing, medical & healthcare, retail, oil & gas and others) residential buildings and transportation. On the basis of regions, the market is segmented into 7 key regions: North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan, Japan, Middle East & Africa.
The major players active in the global carbon footprint management market include Thinkstep, Natural Capital Partners, VelocityEHS, Aurecon Group, Carbon Solutions Global Ltd., Carbon Trust, ProcessMAP, Greenstone+, Verisae, Inc. and Enviance. Overall it can be concluded that the growth prospects of the carbon footprint management market are promising, as adoption across all the sectors is set to increase in the foreseeable future.
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