Global Carbon Accounting Software market revenue is about USD 520 Million in 2021, projected to have a CAGR of 11.7% in the following five years | Valuates Report

Carbon Accounting Software Market

The global Carbon Accounting Software market revenue is about USD 520 Million in 2021, projected to have a CAGR of 11.7% in the following five years.

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Key drivers of the carbon accounting software market include stringent government regulations for curbing greenhouse gas emissions. The rising environmental consciousness from consumers and investors alike will boost the growth of the carbon accounting software market during the forecast period. The rising AI integration for effective carbon data collection and identifying emission reduction opportunities will fuel market growth in the coming years.

Trends Influencing the Global Carbon Accounting Software Market

Strict environmental regulations

The climate crisis is looming with significant damage taking place across the globe. Consumers now prefer greener products that are more ethical and less carbon-intensive. Several stringent regulations have been enacted to achieve ambitious decarbonization targets. Investors are preferring companies with higher environmental performance. This will fuel the growth of the carbon accounting software market in the coming years. Carbon accounting has become an industry standard requirement for quantifying corporate carbon footprint. It gauges which policies appear green and the software provides the tools for mandatory GHG reporting, staff engagement, and green messaging. It helps enterprises in reducing the amount of energy and resource thereby saving costs and helping brands to sustain positive PR for continued customer loyalty and trust. The software makes it easier for businesses to track, monitor, and calculate their CO2 emissions across all industrial units. Intelligent data integration and analysis lead to better carbon computing.

Growing environment consciousness

The devastating effects of climate change have increased the awareness levels of consumers. People want stricter measures and more accountability from brands. Hence organizations are actively investing in carbon emission control measures. Carbon accounting allows putting an estimate on the damages that could occur due to the release of carbon dioxide into the atmosphere by a manufacturing plant. This will boost the growth of the global carbon accounting software market in the forthcoming years. The financial impact of non-compliance is forcing companies to invest in green technologies. Investors are getting more concerned about climate risk management before putting their money in business entities. This leads to better-informed decisions and well-set-up accountability culture. It identifies carbon offset opportunities and helps enterprises contribute significantly to sustainable development goals.

AI-powered tools

Invoice uploading, document creation, and maintenance are challenging tasks. The manual entry of information in a separate portal disturbs the natural workflow of a developer. AI algorithms fit seamlessly into the natural workflow. The automated emissions calculation allows measuring scope 1, 2, and 3 emissions easily. This will augment the growth of the carbon accounting software market in the forthcoming years. The built-in machine learning tools enable automated data collection with continuous invoice parsing. Furthermore, The missing gaps and data are identified quickly through predictive AI. Investor grade reports are generated and the software brings all the data into a centralized place for complete visibility.

Disadvantages of carbon accounting

The carbon accounting process suffers from a host of issues. Apart from certain carbon-intensive industries such as oil and gas, energy, and utility other organizations do not measure their carbon footprints or include them in accounting systems. The stringent rules provide a financial burden on companies and multiple invoices have to be tracked down by contacting several plant managers. The detection of emissions from vehicles, fleets, and other machinery such as generators, chillers, etc is a time-consuming and difficult process. This will hamper the growth prospects of the carbon accounting software market in the forthcoming years. Multiple regulatory instruments often lead to confusion and a complicated filing process.

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Carbon Accounting Software Market Share Analysis

Based on application, the oil and gas segment will provide lucrative opportunities for growth in the carbon accounting software market share due to the growing focus on energy efficiency by private enterprises and government authorities thereby forcing these companies to measure their carbon emission levels across the entire value chain.
Based on region, North America will grow the highest in the carbon accounting software market share due to rising government initiatives to reduce energy emissions and adoption in commercial, and industrial sectors for cost savings.

By Type

• Cloud-Based
• On-Premise

By Application

• Power Generation
• Iron and Steel
• Cement
• Chemical
• Oil and Gas
• Non-Ferrous Metal
• Others

By Region

• North America
• United States
• Canada
• Europe
• Germany
• France
• UK
• Italy
• Russia
• Nordic Countries
• Rest of Europe
• Asia-Pacific
• China
• Japan
• South Korea
• Southeast Asia
• India
• Australia
• Rest of Asia
• Latin America
• Mexico
• Brazil
• Rest of Latin America
• Middle East & Africa
• Turkey
• Saudi Arabia
• UAE
• Rest of MEA

Key Companies

• Net0
• Envizi
• Carbon Analytics
• Sphera
• CarbonetiX
• BraveGen
• The Carbon Accounting Company
• Normative
• Emitwise
• Planetly
• Pangolin Associates
• Plan A
• Evalue8
• Carbonstop
• Carbonbase
• Anhui Donggao

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