Carbon Footprint Management Market to Garner USD 18.2 Bn by 2031|Top Players such as - ENGIE, IsoMetrix and ProcessMAP

According to the report published by Allied Market Research "The Carbon Footprint Management Market to Garner USD 18.2 Bn by 2031|Top Players such as - ENGIE, IsoMetrix and ProcessMAP." These players have adopted different strategies such as new product launches collaborations expansion joint ventures agreements and others to increase their market share and maintain dominant shares in different regions.

Rise in demand for energy consumption by industries and increase in demand for sustainable energy solution have propelled the global carbon footprint management market. However, high installation and maintenance costs of carbon footprint solution hinder the market. On the contrary, surge in trend of advanced technologies such as artificial intelligence, IoT, and big data to reduce carbon emission would unlock new opportunities in the future.

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By industry vertical, the residential and commercial buildings segment is projected to manifest the highest CAGR of 9.0% from 2022 to 2031, due to growing awareness regarding the negative effects of excess carbon production and fear of climate change. However, the energy and utilities segment held the largest share in 2021, accounting for more than one-fourth of the global carbon footprint management market, due to heavy carbon dependency for energy production and rise in need to control it.

By component, the solution segment held the largest share in 2021, accounting for nearly two-thirds of the global carbon footprint management market, owing to various government sustainability and emission control standards. However, the service segment is estimated to register the highest CAGR of 8.4% during the forecast period, due to rapidly growing demand for carbon footprint management services.

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By region, the global carbon footprint management industry across Asia-Pacific is anticipated to showcase the highest CAGR of 8.8% during the forecast period, owing to their high dependency on coal for energy production and global pressure to curb carbon and carbon dioxide emissions. However, the market across North America dominated in 2021, accounting for nearly two-fifths of the market, owing to high concentration of specialized CFM solutions vendors and supporting government policies present in the region.

The key players that operate in the carbon footprint management market forecast are Carbon Footprint Ltd, Dakota Software Corporation, ENGIE, IsoMetrix, IBM, ProcessMAP, General Electric, Salesforce, SAP, and Wolters Kluwer N.V. These players have adopted various strategies to increase their market penetration and strengthen their position in the carbon footprint management industry.

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Covid-19 Scenario:

● Due to Covid-19 outbreak, several business and manufacturing industries were forced to limit or halt their production. Moreover, the dearth of staff and workers on-site created challenges to maintain full-scale productivity.

● Rise in consumer awareness about personal carbon footprint management boosted the market growth.

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