Cloud Carbon Management System Market Report 2024 - Market Size, Growth Rate, Major Drivers And Key Trends

"The Business Research Company recently released a comprehensive report on the Global Cloud Carbon Management System Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, the cloud carbon management system market size has grown rapidly in recent years. It will grow from $6.73 billion in 2023 to $7.41 billion in 2024 at a compound annual growth rate (CAGR) of 10.1%. The growth in the historic period can be attributed to growing environmental awareness, increasing carbon emissions, regulatory compliance pressure, rising energy costs, emergence of carbon pricing mechanisms.

The cloud carbon management system market size is expected to see strong growth in the next few years. It will grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to strengthening of global climate agreements, shift towards circular economy models, increasing consumer demand for eco-friendly products and services, growing investor focus on sustainability performance, accelerated adoption of renewable energy sources. Major trends in the forecast period include rise of carbon offsetting and carbon removal solutions, integration of carbon management into supply chain management systems, development of interoperable carbon accounting platforms, adoption of real-time carbon monitoring and reporting tools, emergence of industry-specific carbon management standards and certifications.

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Market Drivers and Trends:

The growing industrial demand for energy consumption is expected to propel the growth of the cloud carbon management system market going forward. Energy consumption refers to the total amount of energy utilized by individuals, organizations, or systems within a specific timeframe, often measured in kilowatt-hours or joules. It arises due to expanding manufacturing activities, technological advancements requiring more energy-intensive processes, and population growth driving product demand. Cloud carbon management systems address industrial demand for energy consumption by providing tools and insights to optimize energy usage, reduce carbon emissions, and promote sustainability within industrial operations. For instance, in April 2023, according to a report published by the United States Energy Information Administration (EIA), a US-based statistical agency, between 2022 and 2050, residential consumption of purchased electricity is projected to rise by approximately 14% to 22%, reaching 5.9 to 6.3 quads, while electricity purchased for transportation, driven by increased adoption of electric vehicles (EVs), is expected to surge from 0.1 quads in 2022 to between 0.6 and 1.3 quads in 2050, marking a substantial 900% to 2,000% increase across all scenarios. Therefore, the growing industrial demand for energy consumption is driving the growth of the cloud carbon management system market.

Major companies operating in the cloud carbon management system market are developing advanced solutions, such as a carbon management solution, to help global customers measure, analyze, and manage their carbon emissions and gain a competitive edge in the market. This solution encompasses a range of technologies and strategies to measure, track, manage, and reduce carbon emissions from industrial facilities, power plants, and other sources, which are critical in achieving sustainability and environmental performance goals. For instance, in June 2022, Alibaba Cloud, a China-based cloud computing company, launched the Energy Expert. This platform offers real-time carbon footprint tracking, actionable insights, AI-powered analytics computing, and comprehensive energy and emission management features. Its significance in the cloud carbon management system market lies in its capacity to assist companies worldwide in measuring, analyzing, and managing carbon emissions, facilitating alignment with global sustainability goals, and enabling enterprises to achieve carbon neutrality through advanced technologies and streamlined solutions.

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Major Key Players of the Market:

Engie SA, The International Business Machines Corporation (IBM), Schneider Electric SE, SAP SE, Salesforce Inc., Enablon (Wolters Kluwer N.V.), IHS Markit, Trinity Consultants Inc., Enviance Inc., Thinkstep, Intelex Technologies ULC, Climeworks AG, IsoMetrix Software, Hara Software, Carbon Clean Solutions, Carbon Lighthouse, Locus Technologies, Energetics, EnergyCAP LLC, CarbonCure Technologies, FirstCarbon Solutions, Envirosoft Corporation, Carbon Footprint Ltd., Climate Earth, Greenstone+, Native Energy, Dakota Software, ESP (New Zealand Green Investment Finance), COzero, Ecometrica

Cloud Carbon Management System Market 2024 Key Insights:

• The cloud carbon management system market is expected to grow to $10.67 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Industrial Demand For Energy Consumption Propels Growth Of Cloud Carbon Management Systems Market
• Global Companies' Focus On Advanced Cloud Carbon Solutions
• North America was the largest region in the cloud carbon management system market in 2023

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