Carbon Accounting Software Market to grow by USD 16546.67 million between 2024-2028
According to a research report “ Carbon Accounting Software Market” by End-user (Telecommunication, Oil and gas, Technology, Power and utilities, Industrial engineering and others ) Deployment (Cloud-based, On-premises ) Geography (North America, Europe, APAC, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 16546.67 million at a CAGR of 29.27% during the forecast period. In today's business landscape, governments worldwide are enforcing stringent carbon emission regulations. These mandates necessitate companies to monitor and manage their carbon footprints, leading to a surging demand for carbon accounting software. For instance, under Section 111 of the US Clean Air Act, the US EPA regulates greenhouse gas emissions from power plants, enabling the implementation of carbon emission standards. Similarly, the cap and trade policy, or emissions trading, is adopted in European countries and certain Chinese cities and provinces, requiring businesses to hold allowances for each ton of greenhouse gas emitted during a specified period..
Browse market data tables, figures, and in-depth TOC on “Carbon Accounting Software Market” by End-user (Telecommunication, Oil and gas, Technology, Power and utilities, Industrial engineering and others ) Deployment (Cloud-based, On-premises ) Geography (North America, Europe, APAC, Middle East and Africa, South America) Global Forecast to 2028.
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By End-user, the Telecommunication segment is projected to dominate the market size in 2024.
In the Carbon Accounting Software Market, cloud-based solutions offer businesses significant scalability and cost advantages. By eliminating the need for on-premises infrastructure, organizations can easily add or remove users, adjust storage capacity, and access new features on-demand. This flexibility enables businesses to adapt to changing requirements and accommodate growth, while subscription-based pricing models allow for efficient budget allocation and reduced upfront investment.
By Deployment, Cloud-based segment is expected to hold the largest market size for the year 2024.
Carbon accounting software plays a crucial role in the telecommunications sector by facilitating the monitoring and analysis of energy consumption. This encompasses electricity usage in data centers, network infrastructure, and office facilities, a substantial contributor to carbon emissions. Telecom networks, comprising data centers and cell towers, generate carbon emissions. Carbon accounting software empowers businesses to quantify the carbon footprint of network operations, thereby identifying energy efficiency enhancement opportunities. The telecommunications industry's shift towards renewable energy sources is supported by carbon accounting software, which enables organizations to track and manage the integration of renewable energy into their operations and report on their sustainable energy usage proportions.
North America is forecasted to hold the largest market size by region in 2024.
The carbon accounting software market in North America has experienced significant expansion over the last five years, fueled by corporate concerns over escalating CO2 emissions. In the US, the Department of Energy is offering assistance to small and medium-sized businesses through its Industrial Assessment Centers (IAC), allocating USD52.5 million to enhance efficiency, cut costs, and minimize carbon footprints. This funding, distributed via IAC's university-based programs, will provide no-cost efficiency recommendations to eligible manufacturing facilities throughout the forecast period.
The Carbon Accounting Software Market t growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
In the realm of commercial operations and sustainability, the Carbon Accounting Software Market plays a pivotal role in facilitating net-zero emissions for buildings and enterprises. This market encompasses innovative solutions that enable building owners and city planners to predict and manage their carbon footprint, optimize room temperatures, and improve traffic flow. Leveraging digital twin technology, these software solutions offer transformation expertise and high-tech knowledge to decarbonize operations. Carbon accounting software is a catalyst for change, providing management with valuable insights into carbon releases and emissions. McKinsey & Company and potential investors recognize the financial opportunities associated with this market, as businesses seek to reduce their environmental impact and enhance their sustainability proficiency. Auditing and emissions management are critical components of this software, ensuring accurate tracking and reporting of carbon data. By integrating these solutions into commercial operations, enterprises can effectively contribute to the global decarbonization effort.
Market Research Overview
In the rapidly evolving business landscape, the Carbon Accounting Software Market plays a pivotal role in helping enterprises achieve their net-zero targets. This market encompasses digital alternatives to traditional paper-based methods, enabling paperless progress and facilitating the deployment of cloud-based solutions. Key players in this market offer decarbonization solutions, such as AI-driven carbon footprint analysis and digital twin technology for buildings and physical objects. Fossil fuel companies, including ExxonMobil, are increasingly adopting these solutions to reduce their carbon releases and enhance their sustainability proficiency. COP27, with its focus on driving factors like product demand and fossil fuel consumption, underscores the importance of carbon accounting software in the transition towards a net-zero economy. City planners, building owners, and operations managers benefit significantly from these tools, as they can predict and optimize room temperatures, traffic flow, and other energy-consuming processes. Potential investors and McKinsey-like consulting firms see financial opportunities in this market, as innovating solutions for carbon accounting and auditing services become essential for commercial operations.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
