Global Carbon Management System Market Size Forecast 2024 - 2033
19 Dec, 2024
What Is The Definition Of The Global Carbon Management System Market?
A carbon management system refers to a set of strategies, policies, and practices designed to monitor, reduce, and offset carbon emissions within an organization. It involves measuring the carbon footprint, setting emission reduction targets, implementing carbon reduction initiatives, and purchase of carbon offsets to compensate for emissions that cannot be eliminated. The goal of a carbon management system is to minimize the impact of an organization's activities on climate change and contribute to a more sustainable future.
Carbon Management System Global Market Report 2024 provides data on the global carbon management system market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Carbon Management System market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Carbon Management System Market Size Expected To Expand, And At What Annual Growth Rate?
The carbon management system market size has grown rapidly in recent years. It will grow from $11.38 billion in 2023 to $12.7 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to regulatory mandates, corporate sustainability commitments, rising energy costs, reputational risk mitigation, and investor pressure. The carbon management system market size is expected to see rapid growth in the next few years. It will grow to $19.83 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to net zero emissions pledges, increasing carbon pricing mechanisms, demand for ESG reporting and transparency, technological advancements in carbon tracking, and supply chain emissions management. Major trends in the forecast period include integration with digital platforms, emergence of carbon offset markets, adoption of artificial intelligence for optimization, growth of carbon capture and storage solutions, and expansion of scope 3 emissions tracking.
What Are The Key Drivers Fueling Growth In The Carbon Management System Market?
The growing industrial demand for energy consumption is expected to propel the growth of the carbon management system market going forward. Energy consumption refers to the amount of energy individuals and organizations use to perform various tasks or activities. The growing industrial demand for energy consumption is due to expanding manufacturing operations and advancements in infrastructure development, along with population growth and urbanization requiring more energy-intensive processes. Carbon management systems provide real-time monitoring of carbon emissions from industrial processes; companies can identify areas where energy is being consumed inefficiently by accurately measuring emissions. For instance, in September 2021, according to the Department for Business, Energy and Industrial Strategy, a UK-based government department, energy consumption increased by 4.6% from 2020 to 2021, rising from 128 to 134 million tones of oil equivalent. Therefore, the growing industrial demand for energy consumption is driving the growth of the carbon management system market.
Get Your Free Sample of the Global Carbon Management System Market ReportWhat Are The Principal Market Segments In The Global Carbon Management System Industry?
The carbon management system market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Deployment: Cloud, On-Premises
3) By Application: Energy, Greenhouse Gas Management, Air Quality Management, Sustainability, Other Applications
4) By End-User Vertical: Oil And Gas, Manufacturing, Healthcare, Information Technology And Telecom, Other End-User Verticals
Which Emerging Market Trends Are Altering The Carbon Management System Sector?
Companies in the carbon management system market are focused on developing systems that integrate dual-standard intelligent cloud carbon management to ensure precise tracking, reporting, and reduction of carbon emissions. Dual-standard intelligent cloud technology improves the effectiveness and efficiency of carbon management systems, enabling better carbon footprint management. For example, in November 2021, SGS S.A., a Switzerland-based testing and certification firm, launched S-Carbon, a dual-standard digital carbon management platform hosted on Azure. This platform adheres to the international ISO 14064-1 standard and Chinese national standards to quantitatively track carbon emissions. The integration with Microsoft Azure supports robust data management and analysis, crucial for effective carbon emissions tracking and management.
What Is The Leading Region In The Carbon Management System Market?
North America was the largest region in the carbon management system market in 2023. The regions covered in the carbon management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.