LONDON, Oct. 31, 2022 /PRNewswire/ — Among the carbon footprint management market trends blockchain technology is gaining traction. Service providers in the carbon footprint management market are increasingly using blockchain technology to improve carbon traceability. Blockchain technology helps to track and analyze energy consumption data in real-time. In March 2022, VeChain Foundation, a blockchain technology provider, announced a partnership with Amazon Web Services (AWS), a US-based provider of cloud-computing services, to support the VeCarbon platform. The platform will merge blockchain with a carbon-neutral digital infrastructure and help companies to manage their carbon footprint and emission targets.
The global carbon footprint management market size is expected to grow from $7.76 billion in 2020 to $8.63 billion in 2021 at a compound annual growth rate (CAGR) of 11.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The carbon footprint management market share is expected to reach $11.50 billion in 2025 at a CAGR of 7.4%.
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The implementation of the United Nations Climate Change Conference, more commonly referred to as COP26 is expected to drive the carbon footprint management market. To accelerate adoption, 5 billion tons of carbon dioxide must be removed from the atmosphere by 2050. According to the World Energy Outlook-2021 which was published in mid-October 2021, more than 120 countries announced new targets for emissions reductions by 2030, and governments representing about 70% of global carbon dioxide (CO2) emissions had pledged to bring those emissions to net zero by 2050.
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IBM Corporation was the largest competitor in the carbon footprint management market in 2021, with a 14.39% share of the market. IBM Corporation strategy is focused on launching new technologies to help businesses address sustainability objectives and climate risk. For instance, in October 2021, IBM announced a suite of environmental intelligence software that leverages AI to help organizations prepare for and respond to weather and climate risks that may disrupt business, more easily assess their own impact on the planet, and reduce the complexity of regulatory compliance and reporting.
Carbon Footprint Management Market Players
Major players in the carbon footprint management market are Accuvio, Carbon EMS, Enviance, EnergyCAP LLC, ENGIE Impact, Envirosoft Corporation, Intelex Technologies Inc., IsoMetrix Software, Locus Technologies, NativeEnergy Inc., SAP SE, Johnson Controls, Accenture PLC, IBM Corporation, Schneider Electric S.E., Natural Capital Partners, VelocityEHS, and Carbon Trust.
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