Market Overview

The carbon management system market is projected to witness a CAGR of 12.11% over the forecast period 2019-2024. The growing emphasis on reducing carbon footprints and the increasing need for eco-friendly services are pushing the growth of carbon management systems. The companies around the world have started to improve the efficiencies of their operations.

• The need to reduce wastage, efficiently utilize resources, and reduce carbon footprints warrants the deployment of innovative and sustainable solutions. Reducing carbon footprints and controlling energy consumption have become crucial factors in recent years.
• Companies are now investing in making sustainable offerings in the market. The management of energy consumption has become crucial in terms of optimizing the cost of production per unit and increase the realization percentage over energy consumption. The growing organizational focus on reducing carbon footprints is driving the growth for carbon management system market.
• Governments across the globe are also strengthening the regulations for the carbon emission norms for the businesses, for this companies have started adopting the software and services for continuous monitoring of the carbon management for their organization. Government is also another factor fueling market growth.
• On the other hand, different organizations consume from various sources, and managing them is a challenging factor for the companies offering carbon management systems is limiting the adoption and growth of the market to an extent.

Scope of the Report

The scope of the study for carbon management systems market has considered both of the offerings in the form of software and services by the vendors and their respective applications in a wide range of end-user verticals globally. The end users can use it as an application for integrated solution or can use an individual application and are reflecetd in the estimation for the market under application segment.

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Key Market Trends

Oil and Gas Industry to Witness Significant Growth

• Hydrocarbon is one of the crucial factors in economies which fuels the globalization and industrialization. According to Bharat Petroleum, oil and gas contribute over 50% share in global energy consumption. In spite of the worldwide thrust for the use of renewable energies, oil and is estimated to be the dominating energy source for at least two decades ahead as stated in the report by IEA.
• As the developing countries are experiencing growth; particularly in transport, heating and cooling energy requirements are expected to witness the consistent increase which is expected to be dominated by the oil and natural gas.
• According to the US Environmental Protection Agency, the US greenhouse gas emission from the industry sector accounted for 22.2% in 2017, of the total greenhouse gas emissions. Greenhouse gas emissions from industry primarily arrive from burning fossil fuels for energy, as well as greenhouse gas emissions from  chemical reactions necessary to produce goods from raw materials. Also, in the year 2018, the carbon emission grew by 2%, representing the highest growth in the last seven years.
• The oil and gas companies are adopting the carbon management systems for monitoring the carbon emission in the form of green and gases and also towards managing energy consumption. The trend of adoption in the industry is expected to continue in the forecast period.

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