Carbon Footprint Management Market: Report Highlights The Competitive Scenario With Impact Of Drivers And Challenges 2024

Carbon footprint is a measure of the total amount of greenhouse gases produced to directly or indirectly support given activities, which may either be human or machine oriented. This is usually expressed in equivalent tons of carbon dioxide (CO2). The global carbon footprint management market is made up by the solutions and services that help manage carbon footprint. Over the course of the last few years, the global footprint management market has grown substantially. Growing concerns about climate change, global warming and the need for an international agreement on carbon emission has directed the market’s growth.

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The factors favorable for the global carbon footprint management market’s growth include the increased implementation of a standardized regulatory framework and government initiatives to promote low carbon emission policies. Growing concerns about enterprise sustainability and corporate social responsibility (CSR) programs among the corporates is expected to drive this market. The increasing implementation of analytics to use the insights from data and its associated processes for improved decision-making is also anticipated to drive this market.

The high cost associated with the replacement of existing infrastructure with greener and low carbon emitting infrastructure is expected to be one of the restraints on the growth of global carbon footprint management market. Lack of clarity about the regulatory landscape and strategic benchmarking is further expected to hamper growth. The high initial investment is expected to present barriers toward the entry of new players into this market.

The global carbon footprint management market is expected to witness immense growth opportunities from the modernization of IT and telecom infrastructure. Carbon footprint management, which is becoming increasingly important for energy-extensive industries, is anticipated to provide favorable avenues of growth in this market. The shift to ultra-low-emission transportation is also anticipated to favor market growth. Additionally, support for the carbon trading market is expected to provide opportunities for market growth.