Carbon accounting software market expected to grow at a CAGR of 11.7%

BANGALORE, India, August 29, 2022 /PRNewswire/ — The Global carbon accounting software market is segmented by Type (Cloud-Based, On-Premise), by Application (Power Generation, Iron & Steel, Cement, Chemical, Oil & Gas, Non-Ferrous Metals): Opportunity Analysis and Industry Forecast, 2022 -2028. It is published in Appreciate the reports under the Business and productivity software Category.

The global carbon accounting software market revenue is around $520 million in 2021, is expected to have a CAGR of 11.7% over the following five years.

Key Factors Driving the Growth of the Carbon Accounting Software Market

Growing consumer and investor environmental concerns along with stringent government regulations will drive the market growth over the forecast period.

Additionally, the ability to efficiently track AI-powered software with transparent documentation and maintenance will fuel the expansion of the market in the coming years.

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Consumers want greener and more ethical items and investors are placing monetary value on sustainable portfolio-wide ESG performance. Carbon accounting helps companies reduce the waste of energy and resources, which leads to lower costs. Companies using carbon accounting software identify emission reduction opportunities and carbon offsets. This will drive the growth of the carbon accounting software market. They are able to enjoy positive public relations and develop mutual trust and loyalty with customers.

Government authorities around the world are adopting strict regulations to reduce harmful greenhouse gas emissions. They formulate various rules related to energy. Organizations must meet regulatory requirements by observing, monitoring and measuring emission levels. The financial impact of non-compliance and customer demand for energy-efficient products are forcing companies to invest in green technologies. This will drive the growth of the carbon accounting software market in the coming years.

Advanced Emissions Management Systems (EMS) help companies track their carbon footprint in real time with greater accuracy. This ensures easier management, control, visibility and efficiency. Organizations are investing in EMS software components, which in turn is fueling the growth of the carbon accounting software market. AI-powered algorithms integrate seamlessly into existing workflows with seamless document creation and maintenance. Built-in features automate data collection, save time with automatic invoice upload, and detect missing data with predictive analytics. The system also reveals carbon reduction opportunities.

Collecting energy consumption data is important for environmental sustainability reporting. With the exception of carbon-intensive industries like oil and gas, heavy manufacturing, or utilities, other companies rarely track their energy consumption levels. Energy information on vehicles and fleets is not actively taken into account in accounting systems. This will discourage the growth of the carbon accounting software market. Accurately calculating carbon emissions involves tracking utility bills for many buildings and reaching out to multiple plant managers to meter the use of propane, natural gas, and other energy sources. The whole process of estimating the emission level of equipment such as trucks, fleets, chillers and generators is very difficult and time consuming.

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On the basis of applications, oil and gas segment will witness the highest growth in carbon accounting software market share owing to the increasing attention paid to energy efficiency by government authorities and private companies in the world. whole world.

Based on the region, North America will be the most lucrative during the forecast period due to the wide adoption of residential, commercial and industrial consumers for energy saving. Several government initiatives to reduce emissions from old and public buildings are also contributing to the growth.

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Key companies:

  • Net0
  • Envizi
  • Carbon analysis
  • Sphere
  • CarbonetiX
  • BraveGen
  • The carbon accounting company
  • Normative
  • Emitwise
  • planetary
  • Pangolin Associates
  • Plan A
  • Rate8
  • carbon stop
  • Carbon based
  • Anhui Donggao

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– The Global Carbon Management System Market the size should reach $19,300 million by 2028, US$9729.1 million in 2021, at a CAGR of 9.8% over the period 2022-2028.

– The Global accounting software market the size should reach $22,910 million by 2027, $14,170 million in 2020, at a compound annual growth rate (CAGR) of 7.1% over the period 2021-2027.

– The Global Carbon Capture and Storage Market the size should grow by $3726 million in 2020 for $5597 million by 2027; it is expected to grow at a CAGR of 6.0% over the period 2021-2027.

– The Global Activated carbon market was rated at US$3,020.4 million in 2020 and is expected to reach $4609.7 million by the end of 2027, growing at a compound annual growth rate (CAGR) of 5.8% over the period 2021-2027.

– The Global carbon nanotube market was rated at $15.3 billion in 2017, and should reach $103.2 billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

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