Carbon Accounting Software Market to Grow at a CAGR of 11.7% | Valuates Reports

BANGALORE, India, Aug. 29, 2022 /PRNewswire/ -- The Global Carbon Accounting Software Market is Segmented by Type (Cloud Based, On Premise), by Application (Power Generation, Iron and Steel, Cement, Chemical, Oil and Gas, Non-Ferrous Metal): Opportunity Analysis and Industry Forecast, 2022–2028. It is published in Valuates Reports under the Business & Productivity Software Category.

The global Carbon Accounting Software market revenue is about USD 520 Million in 2021, projected to have a CAGR of 11.7% in the following five years.

Major Factors Driving the Growth of the Carbon Accounting Software Market

The growing environmental concerns among consumers and investors along with strict government regulations will drive the growth of the market during the forecast period.

Furthermore, the effective tracking capability of AI-powered software with seamless documentation and maintenance will fuel the expansion of the market in the coming years.

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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL CARBON ACCOUNTING SOFTWARE MARKET

Consumers want items that are greener and more ethical and investors are placing a monetary value on a portfolio-wide sustainable ESG performance. Carbon accounting helps enterprises to reduce the wastage of energy and resources which leads to lower costs. Businesses 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 PR and develop mutual trust and loyalty with customers.

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

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

Data collection on energy usage is important for environmental sustainability reports. With the exception of carbon-intensive industries like oil and gas, heavy manufacturing, or utility, other companies rarely track their energy consumption levels. The energy information on vehicles and fleets is not considered actively in accounting systems. This will deter the growth of the carbon accounting software market. The accurate calculation of carbon emissions involves tracking utility invoices of many buildings and contacting multiple plant managers to measure the use of propane, natural gas, and other energy sources. The entire 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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CARBON ACCOUNTING SOFTWARE MARKET SHARE ANALYSIS

Based on application, the oil and gas segment will grow the highest in the carbon accounting software market share due to the increasing focus on energy efficiency by government authorities and private enterprises across the globe.

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

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Key Companies:

• Net0
• Envizi
• Carbon Analytics
• Sphera
• CarbonetiX
• BraveGen
• The Carbon Accounting Company
• Normative
• Emitwise
• Planetly
• Pangolin Associates
• Plan A
• Evalue8
• Carbonstop
• Carbonbase
• Anhui Donggao

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SIMILAR REPORTS:

-  The global Carbon Management System market size is projected to reach USD 19300 Million by 2028, from USD 9729.1 Million in 2021, at a CAGR of 9.8% during 2022-2028.

-  The global Accounting Software market size is projected to reach USD 22910 Million by 2027, from USD 14170 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 7.1% during 2021-2027.

-  The global Carbon Capture and Storage market size is expected to growth from USD 3726 Million in 2020 to USD 5597 Million by 2027; it is expected to grow at a CAGR of 6.0% during 2021-2027.

-  The global Activated Carbon market was valued at USD 3020.4 Million in 2020 and it is expected to reach USD 4609.7 Million by the end of 2027, growing at a Compound Annual Growth Rate (CAGR) of 5.8% during 2021-2027.

-  The global carbon nanotubes market was valued at USD 15.3 Billion in 2017, and is projected to reach USD 103.2 Billion by 2030, growing at a CAGR of 16.3% from 2021 to 2030.

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