Carbon Management Software Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Service, Software and Application

The Carbon Management Software Market size was valued at USD 10.809 Million in 2023 and the total Carbon Management Software Market revenue is expected to grow at a CAGR of 12.04 % from 2024 to 2030, reaching nearly USD 23.95 Million.

Carbon Management Software is specialized tool and platforms designed to help organizations measure, manage, & reduce their carbon emissions and environmental impact. These software solutions utilize advanced technologies such artificial intelligence, machine learning and data analytics to collect, analyze, and greenhouse gas (GHG) emissions data. They supporting organizations efforts to achieve sustainability goals, comply with regulatory requirements, & enhance environmental stewardship operations. Carbon Management Software market experiencing rapid growth driven by increasing awareness of climate change, stringent regulatory framework, and sustainability initiatives globally. These software solutions cater to diverse range of industries including energy, manufacturing, transportation, & agriculture, where GHG emissions are significant concern. Key functionalities of Carbon Management Software include carbon footprint calculation, emissions tracking, scenario analysis, & sustainability performance management.

Stringent regulations mandating emissions reporting & reduction goals, like as those set forth by government bodies like U.S. SEC & international climate agreements, drive demand for accurate Carbon Management Software Market. Increasing corporate commitments to sustainability and ESG (Environmental, Social, and Governance) goals propel organizations to adopt advanced carbon management technologies to monitor and mitigate their environmental impact. Integration of AI, ML, and IoT (Internet of Things) in Carbon Management Software enhances data accuracy, predictive analytics, and monitoring capabilities, enabling proactive emissions management strategies. Effective carbon management reduces environmental footprint and also optimizes resource use, lowers operational costs, enhances efficiency, making it economically beneficial for business. Shifting towards renewable energy sources and sustainable practices requires robust carbon management strategies to track & optimize carbon offset and renewable energy investments drive Carbon Management Software Market growth.

Introduced CERius, AI-powered carbon emissions management software, at Azito power plant in Cote D’Ivoire, enhancing accuracy in emissions reporting & supporting net-zero goal through data precision and AI-driven insights. Recognized as a leader in Sustainability Management Software by Forrester, highlighting its strength in carbon accounting, compliance, and decarbonization planning, leveraging AI for advanced financial modeling and ESG reporting. Release OpreX Carbon Footprint Tracer, cloud service in collaboration with SAP, tailored for process manufacturing industries to visualize and reduce CO2 emissions, emphasizing integrated data management & emissions reduction strategies. These development underscore Carbon Management Software Market commitment to innovation and sustainability, Carbon Management Software Market driving forward capabilities of Carbon Management Software to meet evolving environmental challenge &regulatory requirement globally.

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Carbon capture's potential is being embraced by heavy industries.

Carbon capture reduce overall environmental footprints for heavy-emitting industries including electricity, steel, cement, oil & gas, and chemicals by removing more than 90% of carbon dioxide emissions. Thanks to these large companies, achieving net-zero emissions. According to an MMR analysis, carbon capture is expected to contribute 27% of the required emissions reductions in the cement, iron, steel, and chemicals sectors, which increases Carbon Management Software Market demand.

Carbon capture is being adopted by heavy sectors as feasible alternative to decarbonization, with over 100 new software installations planned in 2022. Heidelberg Cement, a major cement company, is working on eight carbon capture management software plants throughout world. Aramco, the world's largest oil firm, is building one of world largest carbon capture plants to help with hydrogen generation. ArcelorMittal, largest steelmaker in Americas and Europe is using carbon capture as one of levers in its multibillion-dollar investment agenda. All 3 companies committed to achieving net-zero emissions by 2050.

Governments across the world are supporting the carbon management software market.

Globally Governments are pushing control of carbon emissions by introducing various methods, such as national climate change plans, national sustainable development strategies, & national green growth strategies, to preserve their sustainable goals. The National Green Growth Roadmap was published in 2009 in Cambodia, National Green Technology Policy was published in 2009 in Malaysia, and the National Framework Strategy on Climate Change was published in 2010 and 2011 respectively in Philippines. To control carbon emissions, several nations throughout world are pursuing environmental sustainability strategies, which drive Carbon Management Software Market. For example, Chinese government strives for environmental sustainability through several policies & initiatives as second-largest economy in world.

Chinese President Xi Jinping declared on September 22, 2020, that China enhance its Intended Nationally Determined Contributions by enacting more forceful policies & efforts during General Debate of United Nations General Assembly's 75 session. It hopes to become carbon neutral by 2060, with peak of CO2 emissions occurring in 2030. It is expected that during forecast period, demand for carbon management software will significantly increase.

New technological advancement creates opportunities in the Carbon Management Software Market.

The goal of Advanced Carbon Management is to help organizations satisfy regulatory requirements. Organizations are proactively controlling carbon emissions through the use of carbon management software from various industries to maximize operational and financial advantages, which drives the Carbon Management Software Market. Carbon management also helps the company enhance its reputation. Furthermore, carbon management software assists enterprises at every level of their energy transition, from capturing greenhouse gas emissions to setting GHG Scope 1, 2, and 3 targets and benchmarks to total GHG emissions automation and carbon management reporting, which drive the Carbon Management Software Market.

A new set of technology-based solutions is successful in reducing the carbon footprint of a wide range of users. Year after year, global warming sets new temperature records, and human activities that emit greenhouse gases (GHG) are directly to effects. Current GHG emissions must be cut in half by 2030 and net-zero by 2050 tent zero global warming at a sub-catastrophic level. Carbon management software based on new technologies is rapidly commercializing to decarbtoconomy during the forecast period. Within one to three years, three potential environmental sustainability technologies cloud sustainability, carbon footprint monitoring, and advanced grid management software will become widely used. Technology and service providers focusing on the underlying technologies that will enable long-term commercial sustainability will have new possibilities as they move toward a net-zero future. According to MMR, Three new technologies will have the biggest immediate effects on environmental sustainability management tools and create a new opportunity for carbon management software market players.


Carbon Management Software Market Segment Analysis:
Based on Software, Carbon Management Software Market is dominated by software focusing on counting both direct CO2 & indirect CO2 emissions, holding substantial Carbon Management Software Market share of 63.68 %. This segment includes solutions that calculate & manage greenhouse gas (GHG) emissions across various operational & supply chain activities, providing comprehensive insights for businesses to mitigate their environmental impact. These software solutions are crucial for industries seeking to comply with regulatory requirements, optimize energy efficiency, & enhance sustainability practices. Software specializing in counting only direct CO2 emissions from fuel accounted for 36.32% of market share in 2023. This subset of tools is typically utilized in sectors where direct emissions from fuel combustion are primary focus, such as transportation & heavy industries. Both segments are expected to see robust growth, driven by increasing regulatory pressures, corporate sustainability initiatives, and need for accurate carbon footprint management across industries. As companies strive to reduce their carbon footprints and achieve carbon neutrality goal, demand for advanced carbon management software is anticipated to continue expanding.
Carbon Management Software Market Regional Insights:
In the Carbon Management Software market, regional dynamics play a crucial role in shaping market trends and growth. As of 2023, North America held the largest Carbon Management Software Market share at 31.90%, driven by the robust adoption of carbon management solutions in the United States. The U.S. government's initiatives, such as those led by the Department of Energy's Office of Fossil Energy and Carbon Management (FECM), underscore a strong commitment to advancing carbon management technologies through substantial investments in research, development, and demonstration (RD&D). For instance, resources like the Carbon Matchmaker Tool and the Carbon Management Interactive Diagram are pivotal in fostering collaborations and accelerating the deployment of carbon management solutions nationwide under initiatives like the Bipartisan Infrastructure Law (BIL), which earmarks over $12 billion for carbon management RD&D over five years. These efforts are expected to significantly bolster demand for carbon management software in North America.

Asia Pacific, commanding a significant 27.40% market share, is witnessing rapid adoption of carbon management software driven by economic growth, industrialization, and increasing environmental awareness. Countries like China, Japan, and India are investing heavily in renewable energy and carbon reduction initiatives, spurred by both domestic policies and international commitments. For instance, China's commitment to peak carbon emissions by 2030 and achieve carbon neutrality by 2060 has catalyzed the adoption of advanced technologies, including carbon management software, to monitor and reduce emissions across industries. Japan's initiatives under its Green Growth Strategy and India's focus on sustainable development are driving the adoption of carbon management solutions to mitigate environmental impact and enhance competitiveness in global Carbon Management Software Market.



Competitive Landscape

Recent advancements in AI-powered carbon emissions management software by companies like GE Vernova, Persefoni, Sphera, and Yokogawa are poised to drive Carbon Management Software Market growth. These technologies enhanced capabilities in measuring, managing, and reducing carbon footprints in various industries. By leveraging AI & advanced data analytics, these solutions allow more accurate emissions reporting, scenario analysis, and compliance with regulations. This drive adoption among energy producer, manufacturing firms, and sector aiming for carbon neutrality. As businesses prioritize sustainability and ESG goals, demand for sophisticated carbon management software is expected to grow, fostering innovation and Carbon Management Software Market growth in environmental management technologies.

March 26, 2024, GE Vernova launched its AI-powered carbon emissions management software, CERius, at Azito, Cote D’Ivoire's largest gas power plant. This innovative software utilizes artificial intelligence and machine learning to enhance accuracy in emissions reporting and facilitate carbon reduction strategies. CERius™ aims to assist energy companies, like Azito, in achieving net-zero goals by automating greenhouse gas data collection, providing scenario analysis, promoting team collaboration, and ensuring compliance with global emissions regulations, including recent mandates from the U.S. Securities and Exchange Commission (SEC). This deployment marks a significant step towards leveraging technology for sustainable energy practices and environmental stewardship.

Apr 02, 2024, Persefoni is recognized as leader in sustainability management software by Forrester, achieving highest scores in categories such as Audit & Compliance, Innovation, Market Presence, ROI calculation, Supplier engagement, Sustainability intelligence, & Vision. Platform, known for its Climate Management & Accounting capabilities, caters to enterprises and financial institutions seeking robust solutions for sustainability. Forrester's evaluation highlighted Persefoni's expertise in carbon accounting, data management, compliance, and decarbonization planning, emphasizing its strong vision for incorporating broader ESG reporting and enhancing financial modeling. This acknowledgment underscores Persefoni's pivotal role in advancing corporate sustainability initiatives worldwide.

Jun 14, 2024, Sphera has been recognized as a leader in carbon accounting and management software by IDC MarketScape's latest report. The assessment highlights Sphera's robust capabilities in providing granular carbon footprinting, including regional, building, asset, and product-level data. This acknowledgment underscores Sphera's commitment to offering comprehensive environmental, social, and governance (ESG) performance solutions, alongside risk management software and consulting services. The report's evaluation criteria encompassed six capability and strategy categories, incorporating vendor demonstrations, extensive questionnaire responses, and customer interviews, aiming to illuminate the evolving landscape of carbon accounting and management applications.

February 26, 2024. Yokogawa Electric Corporation launched OpreX Carbon Footprint Tracer, new solution under its OpreX Transformation lineup aimed at addressing carbon footprint management in process & manufacturing industries. This cloud-based service calculates CO2 emissions using data from instrumentation systems and power monitors, offering consultancy to devise strategies for emission calculation and reduction. Yokogawa's initiative provides comprehensive solution for visualizing and minimizing CO2 emissions, supporting companies in meeting their sustainability goals. Collaboration with SAP enhances capability to manage and mitigate environmental impacts effectively, marking significant step towards decarbonization in industrial sector.
Carbon Management Software Market Scope: Inquiry Before Buying



Global Carbon Management Software Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 10.809 Mn


Forecast Period 2024 to 2030 CAGR:
12.04%
Market Size in 2030:
US $ 23.95 Mn


 Segments Covered:
by Service
Consulting
Implementation
Outsourcing
Training and software support
Maintenance


by Software
Counts only direct CO2 from fuel
Count direct CO2 and indirect CO2


by Application
Air Quality Management
Energy
Greenhouse Gas Management
Sustainability
Others



Carbon Management Software Market, by Region:
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Carbon Management Software Market, Key Players:
1. Accruent
2. Accenture
3. Carbon Trust
4. Cority Software Inc.
5. Carbon View
6. CA Technologies
7. ESG Enterprise
8. Greenstone Carbon Management
9. IBM
10. Perillon
11. Process MAP
12. Schneider Electric
13. Sphera
14. SAP
15. Wolter Kluwer

FAQs:
1. What are the growth drivers for the Carbon Management Software Market?
Ans. Carbon capture's potential is being embraced by heavy industries are expected to be the major driver for the Carbon Management Software Market.

2. What are the major opportunity for the Carbon Management Software Market growth?
Ans. New technological advancement creates opportunities in the Carbon Management Software Market are expected to be the major opportunity in the Carbon Management Software Market.

3. Which country is expected to lead the global Carbon Management Software Market during the forecast period?
Ans. North America is expected to lead the Carbon Management Software Market during the forecast period.

4. What is the projected market size and growth rate of the Carbon Management Software Market?
Ans. The Carbon Management Software Market size was valued at USD 10.809 Million in 2023 and the total Carbon Management Software Market revenue is expected to grow at a CAGR of 12.04 % from 2024 to 2030, reaching nearly USD 23.95 Million.

5. What segments are covered in the Carbon Management Software Market report?
Ans. The segments covered in the Carbon Management Software Market report are by Service, Software, Application, and Region.