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.
New York, March 02, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Carbon Management System Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06028455/?utm_source=GNW
- 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.
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.
Middle East & Africa Region is Expected to Grow Significantly
- All the major countries in the MENA region have allocated substantial outlays for the development of solar or wind-based renewable energy projects. The Gulf Cooperation Council (GCC) countries figure prominently being generating over 4200 metric ton of carbon dioxide. Increasing the share of renewable energy is being seen as a solution towards reducing CO2 emissions and maintaining the fragile environmental balance in this region.
- Energy consumption in the MENA region has proliferated over the last few decades, partly due to the high economic growth and the marked increase of urbanization. According to MOSPI India, the growth in production of natural gas from 2016 to 2017 was the highest in the Middle East (3.6%), followed by the Asia-Pacific (3.2%), Europe & Eurasia (0.5%).
- Regional consumption of electricity is estimated to grow at an annual rate of 8% over the forecast period. Therefore, regional governments and public organizations have initiated several proactive steps over the last few years to increase the renewable energy infrastructure and cut down on greenhouse gas emissions.
- Currently, the MENA region is shifting its focus towards renewables as a means of diversifying its mix of power generation. The region has an attractive market for renewables due to the abundant availability of solar, wind resources, and nuclear power. Between 2018 and 2022, Arab Petroleum Investment Corporation (APICORP) estimates that MENA power capacity is expected to expand by an average of 6.4% per year, corresponding to additional capacity of 117 gigawatts (GW) to meet increases in demand.
- The rising focus of government towards reducing the carbon emission, the companies in the region have started adopting carbon management systems a have excellent growth opportunity for the market in the region.
The market for carbon management systems is inclining towards fragmentation with the increase in the number of players offering software for monitoring and management. This increase in number proliferating due to the rise in the adoption of cloud services. Whereas, the companies providing services in terms of consultation is showing steady growth and is expected to follow the similar trend in the forecast period.
- June 2019 - Veolia Environnement S.A., launched a New tool for the energy, water, and waste sectors to help achieve a low carbon future to save both the environment and money. The web-based platform is capable of evaluating the complete carbon and water use of business’s activities. The system is intended to footprint calculation and Greenhouse Gas (GHG) reduction, potentially saving them thousands of pounds per year.
- Mar 2019 - Mitsubishi Electric US, Inc., launched the BEAM AX, an energy management system, an intuitive, cloud-based solution for analyzing energy usage and costs in commercial buildings resulting in data-driven actionable insights.
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