The increase in demand for emission monitoring and the effectiveness of tracking and management capabilities drive the market growth.
PORTLAND, PORTLAND, OR, UNITED STATES, November 15, 2023 /EINPresswire.com/ — According to the report published by Allied Market Research, the global emission management software market generated $10.4 billion in 2020 and is estimated to reach $43.6 billion by 2030, witnessing a CAGR of 15.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
The global shift towards green initiatives has been on the rise for some time now and this has led to an increase in focus on controlling the rising levels of carbon and greenhouse gas emissions in industrial and economic sectors. Raising awareness about cleaner and greener initiatives in both the business and the consumer world causes a growing dependence on emission management systems. This is creating a strong foundation for the emission management software industry across the globe and is predicted to grow further in the future.
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The growing demand for emissions management software markets will drive growth within North America, owing to the immense focus on the carbon reduction policy adopted by the U.S. government. North America is predicted to dominate emission management software market trends due to rapid digital transformation. The market in North America is predicted to achieve a higher market share during the forecast period, due to the increasing adoption of cloud-based emissions management by varied industries.
Moreover, the increasing adoption of technology and rising demand for clean and renewable energy are projected to boost the market growth. Government initiatives to decrease energy emissions from several old and public buildings also are boosting the market demand. As an example, the U.S. General Services Administration made a contract with IBM Corporation to put in efficient and smart building technologies in 50 of the state and federal government’s highest energy-consuming buildings.
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According to the report published by Allied Market Research, the global emission management software market generated $10.4 billion in 2020 and is estimated to reach $43.6 billion by 2030, witnessing a CAGR of 15.7% from 2021 to 2030. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.
An increase in demand for emission monitoring and the effectiveness of tracking and management capabilities drive the growth of the global emission management software market. However, high costs incurred in management and installation hinder the market growth. On the other hand, focus on the implementation of sustainability solutions presents new opportunities in the coming years.
Covid-19 Scenario:
• Owing to the lockdown imposed by governments in many countries and the unavailability of the workforce, manufacturing factories in many industries were closed down partially or completely. This impacted the demand for emission management software for real-time monitoring.
• Moreover, daily operations in the energy and power sector were disrupted and the demand for monitoring carbon emissions was reduced. This affected the demand for emission management software. However, the demand is expected to rise during the post-lockdown as daily operations get back on track.
Based on components, the software segment accounted for the highest share in 2020, contributed to more than four-fifths of the total share, and is estimated to continue its lead position during the forecast period. However, the services segment is projected to portray the highest CAGR of 17.5% from 2021 to 2030.
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Based on industry, the manufacturing segment contributed to the highest share in 2020, holding more than one-third of the global emission management software market, and is projected to maintain its leadership status during the forecast period. However, the government sector segment is expected to manifest the fastest CAGR of 17.0% from 2021 to 2030.
Based on region, North America held the highest share in 2020, accounting for more than two-fifths of the total share, and is estimated to maintain its dominance in terms of revenue by 2030. However, Asia-Pacific is projected to witness the fastest CAGR of 17.3% during the forecast period.
Leading players of the global emission management software market analyzed in the research include Accenture, CA, Inc., Enviance, Carbonetworks, Greenstone Carbon Management, Foresite Systems, IBM, Hara, SAP, and Symantec.
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