Global Carbon and Energy Software Market: Efforts by Governments to Reduce Carbon Emissions will Propel Market
Carbon and energy accounting is a comprehensive term that covers all aspects of greenhouse gas management. Initiatives towards reducing carbon emissions have increased the demand for specialized software for carbon and energy accounting. The overall carbon and energy software market was worth US$369.7 million in 2013. The rising need for sustainability management is estimated to propel the global carbon and energy software market at a CAGR of 11.7% during the period between 2014 and 2022.
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Government Initiatives to Boost Carbon and Energy Software Market
- China, the U.S., and the European Union are among the top greenhouse gas emitters across the globe. Initiatives taken by the governments in these regions have made the industrial sectors keep a tab on their carbon footprint.
- At the Paris Climate Summit in June 2015, China, the top emitter of greenhouse gases, finally announced to reduce its emissions per unit of gross domestic product by 60-65% by 2030 from 2005 levels. This marks China’s contribution to a global climate pact. The country had so far been in denial regarding the greenhouse gas emissions.
- The U.S. Environmental Protection Agency issued a proposal in June 2014 to reduce carbon pollution from existing power plants that are the biggest source of greenhouse gas emissions in the U.S. The Greenhouse Gas Reporting Program compiles greenhouse gas data from large emission sources across a range of industry sectors such as oil and gas, IT and telecommunication, retail, manufacturing, automobiles, energy and utilities, medical, construction, and others. The program also gathers data from suppliers of products that release greenhouse gases.
- The European Union announced plans in July 2015 to remodel its weakened carbon-trading program in an effort to reduce greenhouse gas emissions. The program is the world’s first and largest carbon-trading mechanism, and covers around 11,000 power stations, industrial plants, and airlines in 31 countries.
All these initiatives have led various enterprises to adopt carbon and energy software to monitor and assess the total energy consumed throughout the supply chain and map the associated carbon emissions.
Adoption of Carbon and Energy Software Solutions: Vendors Cement Partnership with Companies across Various Sectors
Government initiatives have paved the way for carbon and energy software firms to increase their revenue. Companies across various industry verticals are looking for solutions such as energy management, utility data management, forecast and scenario analysis, emissions accounting and reporting, and cap and trade management.
The IT and telecommunications sector has been at the forefront in adopting carbon and energy software solutions. Key vendors in the global carbon and energy software market such as Enablon North America Corporation have joined hands with top IT firms such as Accenture, Infosys, Wipro, and SAP.
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CA Technologies has introduced CA ecoSoftware – a carbon and sustainability management solution, to help organizations evaluate the environmental performance of their supply chains, manage natural resource consumption, and cut energy costs. Further, vendors are partnering with IT firms to establish carbon and energy management outsourcing services. For example, CA Technologies has partnered with Capgemini to start a global energy, carbon, and sustainability business process outsourcing service. With growing focus on reducing carbon emissions, the overall market has a positive outlook in the near future.