Asia-Pacific Carbon Footprint Management Market Insights:
The Asia-Pacific carbon footprint management market size was valued at $2,878.84 million in 2022 and is projected to reach $6,306.14 million by 2032, growing at a CAGR of 8.3% from 2023 to 2032.
The Asia-Pacific market for carbon footprint management includes a wide range of sectors, such as transportation, energy, manufacturing, and agriculture, all of which are searching for ways to minimize their environmental effect and cut back on greenhouse gas emissions. More people are becoming aware of the need to address climate change and implement sustainable practices to maintain long-term environmental sustainability as a result of the region's countries experiencing fast industrialization, urbanization, and population increase.
The need for carbon footprint management solution is rising in the Asia-Pacific region as governments and businesses established a higher priority on environmental responsibility and sustainability. Consequently, the market for carbon footprint management in the Asia-Pacific region is expanding significantly due to regulatory measures, corporate sustainability objectives, and investors' and consumers' growing attention to environmental, social, and governance (ESG) aspects.
By Component
Solution segment is projected as one of the most lucrative segments.
In addition, the Asia-Pacific region is aggressively enacting laws and policies that address climate change and lower carbon emissions, establishing an atmosphere that is suitable to the adoption of carbon footprint management techniques. Governments are encouraging businesses to minimize their carbon footprint and move toward a low-carbon economy by implementing policies such as carbon pricing, emissions trading, and renewable energy targets.
By Deployment
On-premise segment is projected as one of the most lucrative segments.
On the basis of deployment mode, the on-premise segment dominated the Asia-Pacific carbon footprint management market in 2022, as organizations have complete control on the software and reduce the risk of leaking organizations data. However, the cloud segment is expected to witness the highest growth in the coming years, as it offers better control of the data, along with reduced risk of data loss and concerns related to regulatory compliance.
Country-wise, the Rest of Asia-Pacific dominated the Asia-Pacific carbon footprint management market in 2022, owing to high diversity and is expected to experience rapid growth in future. However, New Zealand is expected to be witnessing the highest growth in the coming years, owing to increase in awareness among the organization and increase in government initiatives.
Segment Review:
The Asia-Pacific carbon footprint management industry is segmented on the basis of component, deployment mode, industry vertical, and country. On the basis of component, the market is divided into solution and service. Depending on deployment mode, the market is classified into on premise and cloud. By industry vertical, the market is segmented into energy and utilities, manufacturing, residential and commercial buildings, transportation and logistics, and IT and telecom. On the basis of country, it is analyzed across Taiwan, Malaysia, Thailand, Indonesia, Singapore, Australia, New Zealand, and rest of Asia-Pacific.
Top Impacting Factors:
Increasing awareness of environmental issues
Increasing awareness of environmental issues is a key driver behind the growth of the APAC carbon footprint management market owing to regulatory pressures and corporate social responsibility (CSR). As governments, businesses, and individuals become more conscious of the impact of their actions on the environment, there is a growing demand for solutions that can help measure, manage, and reduce carbon emissions and increased awareness about environment which led to an increased adoption of carbon footprint management tools and services across various industries in the Asia-Pacific region.
In addition, regulatory pressure in Asia-Pacific region is implementing carbon pricing mechanisms, emissions trading schemes, and other regulatory measures to curb greenhouse gas emissions which drives the demand for carbon footprint management. This created a need for companies to accurately measure their carbon footprint and implement strategies to reduce it, thus driving the demand for carbon footprint management solutions.
Furthermore, the corporate social responsibility (CSR) initiatives are increasingly driving the companies to monitor and reduce their carbon footprint. Many businesses in the Asia-Pacific region are incorporating carbon reduction goals into their corporate social responsibility strategies to enhance their environmental credentials and meet the expectations of stakeholders. This further fueled the demand for carbon footprint management solutions in the Asia-Pacific region.
The increasing adoption of renewable energy
The Asia-Pacific carbon footprint management market is experiencing growth owing to the increasing adoption of renewable energy in the region. As the region strives to reduce their carbon footprint and meet their climate change commitments, the Asia-Pacific region is investing in renewable energy sources such as solar, wind, and hydropower. This shift toward renewables is driving the demand for carbon footprint management solutions as companies seek to accurately measure, monitor, and reduce their greenhouse gas emissions.
In addition, many governments in the Asia-Pacific region are implementing policies and incentives to encourage the adoption of renewable energy, further driving Asia-Pacific carbon footprint management market growth. For instance, countries such as China and India set ambitious targets for expanding their renewable energy capacity, creating a strong market for carbon footprint management solutions. Furthermore, the increasing adoption of renewable energy is not only helping to reduce carbon emissions but is also driving growth in the carbon footprint management market in the APAC region.
Competition Analysis:
The report analyzes the profiles of key players operating in the Asia-Pacific carbon footprint management market such as Carbon Footprint Ltd., Dakota Software Corporation, Carbon Footprint Ltd., Dakota Software Corporation, ENGIE, IsoMetrix, ProcessMAP, Schneider Electric SE, SAP SE , Wolters Kluwer N.V., IBM Corporation, Climate Impact X, Carbon Credit Capital, LLC, Carbonbay GmbH & Co. KG, South Pole, S&P Global Inc., Jejakin , UL Solutions, Inc., SIRIM QAS International Sdn. Bhd., TÜV Rheinland AG, Envirolink. These players have adopted various strategies to increase their market penetration and strengthen their position in the Asia-Pacific carbon footprint management market.
Recent Product Launch in the Market:
In February 2023, Oryx Stainless Group, a leader in supplying recycled stainless steel raw materials, has signed a framework agreement with SIRIM QAS International in Malaysia. This partnership aims to ensure the compliance of imported stainless steel scrap with Malaysia's environmental standards, supporting the country's green agenda.
In May 2023, UL Solutions announced the launch of its comprehensive ESG Data Management & Reporting Portfolio. This new suite of services is designed to support companies in developing and managing effective sustainability data management programs, with a special emphasis on carbon and scope three emissions. Combining advisory practices, software solutions, and verification services, this portfolio aims to help sustainability professionals expedite their initiatives and meet the increasing demands of regulatory and voluntary reporting requirements.
In February 2023, UL Solutions announced the expansion of its Environmental, Social, and Governance (ESG) advisory and assurance practice on February 22, 2023. This initiative aims to support companies in navigating the complexities of ESG management with a science-driven approach.
Key Benefits for Stakeholders:
- The study provides an in-depth Asia-Pacific carbon footprint management market analysis along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restrains, and opportunities and their impact analysis on the Asia-Pacific carbon footprint management market size is provided in the report.
- The Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the Asia-Pacific carbon footprint management industry.
- The quantitative analysis of the global Asia-Pacific carbon footprint management market for the period 2022–2032 is provided to determine the Asia-Pacific carbon footprint management market potential.
Asia-Pacific Carbon Footprint Management Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Deployment mode |
|
 By Industry Vertical |
|
 By Region |
|
 Key Market Players | Jejakin, Carbon Credit Capital, LLC, TÜV Rheinland AG, ProcessMAP, IsoMetrix, IBM Corporation, Wolters Kluwer N.V., Envirolink, Schneider Electric SE, Carbonbay GmbH & Co. KG, SAP SE, Dakota Software Corporation, South Pole, S&P Global Inc., Carbon Footprint Ltd., UL Solutions, Inc., ENGIE, Climate Impact X, SIRIM QAS International Sdn. Bhd. |
Analyst Review
According to the CXOs of leading companies, the market for carbon footprint management in the Asia-Pacific region is expanding and changing quickly as it is propelled by major developments that are transforming the region's attitude toward sustainability and environmental responsibility. One notable trend is the legislative focus on sustainability practices and carbon emissions growing, with governments in the Asia-Pacific region enacting laws and offering incentives to companies that lower their carbon footprint. The adoption of carbon footprint management solutions, like carbon accounting software and emissions tracking tools, is getting fueled by the regulatory environment as businesses work to establish their commitment to sustainability, improve their environmental performance, and comply with regulations. Companies are under constant pressure to disclose their environmental impact and sustainability efforts, leading to a greater emphasis on transparent reporting and accountability in carbon management practices.
To improve their ESG disclosure, draw in ethical investors, and satisfy the demands of customers seeking goods and services with a smaller carbon footprint, companies in the region are driven by this trend to invest in sustainability reporting platforms and consulting services. With an emphasis on using cutting-edge tools and analytics capabilities to drive sustainability programs and optimize resource utilization, innovation and technology are playing a key role in establishing the Asia-Pacific carbon footprint management market. The adoption of AI, machine learning, and IoT (Internet of Things) enables businesses to identify emission hotspots, track environmental performance in real-time, and make data-driven decisions to reduce their carbon footprint effectively.
Collaboration among industry stakeholders, technology providers, and government agencies is fostering innovation and knowledge sharing in carbon management practices, leading to the development of more sophisticated and efficient solutions to address climate change and create a more sustainable future for Asia-Pacific.
For instance, in July 2023, HCLTech, a leading global technology company, collaborated with Schneider Electric, a leader in digital transformation of energy management and industrial automation, to develop carbon-efficient solutions for data centers in the Asia-Pacific (APAC) region. With this collaboration, assessing risk and responsibility, and integrate HCLTech’s best practices in information technology (IT) with Schneider Electric’s operational technology (OT) to develop solutions that significantly help improve efficiency, productivity, and modernization of data centers, reducing the overall carbon footprint.
The Asia-Pacific carbon footprint management market size was valued at $2,878.84 million in 2022 and is projected to reach $6,306.14 million by 2032
The Asia-Pacific carbon footprint management market is expected to grow at a compound annual growth rate of 8.3% from 2023 to 2032 to reach $6,306.14 million by 2032
Some of the key players in the APAC carbon footprint management market include Jejakin, ProcessMAP, Climate Impact X, UL Solutions, Inc., SAP SE, SIRIM QAS International Sdn. Bhd., Dakota Software Corporation, Carbon Footprint Ltd., Envirolink, Carbonbay GmbH & Co. KG, ENGIE, Carbon Credit Capital, LLC, IsoMetrix, IBM Corporation, Schneider Electric SE, TÜV Rheinland AG, South Pole, S&P Global Inc., Wolters Kluwer N.V.
Increasing awareness of environmental issues & The increasing adoption of renewable energy
The APAC carbon footprint management industry is segmented on the basis of component, deployment mode, industry vertical, and country.
Loading Table Of Content...
