PUBLISHER: The Business Research Company | PRODUCT CODE: 1425439
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425439
Emission Management Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on emission management software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for emission management software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The emission management software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Emission management software serves the crucial function of tracking and computing air emissions for reporting and control purposes. Its primary goal is to aid facilities in meticulously monitoring emissions to ensure compliance with legal emission thresholds.
The core components of emission management software encompass both software and service aspects, predominantly offered through cloud-based and web-based platforms. The software comprises a collection of instructions or programs utilized to operate machinery and execute specific tasks. Within emission management software, functionalities include data management, asset performance optimization, application platforms, predictive analytics, and dashboard tools. This software finds application across small, medium, and large enterprises, spanning various industries such as manufacturing, IT and telecom, government sectors, energy and power, and other relevant industries. Its role is pivotal in enabling organizations to manage and regulate their emissions effectively while facilitating compliance with environmental regulations.
The emission management software market research report is one of a series of new reports from The Business Research Company that provides emission management software market statistics, including emission management software industry global market size, regional shares, competitors with a emission management software market share, detailed emission management software market segments, market trends and opportunities, and any further data you may need to thrive in the emission management software industry. This emission management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The emission management software market size has grown exponentially in recent years. It will grow from $17.59 billion in 2023 to $21.13 billion in 2024 at a compound annual growth rate (CAGR) of 20.1%. Historical growth can be credited to compliance with environmental regulations, the implementation of corporate social responsibility (CSR) initiatives, the impact of globalization on supply chains, the pursuit of energy efficiency objectives, adherence to industry-specific emission standards, the shift toward green and sustainable practices, and integration with energy management systems.
The emission management software market size is expected to see exponential growth in the next few years. It will grow to $44.26 billion in 2028 at a compound annual growth rate (CAGR) of 20.3%. The anticipated growth in the forecast period is driven by stricter emission reduction targets, a shift towards achieving net-zero goals, heightened attention on scope 3 emissions, regulatory pressures for transparent reporting, enhanced efficiency in compliance reporting, improvements in data accuracy and reporting mechanisms, and a concentrated focus on resilience and adaptation strategies. Significant trends expected during this period involve the management of carbon footprints, transitioning to cloud-based solutions, the implementation of mobile emission monitoring, tools for lifecycle assessment, integrating emission trading platforms, conducting scenario analysis and modeling, collaborating with sustainability initiatives, and leveraging IoT and sensor technologies.
The increasing demand for clean and renewable energy sources is set to drive the expansion of the emission management software market. The shift towards renewable energy is driven by its ability to reduce pollutants and greenhouse gas emissions, crucial factors contributing to climate change. Emission management software plays a pivotal role by tracking and calculating air emissions, aiding in their reporting and effective management. For instance, as per the Government Digital Service's September 2023 report, Quarter 2 witnessed a 42.1% generating share from renewables, marking a 3.5 percentage point increase from the same period in 2022. Thus, the growing demand for clean and renewable energy is expected to fuel the growth of the emission management software market.
The escalation in environmental concerns is anticipated to propel the expansion of the emission management software market. Environmental concerns encompass worries regarding the state and sustainability of the natural environment. These concerns act as drivers for innovation in emission management technology. Emission management software contributes significantly by equipping organizations with tools to track, analyze, and mitigate their emissions impact. For instance, based on the Office for National Statistics' October 2023 findings, the United Kingdom's greenhouse gas emissions per resident rose by 2% in 2022 compared to 2021. Therefore, the intensification of environmental concerns is steering the growth of the emission management software market.
Prominent companies within the emission management software market are innovating with new technologies like CERius to bolster their market standing and profitability. CERius stands as a carbon emissions management software designed to automate greenhouse gas data collection and provide actionable insights for reducing carbon emissions. For example, GE Vernov, a US-based electrical company, introduced CERius in September 2023, equipped with functionalities for precise GHG data collection, scenario analysis, team collaboration, and standardized reporting based on GHG protocols. This software is instrumental for businesses striving to meet carbon neutral emissions targets, offering vital support for monitoring, managing, and operationalizing carbon reduction initiatives.
Key players in the emission management software sector are innovating with software suites to enhance profitability in the market. These software suites comprise a collection of related computer programs sharing a unified user interface and facilitating seamless data exchange. For instance, Aspen Technology Inc., a US-based software company, unveiled aspenONE in March 2023. This suite includes multiple products geared towards process engineering and optimization, integrating design tools, process modeling, and analytics with Aspen HYSYS and Aspen Plus process simulators. Furthermore, aspenONE incorporates AspenTech Operational Insights, a decision support tool integrating and analyzing data across organizational departments to enable swift and informed decision-making processes.
In April 2021, Cority Software Inc., a prominent US-based global provider of enterprise EHS (Environment, Health, and Safety) software, successfully acquired WeSustain in a transaction with undisclosed financial details. This strategic acquisition serves to bolster Cority's standing as a frontrunner in enabling efficient ESG (Environmental, Social, and Governance) practices and sustainability management. WeSustain, headquartered in Germany, specializes in the development and sale of web-based software tailored for enterprise sustainability management. Through this acquisition, Cority enhances its offerings, leveraging WeSustain's expertise to further empower organizations in effectively managing and advancing their sustainability initiatives and ESG commitments.
Major companies operating in the emission management software market report are Accenture PLC, CA Technologies Inc., Carbonetworks Corporation, Enviance Inc., The International Business Machines Corporation, Greenstone Ltd., Hara Software Inc., SAP SE, Cority Software Inc., NortonLifeLock Inc., General Electric Company, Mitsubishi Hitachi Power Systems Ltd., Johnson Matthey PLC, Ducon Technologies Inc., Babcock & Wilcox Co., Accuvio Software, Arolytics, Lakes Environmental Software, EcoAct, The Carbon Trust, Clear Blue Environmental, Dakota Software Corporation, Ecometrica, StarTex Software LLC, Enablon Corp., Envirosoft Corporation, FLINTpro, Benchmark Digital Partners LLC, Intelex Technologies Inc., and IsoMetrix Software.
North America was the largest region in the emission management software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the emission management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the emission management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The emission management software market includes revenues earned by entities by data management, asset performance, optimization, application platform, forecasting analytics, dashboard tools, consulting and training and support and maintenance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.