Environment

Carbon Accounting Software Market Sees Increase In Growth

Published on: 4 January 2022 08:45 PM
by KnowESG

A Brief Summary

The carbon accounting software market share is about to see an increase in growth from 2020 to 2025. The software market research gives significant insights into the post-COVID-19 impact on the market, which will help companies analyse their business strategies.

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The carbon accounting software industry is predicted to grow by $6.38 billion by 2025, as firms focus more on reporting on their environmental impacts and reducing energy use.

North America will have the most growth in the market, reaching 37 per cent over that time, as corporations focus on decreasing carbon emissions while also dealing with tightening restrictions. According to the analysis, the carbon accounting industry would grow at a CAGR of nearly 25% from 2020 to 2025.

Many organisations regard cutting carbon emissions and becoming more energy efficient as a top priority heading into 2022, therefore gathering data on energy use is the most important component of reporting on sustainability. According to the report, many firms rarely measure their energy usage, except for carbon-intensive industries like utilities or heavy manufacturing.

The paper claims, for example, that energy used by fleets is rarely documented in accounting systems. Furthermore, energy data is frequently tracked based on cost rather than utilisation. One of the major issues in the carbon accounting sector is staying on top of that type of data.

carbon accounting software implementation is also being driven as a tool for organisations to reduce energy use and apply cost-cutting initiatives. The programme can assist businesses in tracking energy consumption over time to detect energy-intensive business processes. According to the report, this can also assist businesses in addressing inefficiencies.

The processes underscore the efforts of many businesses to stay at the top of their emissions output, at a time when consumers and investors are demanding energy-efficient products.

The report had a look at industries such as oil and gas, telecommunication, technology and power and utilities. It says key countries involved in the market are the US, China, Germany, The UK, Japan and Saudi Arabia.

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