Carbon Footprint Management Market to Witness Comprehensive Growth by 2028

The global carbon footprint management market is projected to reach USD 30.8 Billion by 2028 from an estimated USD 11.3 Billion in 2023, at a CAGR of 22.2% during the forecast period. An environmental indicator, carbon footprint represents the total amount of greenhouse gas emissions caused by an individual, event, organization, service, place, or product. The global market for carbon footprint management is expanding as a result of rising demand for energy by industries, and increasing initiatives to reduce carbon emissions from the governments. Moreover, the stricter implementation of COP27 targets to limit global warming around the world i also boosting the demand for carbon footprint management software.

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The carbon footprint management market, by deployment mode, is segmented into on-premise and cloud. The market for carbon footprint management of deployment mode cloud is expected to be the largest during the forecast period. Implementing cloud technology has advantages such as lower operating expenses, security and better project management costs.

The carbon footprint management market, by component, is divided into solutions and services. The services segment of the carbon footprint management market is projected to register the highest growth rate during the forecast period. Services like consulting, integration and deployment, as well as support and maintenance are crucial segments in carbon footprint management. Technical expertise is often lacked by many firms and companies in the carbon footprint management and hence there is an increasing need for professional service providers.

By organization size, the carbon footprint management market is corporates/enterprises, mid-tier enterprises, and small businesses. The corporates/enterprises segment is expected to be the largest owing to the large sizes of company facilities and an increased pressure from stakeholders for emissions disclosure. Governments of various countries and environment protection bodies closely monitor carbon emissions of these enterprises and their compliance with norms, making it necessary for them to use tools like carbon footprint management software for accounting, disclosure, and mitigation of carbon emissions.

The carbon footprint management market, by vertical, is segmented into manufacturing, energy & utilities, residential & commercial buildings, transportation & logistics, IT & telecom, financial services, and government. The financial services segment is expected to be the fastest growing segment during the forecast period. The GHG emissions associated with financial institutions' investing, lending, and underwriting activities, i.e., their scope 3 emissions, are on average over 700 times higher than their direct emissions. Given the growing momentum of financial institutions announcing net zero targets, the sector is expected take further action to align portfolios with a net zero carbon economy.

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North America is estimated to be the largest regional market for carbon footprint management during the forecast period.  North America includes US, Canada, and Mexico. Increasing pressure to achieve NDC target, federal/national laws on ESG disclosure, and emphasis on sector-specific measures for carbon reduction is expected to aid the fast growth of the carbon footprint management market in this region.

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Waste Management Market Size, Share, Revenue, Trends And Drivers For 2024-2029

The Global Waste Management Market is projected to reach USD 1598.1 billion by 2029 from an estimated USD 1219.6 billion in 2024, at a CAGR of 5.6% during the forecast period. Proactive government measures to reduce illegal waste disposal, technological advancements in waste processing and recycling, and the rising generation of e-waste globally is leading to increase in waste management market.

Key Market Players

Prominent companies in this market include WM Intellectual Property Holdings, L.L.C. (US), Suez (France), Veolia (France), Republic Services (US) & Waste Connections (US) are the market leaders in the Waste management market.

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This report segments the waste management market based on waste type into six categories: Hazardous Waste, E-Waste, Municipal Solid Waste, Medical Waste, Construction & Demolition, Non-Hazardous Industrial waste. The Non-Hazardous Industrial waste Waste managements segment is expected to be the fastest-growing segment. Factors such as expanding oil production, rising municipal solid trash per capita, rising construction activity, economic expansion, and an aging population are major drivers of market growth for non-hazardous waste management services. Additionally, developments such as vertical integration, expanding commercial franchise zones, outsourcing, greater governmental support, and rising demand for environmental services all have a significant impact on the growth of non-hazardous waste management services.

Based on, the disposal method, waste management market is segmented into five categories: Open Dumping, Incineration/Combustion, Landfill, Recycling, Composting & Anaerobic Digestion. The Landfill waste management segment is expected to be the largest segment during the forecast period. Landfills effectively manage non-hazardous solid waste by disposing of non-recyclable garbage. Modern landfills are well-engineered and can handle numerous waste types, making them prominent in the waste management business. Furthermore, the growing population and large solid waste generation, particularly from residential sources, boost need for waste management services, which frequently end up in landfills. Additionally, the residential segment contributes heavily to garbage generation, with families producing a variety of waste that frequently ends up in landfills, underscoring landfills' role in the waste management business.

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This report segments waste management market based on source type into three categories: Residential, Commercial & Industrial source. The commercial segment is expected to be the second largest segment by source during the forecast period. It includes physical pickup and transfer of waste produced by businesses to a place where it can be treated or disposed of. Schools, offices, hotels and restaurants, stores, hospitals, prisons, and government centers fall under this category. The segment covers waste in the form of appliances, crockery products, FMCG products, stationery, consumer durables, and packaging materials. The waste management market in this sector is projected to witness moderate growth due to rapid urbanization and the booming hospitality sector. The recycling of commercial waste includes collection, sorting, and recycling of waste, which can be done either by a municipality or a private recycling firm.

About MarketsandMarkets™

MarketsandMarkets™ has been recently recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

Founded in 2009, MarketsandMarkets recognized uncharted business potentials within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In our 13-year journey, we've collaborated with over 10,000 companies, generating $140+ billion in revenue impact. From a market research publisher, we've transformed into a growth-enabling leader, backed by a 1500+ strong team.

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Hybrid Power Solutions Market to Flourish with an Impressive CAGR during 2023-2028

The global hybrid power solutions market is projected to reach USD 4.0 billion by 2028 from an estimated USD 2.4 billion in 2023, at a CAGR of 10.4% during the forecast period. Hybrid power solution are primarily used in remote and off-grid areas, telecom infrastructure, commercial buildings, industrial facilities, residential applications, mining and oil & gas, and renewable energy projects. Hybrid power solutions combine renewable energy sources with conventional power generation or energy storage technologies to provide a stable and reliable electricity supply while promoting sustainability and reducing carbon emissions.

Key Market Players

Prominent companies in this market include Vertiv (US), General Electric (US), Siemens Energy (Germany), SMA Solar Technology AG (Germany), Vestas (Denmark), Wartsila (Finland).

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Some key trends in such as lesser operating costs, and increasing hybrid power generation in off-grid locations drive the market for hybrid power solution with the rising need for power generation. This has enhanced the hybrid power solution market.

This report segments the hybrid power solutions market based on system type five two types: Solar-fossil, wind-fossil, solar-wind-fossil, solar-wind, and others. The solar-fossil segment is expected to be the second-largest segment in hybrid power solutions market in the forecast period. Solar energy's widespread availability and substantial cost reductions have rendered it economically feasible for integration into hybrid systems. Furthermore, solar power exhibits a higher adoption rate, fueled by supportive governmental policies, incentives, and heightened environmental awareness. Consequently, the solar fossil segment has experienced substantial growth in hybrid power solutions, becoming the favored option for sustainable and cost-effective energy generation.

This report segments the hybrid power solutions market based on grid connectivity into two segments: on-grid, and off-grid. On-Grid is expected to be the fastest growing segment in the market. On-grid hybrid solutions leverage existing power grid infrastructure, facilitating cost-effective integration of renewable sources like solar and wind, particularly advantageous for solar-wind hybrid projects. These solutions ensure a stable power supply and enable residential, commercial, and manufacturing sectors to feed excess power back into the grid, offering reliable electricity and potential revenue generation through feed-in tariffs or net metering.

The world has experienced a significant rise in power generation capacities over the years, driven by increasing energy demand, economic growth, and efforts to reduce carbon emmissions. As a result, the demand for efficient power generation has also been steadily increasing, leading to adoption of hybrid power solution. The industry has witnessed significant technological advancements that have simplified the design, installation, and maintenance processes. With the backing of stakeholders, the implementation of these advanced technologies can proceed smoothly, enabling the expansion of hybrid power generation capacity.

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Asia Pacific is expected to be the largest region in the hybrid power solutions market

Asia Pacific is expected to be the largest hybrid power solutions market during the forecast period. The region's increasing focus on renewable energy, coupled with supportive government policies and incentives, has driven the development of significant solar-wind projects in the region, specifically India. These large-scale projects contribute to the rapid expansion of the hybrid power solutions market in the Asia Pacific, attracting investments, fostering innovation, and establishing the region as a key player in the global transition towards sustainable energy solutions.

About MarketsandMarkets™

MarketsandMarkets™ has been recently recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

Founded in 2009, MarketsandMarkets recognized uncharted business potentials within disruptive trends, forecasting a surge of $25 trillion in new B2B revenues by 2030. In our 13-year journey, we've collaborated with over 10,000 companies, generating $140+ billion in revenue impact. From a market research publisher, we've transformed into a growth-enabling leader, backed by a 1500+ strong team.

Contact:
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Suite 430
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