Increasing need to reduce energy consumption and operational costs has led to the rising demand for carbon and energy software, globally. In addition, rising concerns towards climatic changes and global warming have made it imperative for various governments across the world to work towards reducing carbon emissions.
Albany, NY -- (SBWIRE) -- 10/20/2016 -- According to a recent market research report published by Transparency Market Research, the global carbon and energy software market is estimated to expand robustly at a CAGR of 11.5% during the period from 2014 to 2022. The report, titled "Carbon and Energy Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022," projects the global carbon and energy software market to witness rapid growth due to growing concerns about carbon dioxide emissions and ensuing global warming. The market was worth US$369.7 mn in 2013.
Carbon and energy software solutions let organizations to assess and monitor the overall energy consumed throughout the supply chain and map the associated carbon emissions. Growing focus on the development of sustainable business strategies has further fuelled the demand for carbon and energy software. Enterprises are stressing on an environment-friendly brand image and are complying with various government norms and regulations to curb their carbon footprints.
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The report states that the growing demand for specialized software for energy and carbon accounting has propelled the growth of the global carbon and energy software market. Various government initiatives across nations to reduce carbon emissions have also played an important role in driving the market. However, high costs of deploying on-premise carbon and energy software solutions and lack of awareness is expected to limit the market's growth during the forecast horizon. The overall market has a huge opportunity to grow with the introduction of cloud-based carbon and energy software solutions to cater to small and medium enterprises.
In terms of end-use industry, the report segments the global carbon and energy software market into energy and utilities, oil and gas, manufacturing, IT and telecommunication, and others including construction, retail, automobiles, and medical. In 2013, the market was dominated by the IT and telecommunications industry that accounted for 30% share in the overall market revenue. The industry is expected to contribute significantly towards the growth of the market during the forecast horizon. However, industries that are carbon intensive are anticipated to generate a higher demand from the market owing to the implementation of new environmental regulations.
The report studies the global carbon and energy software market across five key regions: Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2013, North America led the overall market with share of 33%. A greater degree of environmental awareness among business enterprises has pushed the growth of the market in the region. However, during the forecast period, Asia Pacific is expected to register the fastest growth in the market owing to the growing demand from countries such as India, China, and Australia.
Describing the competitive hierarchy, the report profile some of the key players in the global carbon and energy software market such as CA Technologies Inc., Intelex Technologies Inc., SAP SE, IHS Inc., Thinkstep AG (PE International), Enviance Inc., ProcessMAP Corporation, IBM Corporation, Enablon North America Corporation, and Verisae Inc. The report further provides insightful information about the key players including their company overview, business segmentation, product portfolio, and recent developments.