Carbon Neutrality Market Size, Share and Scope Analysis to 2031

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Carbon Neutrality Market Size, Share & Trends Analysis Report By Activity (Emissions Reduction and Renewable Energy Use), By Component (Solutions and Services), By Verticals (Manufacturing, Shipping & Logistics and Energy & Utilities)- Market Outlook And Industry Analysis 2031”

The global carbon neutrality market is estimated to reach over USD 19.16 billion by 2031, exhibiting a CAGR of 7.75% during the forecast period. 

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Rising energy demand by sectors and the implementation of COP27 targets to minimize global warming are driving the market for carbon footprint management. Furthermore, an increase in government measures to minimize carbon emissions is assisting the expansion of the carbon footprint management market. The increasing number of initiatives for green building projects, the prompt adoption of sustainable agricultural approaches to decrease emissions and increase carbon sequestration potential, the growing preference for renewable energy and environmental sustainability, and the reforming of transportation systems to lower emissions from vehicles and other sources are substantial elements driving market revenue growth. Another factor is the increase in various supportive government efforts and regulations for lower carbon emissions and increased public knowledge and engagement in climate action. Furthermore, an increase in government measures to minimize carbon emissions is assisting the expansion of the carbon footprint management market.

List of Prominent Players in the Carbon Neutrality Market:

• ClimeCo LLC.
• Carbon Footprint Ltd.
• Green Mountain Energy Company
• Terrapass
• Schneider Electric
• ENGIE
• SAP
• EcoAct
• Climate Impact Partners
• ESG Enterprise

Market Dynamics:

Drivers-

The rising focus on sustainability and environmental responsibility, legal restrictions, and customer desire for ecologically responsible goods and services all contribute to the high demand for carbon neutrality. Growing environmental concerns are influencing customer purchase decisions, resulting in a fundamental change in consumer and company purchasing behavior. New legislation and consumer and stakeholder pressure have made it critical for organizations to manage and demonstrate due diligence on environmental, social, and ethical risks in business interactions, particularly in value chain relationships. As the need for carbon neutrality grows, businesses are investing in renewable energy sources, implementing carbon-offsetting measures, and looking for ways to minimize their carbon emissions.

Challenges:

The lack of particular environmental solutions, high expenses associated with transitioning to a carbon-neutral economy, and a lack of harsh government actions aimed at enforcing carbon-neutral legislation are all significant concerns restricting market revenue growth. The number of cases has climbed due to the COVID-19 pandemic, resulting in a global or partial shutdown to maintain social distancing.

Regional Trends:

In the near future, the North American Carbon Neutrality Market is anticipated to account for a significant revenue share and to expand at a rapid CAGR. This is a result of the rapid implementation of carbon pricing and the increasing preference for sustainability and renewable energy. The federal government of Canada has set a goal of attaining net-zero carbon emissions by the year 2050 by increasing renewable energy sources such as wind and solar and phasing out fossil fuels. In the United States, the Biden administration has committed to reducing emissions by 40 to 50 percent below 2005 levels by 2030, which includes investing in renewable energy sources, establishing a sustainable electricity standard, and increasing fuel efficiency standards. In addition, the Mexican government has pledged to reduce carbon emissions by 30 per cent by the year 2030, which includes expanding renewable energy sources such as geothermal, investing in energy efficiency, and abandoning fossil fuels.

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Recent Developments:

• In January 2023, Topsoe A/S and Fidelis New Energy, LLC created a global cooperation to develop carbon-neutral hydrogen technologies. Topsoe’s hydrogen process portfolio is combined with FidelisH2 technology to reduce lifecycle carbon emissions in hydrogen generation. When integrated, this alliance solution allows for the production of hydrogen from natural gas with a lifecycle carbon intensity of 0 kgCO2e / kgH2. Topsoe and Fidelis will collaborate to produce a carbon-neutral hydrogen product with a life cycle based on renewables and natural gas.

Segmentation of Carbon Neutrality Market-

By Activity-

• Emissions Reduction Management
• Renewable Energy Management
• Waste Management
• Product Life Cycle Management
• Others

By Component-

• Solutions
• Services

By Verticals-

• Manufacturing
• Shipping & Logistics
• Energy & Utilities
• Construction
• Automotive
• Food & Beverages
• Others

By Region-

North America-

• The US
• Canada
• Mexico

Europe-

• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-

• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

 Middle East & Africa-

• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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