As the issue of global warming resonates around the world and industry focusing ever more intently on energy efficiency and reducing costs, the carbon management market stands to see explosive growth. A recent report from Pike Research indicates that the worldwide market for carbon management and services will increase from $384 million in 2009 to $4.3 billion by 2017.
Though carbon management today is still relatively small, the study estimates it to expand with a compound annual growth rate of 40.2%, while between 2009 and 2010, it will grow by as much as 73% globally.
There are a multitude of factors that contribute to this growth rate. Perhaps the most significant is the increasingly tough regulatory environment for greenhouse gas emissions. While North America has been slower than those in Western Europe or Asia Pacific to implement changes in policy, the U.S. in January instituted a national registry which requires large emitters of heat-trapping gases to collect their greenhouse gas data.
Western Europe is currently the largest regional market for carbon management software and services, but Pike Research forecasts that North America will become the new leader by 2013. Over the coming years, these two regions together will represent approximately 80% of the global carbon management industry.