The Global Market for Big Data Technologies and Services is Projected to Reach $60 Billion by 2022

The global market for Fuel Management System is projected to reach US$686 million by 2025, driven by stringent and punitive environmental regulations designed to restrict activity and behavior resulting in natural resource wastages and environmental pollution. Under such a scenario, fuel management is emerging as a critical part of energy efficiency management required to ensure compliance to regulations. A game changer trend in the market is the growing use of carbon tax and carbon pricing as key low carbon strategies adopted to curb global climate change.  A growing number of countries worldwide are legislating and implementation carbon taxes across myriad industries to ensure reduced carbon footprint and sustainability. Carbon taxes are defined as price payable per ton of CO2 emitted by industries and companies. The system works by discouraging excessive CO2 emissions by businesses, as increased emissions attracts increased carbon taxes which increases operating costs, reduces operating efficiencies and results in lower profits.  Carbon tax indirectly provides a strong impetus to the adoption of new energy efficient technologies and energy management solutions, as companies seek ways to eliminate or reduce payment of carbon taxes.  A number of countries have already implemented carbon taxes and support for the strategy is growing as awareness over benefits offered increases. Globally, over 22% of GHG emissions or conversely over 12.2 GtCO2e, are covered by the various carbon tax initiatives adopted by countries. The coming years will also see escalation in the price of carbon taxes as governments moving towards balancing carbon tax with the social cost of carbon emissions, which will continue to rise with every additional ton of CO2 emitted into the atmosphere. Against this backdrop, companies will need to aggressively double their investments in technologies that will reduce their carbon footprint. Read More…