Pune,India, June 29, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Life Cycle Assessment Software Market Size was valued at USD 183.8 Million in 2022 and is projected to grow from USD 208.3 Million in 2023 to USD 536.6 Million by 2030, exhibiting a CAGR of 14.5% during the forecast period.
The expansion is driven by the increasing popularity of the software in the consumer goods sector. The system is used for assessing the environmental risks associated with existing and planned products. Fortune Business Insights™ provides this information in its research report, titled Life Cycle Assessment Software Market, 2023-2030.
Key Industry Development:
Trimble inked a partnership with One Click LCA. The deal provided LCA software for Trimble’s Tekla BIM (Building Information Modeling) software users, helping them in the measurement of carbon emissions.
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Key Takeaways-
- Life Cycle Assessment Software Market is expected to flourish & reach USD 536.6 Million in 2030
- The programme examines the effects on the environment of various product design options, materials, and production techniques.
- Real-time data about a product's energy use, emissions, and other environmental effects is gathered via IoT sensors.
- To utilise the software efficiently, one needs a lot of information and skill.
- Life Cycle Assessment Software Market Size in North America was USD 57.9 Million 2022
Discover the Leading Players Featured in the Report-
“Intertek Group plc (U.K.), PRé Sustainability B.V. (Netherlands), Sphera (U.S.), iPoint-systems GmbH (Germany), One Click LCA Ltd. (Finland), EarthShift Global (U.S.), Ecochain Technologies B.V. (Netherlands), Sustainable Minds, LLC (U.S.), GreenDelta (Germany), Altermaker (France)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 14.5% |
| 2030 Value Projection | USD 536.6 Million |
| Base Year | 2022 |
| Life Cycle Assessment Software Market Size in 2022 | USD 183.8 Million |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 150 |
| Segments covered | Deployment, Enterprise, Application, Regional |
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Drivers and Restraints:
Market Value to Escalate Due to Rising Integration of IoT (Internet of Things)
The life cycle assessment software market growth is being impelled by the growing integration of IoT with various solutions. This integration offers a range of benefits such as increased efficiency, enhanced supply chain transparency, and accurate and comprehensive environmental data.
However, challenges such as the lack of expertise and high cost associated with life cycle assessment software could hamper industry expansion to a certain extent.
Leading Segments Covered in this Report-
By Deployment
- Cloud
- On-premise
By Enterprise Type
- Large Enterprises
- Small and Medium Enterprises (SMEs)
By Application
- Agribusiness
- Consumer Goods
- Good and Beverages
- Construction
- Packaging
- Pharmaceuticals
- Others (Retail)
Regional Insights:
North America to Dominate Owing to Rising Product Deployment by State Agencies
North America life cycle assessment software market share is set to dominate the global market over the estimated period. The upsurge is driven by an increase in the deployment of LCA software by state environmental protection agencies in the U.S. in their decision-making.
The Europe market is poised to depict considerable expansion over the study period. The rise is impelled by the rise of IoT and Industry 4.0.
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Competitive Landscape:
Pivotal Companies Enter Partnership Deals to Strengthen Industry Position
Major market participants are focused on adopting a series of strategic initiatives for strengthening their positions in the industry. These comprise merger agreements, acquisitions, and the launch of new products. Other initiatives include an increase in research and development activities.
FAQs
How big is the Life Cycle Assessment Software Market?
Life Cycle Assessment Software Market size was USD 183.8 Million in 2022. It is expected to reach USD 536.6 Million by 2030.
How fast is the Life Cycle Assessment Software Market growing?
The Life Cycle Assessment Software Market will exhibit a CAGR of 14.5% during the forecast period, 2023-2030
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