Brooklyn, New York, Aug. 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report published by Global Market Estimates, the global carbon credit market is expected to grow at a CAGR of 35.3% from 2023 to 2028.
The global carbon credit market’s growth is driven by factors such as increasing climate awareness, corporate sustainability commitments, regulatory mandates, and demand for verified emission reductions, propelling growth in carbon credit trading.
Key Market Trends
- Growing Demand for Verified Carbon Credits: Increased corporate commitments to carbon neutrality and governmental climate policies are driving demand for verified and high-quality carbon credits. Buyers seek credits that are rigorously verified and transparently tracked to ensure effective emissions reduction.
- Expansion of Voluntary Markets: Beyond compliance markets, voluntary carbon markets are gaining traction. Businesses and individuals are voluntarily purchasing carbon credits to offset their emissions and demonstrate sustainability efforts, leading to market growth.
- Technological Integration: The integration of technologies like blockchain and satellite data enhances transparency and trust in carbon credit trading. Blockchain ensures secure transactions and accurate emission tracking, while satellite data aids in monitoring and verification.
- Ecosystem and Project Diversity: Carbon credit projects are diversifying beyond reforestation and afforestation. Initiatives involving renewable energy, methane capture, and sustainable agriculture are gaining prominence, offering a wider range of options for buyers.
- Carbon Pricing Momentum: Increasing carbon pricing mechanisms, such as carbon taxes and cap-and-trade systems, are pushing industries to reduce emissions. This incentivizes companies to explore carbon credit markets for compliance and cost-effectiveness.
Browse 147 Market Data Tables and 115 Figures spread through 163 Pages and in-depth TOC on “Global Carbon Credit Market - Forecast to 2028’’
Key Market Insights
- As per the project type outlook, the avoidance / reduction projects segment will be the largest segment during the forecast period
- As per the end user outlook, the power segment will be the fastest growing segment during the forecast period
- The Asia Pacific region is analyzed to be the fastest-growing region in the market
- The North America is analyzed to have the largest share in the global market during the forecast period of 2023-2028
- The key players operating in the market are 3Degrees Group Inc., Carbon Care Asia Ltd., CarbonBetter, ClearSky Climate Solutions, EKI Energy Services Ltd., Finite Carbon, NativeEnergy, South Pole Group, and WGL Holdings Inc. among others
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Project Type (Revenue, USD Billion, 2023-2028)
- Avoidance/Reduction Projects
- Removal/Sequestration Projects
End-User (Revenue, USD Billion, 2023-28)
- Power
- Energy
- Aviation
- Transportation
- Other End-users
Type (Revenue, USD Billion, 2023-28)
- Compliance
- Voluntary
By Regional Outlook (Revenue, USD Billion, 2023-2028)
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Spain
- Italy
- Netherlands
- Rest of Europe
Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- Indonesia
- Malaysia
- Singapore
- Vietnam
- Rest of APAC
Central & South America
- Brazil
- Argentina
- Chile
- Rest of Central & South America
Middle East and Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of Middle East and Africa
Contact: Yash Jain
Director - Global Accounts & Strategic Advisory
Email address: yash.jain@globalmarketestimates.com
Phone Number: +1 6026667238 / +91 976 935 2498
LinkedIn: https://www.linkedin.com/in/yash-jain-global-market-estimates/
Website: www.globalmarketestimates.com
