Portland, June 29, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Carbon Credits Market by Type (Regulatory, Voluntary), by System (Cap-and-Trade, Baseline-and-Credit), by End-use Industry (Aviation, Energy, Industrial, Petrochemical, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global carbon credits market generated $2 billion in 2022, and is anticipated to generate $143.5 billion by 2032, witnessing a CAGR of 55.5% from 2023 to 2032.
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Prime Determinants of Growth
Carbon credits have various advantages including preservation of biodiversity and reduction of pollution. As a result, there is growing demand for carbon credits which is predicted to be one of the important factors predicted to drive the growth of the global carbon credits market in the forecast timeframe. However, the rising prices of carbon credits may hamper the carbon credits market growth in the coming period. On the contrary, the growing adoption and implementation of renewable energy projects is expected to offer growth opportunities for expansion of the carbon credits market in the 2023-2032 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $2 billion |
| Market Size in 2032 | $143.5 billion |
| CAGR | 55.5% |
| No. of Pages in Report | 280 |
| Segments covered | Type, System, End-use Industry, and Region |
| Drivers | Crucial advantages associated with carbon credits including preservation of biodiversity and reduction of pollution Increasing demand for carbon credits from governments and private organizations to offset their own emissions and achieve their sustainability objectives |
| Opportunities | The rising adoption and implementation of renewable energy projects The increased spending on the innovations that help in achieving sustainability by reducing carbon footprints |
| Restraints | Rising prices of carbon credits |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global carbon credits market. The travel restrictions and lockdowns led to the closure of many manufacturing industries which affected the growth of the market.
- Also, the transportation sector and the overall economic trade was reduced which reduced the demand for carbon credits globally. This further plummeted the growth rate of the market during the pandemic.
- The carbon credits market is, however, projected to show steady growth in the future due to increasing demand from governments, private organizations, and individuals.
Type: Regulatory Sub-segment Projected to Gather Major Market Share during the Forecast Period
The regulatory sub-segment accounted for the highest carbon credits market share in 2022 and is expected to hold the maximum market share during the forecast period. The main benefit of regulatory carbon credits is that the emission reduction norms are validated by designated operational entities which ensures that measurable and real carbon emission reduction is achieved. This advantage of regulatory carbon credits is predicted to boost the sub-segment’s growth by 2032.
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System: Cap-and-Trade Sub-segment Projected to be one of the Most Profitable by 2032
The cap-and-trade sub-segment accounted for the highest carbon credits market share in 2022 and is expected to continue its dominance during the forecast period. Cap-and-trade programs frequently offer adaptable mechanisms to account for fluctuating emission reduction costs and advance cost-efficiency. As a result, they are in wide demand from governments and private institutions which is predicted to boost the sub-segment’s growth by 2032.
End-use Industry: Industrial Sub-segment to be Flourish Immensely by 2032
The industrial sub-segment generated the highest market share in 2022 and is predicted to grow at a high CAGR of 56.5% by 2032. Industrial sectors such as oil & gas, manufacturing, steel processing, and others have high energy demand and the combustion of fuels in these industrial sectors leads to the emission of greenhouse gases. As a result, there is a huge demand for carbon credits from various industries which is predicted to boost the sub-segment’s growth by 2032.
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Region: Asia-Pacific Market to be one of the Fastest Growing by 2032
The Asia-Pacific region accounted for the highest share in the global carbon credits market in 2022 and is expected to rise at a tremendous CAGR of 56.5% during the forecast period. The wide range of sustainability initiatives taken by different governments and companies in this region is expected to be the main growth driver of the market in Asia-Pacific region by 2032.
Leading Players in the Carbon Credits Market:
- South Pole
- NATUREOFFICE
- Carbon Credit Capital, LLC
- 3Degrees
- Moss.Earth
- CarbonBetter
- EKI Energy Services Ltd
- Climate Impact Partners
- NativeEnergy
- TerraPass
The report provides a detailed analysis of the key players of the global carbon credits market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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