The global carbon offset/carbon credit market is expected to grow from an estimated $414.8 billion in 2023 to $1,602.7 billion in 2028, at a CAGR of 31.0% from 2023 to 2028.
The global Carbon offsets/carbon…this market expected to grow from an estimated $414.8 billion in 2023 to $1,602.7 billion in 2028, at a CAGR of 31.0% over the forecast period. The growth of the Carbon Offset/Carbon Credit market is attributed to increasing global warming and the need to remove carbon from the atmosphere.
The market is driven by factors such as increasing compliance requirements and regulations in the regions.
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As the world moves towards net zero targets, companies are putting significant effort and capital into decarbonising the economy. Climate change typically requires a complete economic shift.
Demand for carbon credits will increase significantly in the coming decades as companies focus on net zero targets and work to reduce carbon emissions. A carbon credit represents the right to emit greenhouse gases equivalent to one ton of carbon dioxide.
Several companies are now using this technique, partly using carbon credits, from which they benefit significantly. They get involved in projects and activities that help them generate compensation.
They use as many credits as they want, depending on the limit set for a project. If they have any left, they will be used for another project later. This not only helps them save a significant amount of money, which can help them invest in more such credits in the future when the need arises.
Therefore, these factors help drive the carbon offset/credits market.
Energy is expected to be the largest segment in the carbon offset/carbon credit market
The carbon offset/carbon credit market segments are based on end-users in power, energy, aviation, transportation, buildings, industrial, and others. The energy companies have accelerated their participation in reducing carbon emissions, which is helping carbon markets grow by reducing carbon footprints and creating demand for carbon offsets.
Carbon offsets finance sustainable energy projects and help reduce the carbon intensity of energy supply, as well as energy saving projects that aim to reduce overall energy demand.
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Europe is expected to be the largest region in the Carbon Offset/Carbon Credit market
Europe is expected to be the largest carbon offset/carbon credit market during the forecast period. The market growth in Europe can be attributed to the increasing focus on decarbonizing the economy with increased investments in green technologies in the region.
Key players in the market:
Some of the key players in the Carbon offset/carbon credit market are South Pole Group (Switzerland), 3Degrees (US), Finite Carbon (US), EKI Energy Services Ltd. (India) and NativeEnergy (US) to strengthen their position in the carbon offset market.
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