The global Carbon Offset/Carbon Credit Market is expected to grow from an estimated USD 414.8 billion in 2023 to USD 1,602.7 billion by 2028, at a CAGR of 31.0% during the forecast period. The Carbon Offset/Carbon Credit Market growth has been attributed to rising global warming and the need to remove carbon from the atmosphere. The market is driven by factors such as growing compliance requirements and regulatory schemes across the regions.
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As the world moves toward net zero targets, companies are putting considerable effort and capital into decarbonization. Climate change usually requires a complete economic shift. The demand for carbon credits will significantly grow in the coming decades as the companies are focused on net zero targets and are working toward reducing carbon emissions. A carbon credit represents the right to emit greenhouse gases equivalent to one ton of carbon dioxide. Several businesses are now adopting this technique of partially using carbon credits, which is benefitting them significantly. They are getting involved in projects and activities that are helping them generate offsets. They use as many credits as they want according to the limit set for a project and if they have a few left, they are used later for another project. This not only helps them save a significant amount of money, which can aid them in investing in more such credits in the future when required. Hence, these factors help in driving the market for carbon offset/credits.
Energy is expected to be the largest segment in the carbon offset/carbon credit market
The carbon offset/carbon credit market segments based on end user into power, energy, aviation, transportation, buildings, industrial, and others. The energy companies have accelerated their participation in reducing carbon emissions, which is helping the carbon markets grow by reducing carbon footprints and creating demand for carbon offset. Carbon offset fund renewable energy projects and help lower the carbon intensity of the energy supply and the energy conservation projects that seek to reduce the 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 rising focus on decarbonization with the increased investments in green technologies in the region.
Key Market Players:
Some of the major 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 boost their position in the carbon offset market. Companies operating in this market also focus on product launches, agreements, and contracts to increase their market shares and expand their geographic presence.
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