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Carbon Offset/Carbon Credit Market worth $1,602.7 billion by 2028 - Exclusive Report by MarketsandMarkets™
Based on type, the Carbon Offset/Carbon Credit Market has been categorized into the voluntary market and the compliance market. The voluntary market has been further sub-segmented into forestry and land use, renewable energy, waste disposal, chemical processes/industrial manufacturing, energy efficiency/fuel switching, and others. Forestry and land use, includes afforestation, reforestation, revegetation, and forest management. Out of the total offset generated, forestry and land use occupy the maximum share. Forest projects are in widespread development today for use in carbon offset markets as nature-based solutions have broad societal and environmental co-benefits.
Removal/sequestration projects are segmented into nature-based and technology-based projects. In the coming decades, carbon removal is expected to gain significant importance as the companies get closer to their net-zero targets. Once net zero is achieved, all new residual emissions must be neutralized with carbon removals and hence is a driver for the market during the forecast period. Carbon dioxide removal technologies include direct air capture, bioenergy with carbon capture and storage, biochar, and others. Advancements in various carbon dioxide removal technologies through research and development and government policies are major drivers for this market. The support from businesses, landowners, and the general public to implement such technologies is expected to boost market growth during the forecast period.
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.
Some of the major players in the 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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