Carbon Offset Market is Expected to be Dominated by North America Until 2028
The rising focus on reducing the carbon footprints is
likely to propel the carbon offset market in the forecast period, 2024-
2028.
According to TechSci Research report, “Carbon
Offset Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018–2028”, the carbon offset market is anticipated to register a
robust growth due to the following factors such as, rise in partial use of
carbon credits by companies, and rising financial support to local communities.
A carbon offset and credit are a reduction or removal of emissions of carbon
dioxide or other greenhouse gases made to compensate for emissions made
elsewhere. There is no distinction between the phrases carbon offset and carbon
offset credit. In general, a carbon offset refers to a decrease in GHG
emissions or an increase in carbon storage (such as through land restoration or
tree planting) that is used to make up for emissions that happen somewhere
else. A carbon offset credit is a transferable asset that has been verified by
governments or independent certifying organizations to reflect a decrease in
emissions equal to one metric tons of CO2 or another GHG.
The consistent market revenue growth can all be linked
to growing concerns about global climate change, weather anomalies, global
warming, and greater government initiatives to address rising carbon emissions
by different countries. Furthermore, increased adoption of cutting-edge
technologies, modernization and technological advancements in production
methods, and increased market research & development activities in
businesses contribute to market growth.
Private businesses and governmental organizations
around the world are progressively putting their primary attention on energy
efficiency. The expansion of the global economy has increased energy
consumption rates and stressed the world's electricity grids. According to IEA
analysis of the 2022 statistics from around the world, these CO2 emissions are
on track to climb by roughly 300 million tons in 2022 to 33.8 billion tons in
2023, a significantly smaller rise than their spike of nearly 2 billion tons in
2021, which was the result of the swift worldwide rebound from the economic
catastrophe brought on by the epidemic.
The United States Energy Information Administration
predicts a 50% growth in global energy consumption over the next few years,
with Asia as the primary consumer. Energy consumption is likely to rise during
the following years. For instance, EMBER reports that with 4,646.87 million
metric tons of CO2 emissions from power generation in 2021, while China's power
sector emissions are much higher than those of the US, the nation's per-capita
energy generation emissions are lower.
Browse over XX Market Data Figures spread
through XX Pages and an in-depth TOC on "Global Carbon Offset Market.”
Global carbon offset market is segmented into type,
project type, end-user, and region. Based on type, the market is segmented into
carbon compliance market and voluntary carbon market. Based on project type,
the market is segmented into natural offsets and technological offsets. Based
on end-user, the market is segmented into power, energy, aviation,
transportation, industrial, buildings, and others. Based on region, the market
is segmented into North America, Asia-Pacific, Europe, South America, and
Middle East & Africa.
Based on region, North America is the most significant
shareholder in the global carbon offset market and is expected to grow during
the forecast period. Due to various restrictions and significant efforts by the
US government to limit GHG emissions, it is anticipated that the market for
carbon offsets in North America would expand. For instance, the Affordable
Clean Energy (ACE) Rule, which was published by the Environmental Protection
Agency (EPA), aims to reduce greenhouse gas (GHG) emissions from fossil
fuel-burning power plants that are already in operation. When expenses,
domestic climate advantages, and health benefits are considered, the EPA may
expect to gain between USD 120 million to USD 730 million year. Demand for
carbon offsets is projected to rise because of future carbon footprint laws.
Based on type, the voluntary carbon segment dominates
in the global carbon offset market because rules imposed by authorities in the
compliance market are not present in the voluntary market. With increased
openness and clarity surrounding the credit quality, participants may take an
active role in the voluntary market with confidence.
Based on end-user, the power segment dominates in the
global carbon offset market as the power industry is adopting carbon offsetting
programmes and schemes, since it is a significant emitter of greenhouse gases
and employs commercially accessible low-GHG technologies.
Major market players operating in the global carbon
offset market are:
- NativeEnergy, Inc.
- 3Degrees Group, Inc.
- Terrapass
- EKI Energy Services Ltd.
- Ecologi
- Climeworks AG
- Climate Vault, Inc.
- Watershed Technology, Inc.
- ClearCompany, Inc.
- Carbonfund
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“The need for more sustainable energy sources and
increased industrial energy consumption are driving the growth of the market
for carbon offsets. Additionally, the market for carbon offsets is growing
because of an increase in government initiatives and low-carbon policies.
Furthermore, it is anticipated that the growing adoption trends of cutting-edge
technologies, such as artificial intelligence, IoT, and big data, across
industries will present lucrative opportunities for the expansion of the carbon
offset market during the forecast period.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting firm.
“Carbon Offset Market- Global Industry Size, Share,
Trends, Opportunities, and Forecast, 2018-2028, Segmented By Type (Carbon
Compliance Market, Voluntary Carbon Market), By Project Type (Natural Offsets,
Technological Offsets), By End-User (Power, Energy, Aviation, Transportation,
Industrial, Buildings, and Others), By Region and Competition”, has evaluated
the future growth potential of global carbon offset market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in global carbon offset market.
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