The Carbon Credits Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Carbon Credits Global Market Report 2024, The carbon credits market size has grown exponentially in recent years. It will grow from $26.78 billion in 2023 to $33.8 billion in 2024 at a compound annual growth rate (CAGR) of 26.2%. The growth in the historic period can be attributed to kyoto protocol implementation, clean development mechanism (cdm), voluntary carbon offset programs, renewable energy projects, corporate social responsibility (csr).
The carbon credits market size is expected to see exponential growth in the next few years. It will grow to $79.28 billion in 2028 at a compound annual growth rate (CAGR) of 23.8%. The growth in the forecast period can be attributed to paris agreement commitments, carbon pricing mechanisms, global sustainability initiatives, natural climate solutions, voluntary market growth. Major trends in the forecast period include blockchain technology integration, technology innovations, carbon credit standardization, increased corporate participation, technological innovations in monitoring, .
The increase in global warming is expected to propel the growth of the carbon credit market going forward. Global warming refers to the long-term heating of the Earth’s surface due to human activities, primarily the release of carbon dioxide (CO2) and other greenhouse gases into the atmosphere. The increase in global warming is addressed through the use of carbon credits, which incentivize and promote activities that reduce carbon dioxide and other greenhouse gas emissions. For instance, in August 2023, according to Copernicus EU, a Europe-based provider of Earth observation data, 2023 is currently the third warmest year to date, at 0.43 ºC above the recent average, with the average global temperature in July at 1.5 ºC above preindustrial levels. Furthermore, in January 2022, according to the US National Oceanic and Atmospheric Administration (NOAA), a US-based government agency, the annual temperature of Africa in 2021 was 1.33°C (2.39°F) higher than the continent’s average, with West and North Africa experiencing an extremely warm year. Therefore, the increase in global warming is driving the growth of the carbon credit market.
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The carbon credits market covered in this report is segmented –
1) By Type: Regulatory, Voluntary
2) By System: Cap-And-Trade, Baseline-And-Credit
3) By End-User: Power, Energy, Aviation, Transportation, Industrial, Buildings, Other End Users
Major companies operating in the carbon credit market are focusing on developing innovative technological solutions, such as the multi-activity carbon credit SaaS platform, to help the world meet its decarbonization targets. A multi-activity carbon credit SaaS platform is a software solution that generates high-quality carbon offsets from multiple mitigation activities by leveraging a variety of data sources and technologies. For instance, in September 2023, CERO Technologies, an India-based software company, launched a carbon credit generation SaaS platform. The platform is called the digital Measurement, Reporting, and Verification (dMRV) platform, which addresses supply constraints, inefficiencies, and credibility issues that currently exist in the market. The platform accelerates carbon credit calculation and verification by interfacing with high-quality data and generating high-quality carbon credits in real time.
The carbon credits market report table of contents includes:
1. Executive Summary
2.Carbon Credits Market Characteristics
3.Carbon Credits Market Trends And Strategies
4.Carbon Credits Market analysis
5.Carbon Credits Market Size And Growth
6.Carbon Credits Segmentation
7. Carbon CreditsRegional And Country Analysis
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27.Carbon Credits Competitive Landscape And Company Profiles
28.Carbon Credits Key Mergers And Acquisitions
29.Carbon Credits Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- NRG Energy Inc.
- Atos SE
- WGL Holdings Inc.
- AltaGas Ltd.
- Aker Carbon Capture AS
- South Pole Group AG
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