BCC Research Study Projects 28.4% CAGR, Driving Market
Growth from $267.8 Billion in 2023;
Volume Expected to Reach 28 Gigatons with a 23.1% CAGR
BOSTON, July 29,
2024 /PRNewswire/ -- Discover the dynamic world
of carbon credits, where businesses and individuals purchase
offsets to neutralize their carbon emissions, fostering
sustainability and aiding the fight against climate change.
According to the latest BCC research study, the demand for
Carbon Credits Market: Global Outlook expected to grow from
$267.8 billion in 2023 and will reach
$1.2 trillion by the end of 2029 at a
compound annual growth rate (CAGR) of 28.4% during the forecast
period. By volume, the market is expected to reach 28 gigatons by
growing at a CAGR of 23.1%.
The global carbon credit market is analyzed based on different
types, end users, and regions. The report measures the market in
terms of value (billions of dollars) and volume (gigatons). It
includes competitive intelligence, ranking top companies by their
carbon credit offerings. Market estimates are based on the revenue
from carbon credit project developers. The report also offers an
ESG (environmental, social, and governance) analysis of the
industry, highlighting recent company activities in this area.
Additionally, it details market dynamics, emerging technologies,
and global developments in the industry.
Some Interesting Facts about Carbon Credits Market: Global
Outlook
- Europe leads the carbon credit
market, thanks to the EU ETS system launched in 2017, which many
countries have adopted to combat greenhouse gas emissions. European
industries prefer high-quality carbon credits, boosting revenue in
the compliance market.
- Despite a decline in the voluntary carbon credits market, it
remains a key driver of growth in the global carbon credits
industry.
- UNCTAD reports that China, the
U.S., and India are the top three
CO₂ emitters, contributing over 50% of global emissions, with the
top 20 countries accounting for 80%. Initiatives like the Kyoto
Protocol, carbon pricing, emissions trading schemes (ETS), and
carbon dioxide removals (CDR) are gaining momentum worldwide.
- In 2023, ETS and carbon taxes generated $104 billion in revenue, with ETS accounting for
70% and carbon taxes the remaining 30%.
To discover more insights and information about Carbon Credits
Market: Global Outlook, click here for further
exploration.
Factors contributing to this growth include:
- Regulatory pressure to reduce carbon emissions.: means
that governments are making rules and laws to force companies and
individuals to emit less carbon dioxide (CO₂) and other greenhouse
gases. This includes things like setting emission limits, taxing
carbon emissions, and offering incentives for using cleaner
technologies. The goal is to fight climate change by reducing the
amount of harmful gases released into the air.
- Increasing investments in eco-friendly technologies.:
means more money is being spent on developing and using
technologies that are good for the environment. This includes
things like renewable energy (like solar and wind power), electric
vehicles, and energy-efficient products. The goal is to reduce
pollution and protect the planet.
Request a Sample Copy of the Carbon Credits
Market: Global Outlook
Report
Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2023
|
Forecast Period
considered
|
2024-2029
|
Base year market
size
|
$267.8
Billion
|
Market Size
Forecast
|
$1.2
Trillion
|
Growth Rate
|
CAGR of 28.4% from
2024-2029
|
Segment
Covered
|
By Type, End User, and
Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, and Rest of World (South America and the Middle East
and Africa)
|
Key Market
Drivers
|
• Regulatory
pressure to reduce carbon emissions
• Increasing
investments in eco-friendly technologies
|
Market Segmentation
The Global Market for Carbon Credits Market: Global Outlook can
be categorized into various segments:
These categories represent different sectors that use carbon
credits and engage in efforts to reduce carbon emissions. "Energy"
covers traditional and renewable energy producers, while "Power"
refers to utilities generating electricity. "Transportation"
includes vehicles and logistics, and "Building and Construction"
encompasses real estate and infrastructure. "Other Industries"
encompasses diverse sectors like manufacturing and agriculture.
Each sector aims to mitigate its environmental impact by investing
in carbon credit programs and adopting sustainable practices to
combat climate change.
These types categorize how carbon credits are traded and used
globally. The "Compliance Market" involves businesses meeting
mandatory emissions regulations by buying carbon credits, ensuring
they adhere to legal limits. In contrast, the "Voluntary Market"
allows organizations and individuals to purchase credits
voluntarily to offset their emissions, demonstrating their
commitment to sustainability beyond regulatory requirements. Both
markets play crucial roles in incentivizing carbon reduction
efforts across industries and promoting environmental stewardship
on a broader scale.
These regions represent geographical areas where carbon
credit activities and regulations are implemented. "Asia-Pacific" covers countries like
China and India, experiencing rapid industrial growth
and emissions control efforts. "North
America" includes the United
States and Canada, with
varied state and provincial carbon policies. "Europe" leads in carbon market innovation
through initiatives like the EU ETS. "Rest of the World"
encompasses regions like Africa
and South America, each navigating
unique environmental challenges and adopting diverse strategies to
manage carbon emissions. Each region plays a crucial role in the
global effort to mitigate climate change through carbon credit
initiatives.
this report on global market for carbon credits market:
global outlook provides comprehensive insights and analysis,
addressing the following key questions:
- What is the projected market size and growth rate of the
market?
The market is projected to grow from $267.8
billion in 2023 to $1.2
trillion in 2029 at a compound annual growth rate (CAGR) of
28.4% during the forecast period. By volume, the market is
expected to reach 28 gigatons by growing at a CAGR of 23.1%.
- What are the key factors driving the growth of the
market?
Increasing demand for sustainable and low-emission fuels,
increasing need to curb fast growing GHG emissions globally, and
government support are key factors driving the market.
- What segments are covered in the market?
The segments covered in the market are end-user and type. The
end-user segment includes power, energy, transportation, building
and construction, and others. By type segmentation includes
compliance markets and voluntary markets.
- Which end-use segment will dominate the market by the end of
2028?
The power industry segment will dominate the market by the end of
2028.
- Which region will dominate the market by the end of
2028?
The market has been classified into four regions, namely
Asia-Pacific, North America, Europe, and Rest of the World. Rest of the
World includes MEA, and South
America. Europe holds the
highest market share in the market followed by Asia-Pacific.
Some of the Key Market Players Are:
- 3DEGREES
- CLIMATEPARTNER GMBH
- CLIMATETRADE
- COOL EFFECT INC.
- EKI ENERGY SERVICES LTD.
- FINITE CARBON CORP.
- GREEN MOUNTAIN ENERGY CO.
- NATIVE
- TERRAPASS
- WGL HOLDINGS INC.
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combat climate change.
Carbon Management Software: Global Market Outlook: Carbon
Management Software: Global Market Outlook refers to a
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touch with info@bccresearch.com.
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