BURLINGAME, Calif., Nov. 17, 2023 /PRNewswire/ -- According to Coherent Market Insights, global Carbon Credit Market is estimated to be valued at US$ 25.35 billion in 2022 and is expected to exhibit a CAGR of 24.4% during the forecast period (2023-2030). The global carbon credit market is anticipated to show major growth over the forecast future. The growth is driven majorly by factors such as increasing partial use of carbon credits by organizations, as the world is moving toward net zero targets. To achieve these targets, companies are investing significantly into decarbonization through efforts and capital. Moreover, the financial support to local communities is growing. As a result, the global market is likely to gain substantial growth in the coming years.
Market Trends
The energy segment, among sector is gaining traction in the global carbon credit market. Wind power or solar power are utilized in injecting power to the grid. This further replaces the power produced from regular energy sources and reduces the carbon dioxide emissions. These project can give carbon credits in the form of Clean Development Mechanism (CDM) projects. Thus, energy segment is gaining traction and is further anticipated to propel growth of the global carbon credit market over the forecast period.
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Key Market Takeaways:
Global Carbon Credit Market is expected to surpass US$ 145.04 Bn by 2030 and is anticipated to witness a CAGR of 24.4% during the forecast period 2023-2030, owing to increasing global warming around the world leading to increasing need for carbon credits.
On the basis of Sector, Energy segment is expected to hold a dominant position, owing to higher adoption of wind or solar energy to replace conventional sources of energy to further reduce emissions of carbon dioxide.
On the basis of region, Europe is expected to hold a dominant position over the forecast period, due to presence of countries such as Germany and the U.K. are considered prominent buyers of carbon credits. These countries are major buyers in the global carbon credit market.
Key players operating in the carbon credit market include Sterling Planet, Inc., WGL Holdings, Inc., terrapass, Enking International, 3 Degrees, Green Mountain Energy, Sustainable Travel International, Native Energy, Clear Sky Climate Solutions, and Cool Effect, Inc etc.
Carbon Credit Market Key Developments:
In November 2022, 3Degrees and Merge Electric Fleet Solutions announced partnership for offering actionable analysis as well as expertise to new and existing fleet customers. 3Degrees plans to monetize charging of Merge in the clean fuel states and offset every EV charger with RECs.
In August 2022, Johnson Controls and 3Degrees collaborated for acceleration of its race to net zero. With the collaboration, the companies will be able to fast-track net zero goals through carbon reduction services.
Read complete market research report, "Carbon Credit Market, By Sector, By Region and Segment Forecast 2023 - 2030", Published by Coherent Market Insights.
Carbon Credit Market Segmentation:
- By Sector:
- Energy
- Transportation
- Residential and Commercial Buildings
- Industry
- Agriculture
- Forestry
- Water and Wastewater
- By Region:
- North America
- By Country:
- U.S.
- Canada
- Asia Pacific
- By Country:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Europe
- By Country:
- Germany
- Italy
- U.K.
- France
- Russia
- Rest of Europe
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East and Africa
- By Country/Region:
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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