The global carbon credit market revenue was around US$ 25.35 billion in 2022 and is estimated to reach US$ 180.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 24.4% during the forecast period from 2023 to 2031.
A carbon credit is a certificate or tradable permit that offers the holder of the credit the right to emit one ton of carbon dioxide or an equivalent of another greenhouse gas. It is an offset for producers of such gases. The main purpose for the creation of carbon credits is the deduction of emissions of carbon dioxide and other greenhouse gases from industrial activities to lessen the impacts of global warming.
Market Driving Factors
An increase in partial utilization of carbon credits by companies drives market growth. Companies are putting significant effort and capital into decarbonization as the world shifts toward net-zero targets. In addition, the demand for carbon credits will greatly increase in the coming decades as the companies are concentrated on net zero targets and are working toward lowering carbon emissions. As a result, many businesses are now adopting this technique of partially utilizing carbon credits, which is benefiting them significantly. They are acquiring involved in activities and projects that are assisting them in generating offsets.
Increasing financial support to local communities creates opportunities in the market. Demand for carbon credits will increase significantly in the coming decades. Thus, the voluntary offset market presents an opportunity to achieve global greenhouse emission decreases while addressing the development requirements of developing countries. In addition, involving developing nations in climate protection allows them to reach carbon emission deduction and avoidance while earning revenues from selling their offsets. They can then utilize the revenues to finance development projects for the poor communities in their countries.
Restoration of carbon emissions from one location to another hamper the market growth.
Regional Analysis
North America is estimated to dominate the market. This is due to the market dynamics, including demand and supply, cost volatility, and market regulations. Furthermore, the establishment of carbon credit markets, such as the California cap-and-trade system and the Quebec-Ontario carbon market, has assisted in providing a price signal for greenhouse gas emissions reductions, encouraging cleaner technologies and the development of renewable energy.
Asia Pacific dominates the market during the forecast period. This is because India is becoming one of the emerging players in the global carbon credit market. Indian companies are allowed to sell excess credits to developed nations because their country's greenhouse gas (GHG) emissions are below the carbon cap level.
Segmentation Insights
In terms of sector, the industry segment dominates the market. This is due to the industrial sectors such as manufacturing, oil & gas, steel processing, and others having high energy demand and the combustion of fuels in these industrial sectors leads to the emission of greenhouse gases. The continuous R&D in the industrial sector aims at lowering carbon emissions and enhancing energy efficiency. Furthermore, the trading of carbon credits or allowances allows industrial entities to benefit economically from their emission reduction efforts. This facilitates the adoption of cleaner technologies and practices, boosts the transfer of emission reduction projects, and encourages sustainable industrial development.
Prominent Companies
Segmentation Outline
The global carbon credit market segmentation focuses on Sector and Region.
By Sector
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL CARBON CREDIT MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: CARBON CREDIT MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL CARBON CREDIT MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL CARBON CREDIT MARKET, BY SECTOR
5.1 OVERVIEW
5.2 ENERGY
5.3 TRANSPORTATION
5.4 RESIDENTIAL AND COMMERCIAL BUILDINGS
5.5 INDUSTRY
5.6 AGRICULTURE
5.7 FORESTRY
5.8 WATER AND WASTEWATER
6 GLOBAL CARBON CREDIT MARKET, BY GEOGRAPHY
6.1 OVERVIEW
6.2 NORTH AMERICA
6.2.1 NORTH AMERICA MARKET SNAPSHOT
6.2.2 U.S.
6.2.3 CANADA
6.2.4 MEXICO
6.3 EUROPE
6.3.1 EUROPE MARKET SNAPSHOT
6.3.2 WESTERN EUROPE
6.3.2.1 THE UK
6.3.2.2 GERMANY
6.3.2.3 FRANCE
6.3.2.4 ITALY
6.3.2.5 SPAIN
6.3.2.6 REST OF WESTERN EUROPE
6.3.3 EASTERN EUROPE
6.3.3.1 POLAND
6.3.3.2 RUSSIA
6.3.3.3 REST OF EASTERN EUROPE
6.4 ASIA PACIFIC
6.4.1 ASIA PACIFIC MARKET SNAPSHOT
6.4.2 CHINA
6.4.3 JAPAN
6.4.4 INDIA
6.4.5 AUSTRALIA & NEW ZEALAND
6.4.6 ASEAN
6.4.7 REST OF ASIA PACIFIC
6.5 MIDDLE EAST & AFRICA
6.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
6.5.2 UAE
6.5.3 SAUDI ARABIA
6.5.4 SOUTH AFRICA
6.5.5 REST OF MEA
6.6 SOUTH AMERICA
6.6.1 SOUTH AMERICA MARKET SNAPSHOT
6.6.2 BRAZIL
6.6.3 ARGENTINA
6.6.4 REST OF SOUTH AMERICA
7 GLOBAL CARBON CREDIT MARKET COMPETITIVE LANDSCAPE
7.1 OVERVIEW
7.2 COMPANY MARKET RANKING
7.3 KEY DEVELOPMENT STRATEGIES
7.4 COMPETITIVE DASHBOARD
7.5 PRODUCT MAPPING
7.6 TOP PLAYER POSITIONING, 2022
7.7 COMPETITIVE HEATMAP
7.8 TOP WINNING STRATEGIES
8 COMPANY PROFILES
8.1 WGL HOLDINGS INC
8.1.1 OVERVIEW
8.1.2 FINANCIAL PERFORMANCE
8.1.3 PRODUCT OUTLOOK
8.1.4 KEY DEVELOPMENTS
8.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.2 ENKING INTERNATIONAL
8.2.1 OVERVIEW
8.2.2 FINANCIAL PERFORMANCE
8.2.3 PRODUCT OUTLOOK
8.2.4 KEY DEVELOPMENTS
8.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.3 GREEN MOUNTAIN ENERGY
8.3.1 OVERVIEW
8.3.2 FINANCIAL PERFORMANCE
8.3.3 PRODUCT OUTLOOK
8.3.4 KEY DEVELOPMENTS
8.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.4 NATIVE ENERGY
8.4.1 OVERVIEW
8.4.2 FINANCIAL PERFORMANCE
8.4.3 PRODUCT OUTLOOK
8.4.4 KEY DEVELOPMENTS
8.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.5 COOL EFFECT INC
8.5.1 OVERVIEW
8.5.2 FINANCIAL PERFORMANCE
8.5.3 PRODUCT OUTLOOK
8.5.4 KEY DEVELOPMENTS
8.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.6 CLEAR SKY CLIMATE SOLUTIONS
8.6.1 OVERVIEW
8.6.2 FINANCIAL PERFORMANCE
8.6.3 PRODUCT OUTLOOK
8.6.4 KEY DEVELOPMENTS
8.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.7 SUSTAINABLE TRAVEL INTERNATIONAL
8.7.1 OVERVIEW
8.7.2 FINANCIAL PERFORMANCE
8.7.3 PRODUCT OUTLOOK
8.7.4 KEY DEVELOPMENTS
8.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.8 3DEGREES
8.8.1 OVERVIEW
8.8.2 FINANCIAL PERFORMANCE
8.8.3 PRODUCT OUTLOOK
8.8.4 KEY DEVELOPMENTS
8.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.9 TERRAPASS
8.9.1 OVERVIEW
8.9.2 FINANCIAL PERFORMANCE
8.9.3 PRODUCT OUTLOOK
8.9.4 KEY DEVELOPMENTS
8.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
8.10 STERLING PLANET INC
8.10.1 OVERVIEW
8.10.2 FINANCIAL PERFORMANCE
8.10.3 PRODUCT OUTLOOK
8.10.4 KEY DEVELOPMENTS
8.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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