New York, USA, July 05, 2023 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global carbon credits market. According to the report, the global market is projected to surpass $143,530.6 million and grow at a CAGR of 55.5% in the estimated period, 2023-2032. This all-inclusive report delivers a comprehensive overview of the current and future situation of the carbon credits market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
Impact of the COVID-19 Pandemic on the Carbon Credits Market
The outburst of the COVID-19 pandemic in 2020 has had an adverse impact on the growth of the global carbon credits market. During the pandemic period, many ongoing attempts to reduce carbon emissions were hampered. Travel restrictions, supply chain interruptions, and financial constraints all contributed to the postponement or cancellation of carbon projects that aid in environmental sustainability. This, in turn, hindered the issuance of additional carbon credits, limiting their market supply. These factors significantly hindered the market growth amidst the pandemic.
Factors Impacting the Carbon Credits Market Growth
The key factor boosting the growth of the global carbon credits market is a significant rise in the need for carbon credits owing to increasing concern over environmental pollution. Furthermore, an increasing number of companies reducing their carbon footprint is estimated to unlock lucrative opportunities for market growth in the forecast period. However, carbon credits can be hazardous to some extent because they do not represent the actual decrease of carbon emissions by a firm or individual, which is anticipated to deter the market’s growth.
The report segments the global carbon credits market into type, system, end-use industry, and region.
Regulatory Sub-Segment to Grab a Foremost Share of the Market
The regulatory sub-segment of the type segment is foreseen to observe leading growth in the forecast period. This growth is mainly because regulatory carbon credits provide organisations with significant financial incentives to reduce their carbon emissions.
Cap-and-Trade Sub-Segment to Witness Massive Growth
The cap-and-trade sub-segment of the system segment is predicted to grow enormously in the forecast period. This growth is mainly because of the cap-and-trade system, which benefits businesses by encouraging them to make investments in renewable energy technologies that reduce carbon emissions.
Industrial Sub-Segment to Observe Significant Growth
The industrial sub-segment of the end-use industry segment is projected to grow enormously in the forecast period. This growth is mainly because industrial emissions are a significant contributor to global greenhouse gas emissions, managing them is necessary for effective environmental change mitigation.
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Asia-Pacific Region to Perceive Maximum Growth
The report analyzes the global carbon credits market across several regions such as North America, Asia-Pacific, Europe, and LAMEA. Among these, the Asia-Pacific market is projected to observe significant growth in the estimated period. This growth is mostly because of the rapidly growing manufacturing, oil and gas, and chemical sectors, which are responsible for rising carbon emissions in this region.
Key Players of the Carbon Credits Market
The report states some of the foremost players operating in the global market including
- 3Degrees
- South Pole
- EKI Energy Services Ltd
- NATUREOFFICE
- TerraPass
- Moss.Earth
- Carbon Credit Capital LLC
- Climate Impact Partners
- NativeEnergy
- CarbonBetter
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading edge in the global market.
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For instance, in March 2023, the Integrity Council, an independent regulatory agency for the voluntary carbon market, launched a global standard for high-integrity carbon credits.
Also, the report provides numerous industry insights such as top strategic initiatives & developments, the novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
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