According to a research report "Carbon Offset/Carbon Credit Market by Type (Voluntary Market, Compliance Market), Project Type (Avoidance/Reduction Projects, Removal/Sequestration Projects (Nature-based, Technology-based)), End-User and Region - Global Forecast to 2028" published by MarketsandMarkets, the global carbon offset/carbon credit market is projected to reach USD 1,602.7 billion by 2028 from an estimated USD 414.8 billion in 2023, at a CAGR of 31.0% during the forecast period. The carbon offset/carbon credit market growth has been attributed to the rising global warming and the need to remove the carbon from the atmosphere. The market is driven by factors such as growing compliance requirements and regulatory schemes across the regions.
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The forestry and land use in voluntary market, by type, is expected to grow at the highest CAGR during the forecast period.
Based on type, the carbon offset/carbon credit market has been categorized into the voluntary market and the compliance market. The voluntary market has been further sub-segmented into forestry and land use, renewable energy, waste disposal, chemical processes/industrial manufacturing, energy efficiency/fuel switching, and others. Forestry and land use, includes afforestation, reforestation, revegetation, and forest management. Out of the total offset generated, forestry and land use occupy the maximum share. Forest projects are in widespread development today for use in carbon offset markets as nature-based solutions have broad societal and environmental co-benefits.
The technology-based segment in removal/sequestration projects, by project type, is expected to be the fastest segment during the forecast period
Removal/sequestration projects are segmented into nature-based and technology-based projects. In the coming decades, carbon removal is expected to gain significant importance as the companies get closer to their net-zero targets. Once net zero is achieved, all new residual emissions must be neutralized with carbon removals and hence is a driver for the market during the forecast period. Carbon dioxide removal technologies include direct air capture, bioenergy with carbon capture and storage, biochar, and others. Advancements in various carbon dioxide removal technologies through research and development and government policies are major drivers for this market. The support from businesses, landowners, and the general public to implement such technologies is expected to boost market growth during the forecast period.
Europe is expected to be the largest region in the carbon offset/carbon credit market
Europe is expected to be the largest carbon offset/carbon credit market during the forecast period. The market growth in Europe can be attributed to the rising focus on decarbonization with the increased investments in green technologies in the region.
Some of the major players in the carbon offset/carbon credit market are South Pole Group (Switzerland), 3Degrees (US), Finite Carbon (US), EKI Energy Services Ltd. (India), and NativeEnergy (US) to boost their position in the carbon offset market. Companies operating in this market also focus on product launches, agreements, and contracts to increase their market shares and expand their geographic presence.
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