Voluntary Carbon Offsets Market Size, Share & Industry Analysis, By Type (Forestry, Renewable Energy, Landfill Methane Projects, Others), By Application (Industrial, Household Device, Energy Industry, Agriculture, Others), By End-Use (Government, Non-Government, Private Sector, Others) And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Voluntary carbon offsets are the recognized mechanism that contributes to reducing the amount of CO2 in the atmosphere. It is measured in tons of greenhouse gases, which comprises hydro fluorocarbons, sulfur hexafluoride, carbon dioxide, nitrous oxide, methane, and perfluorocarbons. The carbon offsetting allows individuals and companies to invest in environmental projects, to reduce CO2 emissions and to improve social livelihoods, biodiversity, clean water, and air quality while balancing the carbon footprint. It is utilized to compensate the greenhouse gas pollution, which is mainly released from flying, lodging, and transportation. The voluntary carbon offset is majorly used in the industrial, household, and energy industries.
The rapidly rising CO2 emissions have surged the need for voluntary carbon offset. CO2 emissions have impacted human health and the environment negatively. It has caused climate change and an increase in respiratory diseases, which are mainly caused by air, water, and other pollution. These negative impacts have surged the need for voluntary carbon offsets to compensate for the greenhouse gases. The supportive government initiative to reduce the greenhouse gases will further aid to surge the demand for voluntary carbon offsets. Hence, this will further fuel the market growth during the forecast period.
However, compliance emission reductions (CER’s) and verified emission reductions (VER’s) are alternative projects that are used to reduce CO2 emissions. The implementation of these projects will reduce the adoption of voluntary carbon offsets and anticipated to restrict the market growth.
Key Market Driver -
Rising CO2 emission surge the demand for voluntary carbon offsets
Key Market Restraint -
Availability of alternatives for voluntary carbon offsets to restrict the market growth
Market Segmentation:
Based on type, the voluntary carbon offsets market is segmented into forestry, renewable energy, landfill methane projects, others. Based on application, the market is segmented into industrial, household device, energy industry, agriculture, and others. Based on end-use, the market is segmented into government, non-government, private sector, and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Key Players Covered:
The key players in the voluntary carbon offsets market includes SOUTH POLE, Shell, Vertis Environmental Finance, Terrapass, 3Degrees, NativeEnergy, Forest Carbon Ltd, FairClimateFund, BNP Paribas CIB, Carbon Footprint Ltd, and ClimeCo Corporation.
Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenarios
- Porters Five Forces Analysis
Regional Analysis:
North America is anticipated to remain the leading region in the voluntary carbon offsets market during the forecast period. The growth is due to supportive government regulation for reducing CO2 emissions. The rising demand for carbon offsets in the industrial application will fuel the market growth In Europe, in which UK and Germany are the leading countries. The market is Asia Pacific will grow due to the rising demand for carbon offsets in the house device and agriculture applications. The Middle East & Africa is anticipated to witness signification growth, owing to the increasing adoption of carbon offsets in the energy industry.
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Segmentation
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Voluntary Carbon Offsets Market Developments
- In February 2020, Xometry introduced Carbon Offset Program. For this launch the Xometry made a partnership with Dot Neutral, an organization focused on connecting businesses with carbon emission offset initiatives. This launch will help Xometry to reduce carbon footprint.
- In October 2019 - Finite Carbon Inc., a subsidiary of Finite Resources has launched a voluntary carbon offsets program. In this launch, BP Ventures has invested worth US$ 5 million. The investment will aid Finite Carbon to enter into a new business to reduce emissions and to provide sustainable forest management.
- Ongoing
- 2023
- 2019-2022
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