May 19, 2020
According to the research report titled ‘Global Carbon Offset/Carbon credit Trading service Market Size study, by Type (Industrial, Household, Energy Industry and Other), Application (REDD Carbon Offset, Renewable energy, Landfill Methane Projects, and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global carbon offset/carbon credit trading service market is expected to generate prominent revenues by the year 2026.
For the record, a carbon offset refers to the substantial reduction in emission levels of carbon dioxide or GHG (greenhouse gasses) which is made with an aim to compensate for emissions produced elsewhere. The offset can be measured in carbon dioxide equivalents tons, in which one ton of carbon offset refers to the cutback of one ton CO2 or equivalent greenhouse gases. On the other hand, carbon credit refers to any tradable certificate which provides the right to emit one ton of CO2 or the equivalent quantity of GHG.
Favorable government initiatives for reducing the emission levels of greenhouse gases is a major factor driving the growth of carbon offset/carbon credit trading service industry. According to Carbonbrief.org, the Government of India is focusing on reducing its carbon footprint by 33-35% while improving sustainable energy capacity to 40% by the year 2030. Similarly, Electric Vehicle Initiative states that Japan intends to reduce 80% greenhouse emissions by promoting electric vehicles production by domestic automobile manufacturers by 2050. However, lack of awareness pertaining to carbon offsets and carbon credit trading services may hinder the market growth.
As per type, the market is divided into energy industry, household, industrial and others. In terms of application landscape, the industry is split into landfill methane projects, renewable energy, REDD carbon offset and others.
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Considering the geographical landscape, North America market is poised to acquire appreciable returns in the ensuing years, primarily due to strict regulatory scenario pertaining to emission mitigation.
Meanwhile, Asia-Pacific market is anticipated to register a remunerative growth rate during 2020-2026. Numerous smart cities projects and increasing awareness towards reducing GHG emission levels are favoring the market scenario in APAC.
Carbon Clear, Allcot Group, Aera Group, South Pole Group, GreenTrees, NativeEnergy, 3Degrees, Renewable Choice, Terrapass and Carbon Credit Capital are the major contenders in worldwide carbon offset/carbon credit trading service market.