CHICAGO, April 6, 2023 /PRNewswire/ — Carbon Offset/Carbon Credit Market is projected to reach USD 1,602.7 billion in 2028 from USD 414.8 billion in 2023 at a CAGR of 31.0% according to a new report by MarketsandMarkets™. 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.MarketsandMarkets_LogoDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=85350774 Browse in-depth TOC on “Carbon Offset/Carbon Credit Market”145 – Tables39 – Figures191 – PagesCarbon Offset/Carbon Credit Market Scope:Report CoverageDetailsMarket SizeUSD 1,602.7 billion in 2028Growth Rate31.0% of CAGRLargest MarketEuropeMarket DynamicsDrivers, Restraints, Opportunities & ChallengesForecast Period2023-2028Forecast UnitsValue (USD Billion) Report CoverageRevee Forecast, Competitive Landscape, Growth Factors, and TrendsSegments Coveredby type, project type, end-user, and regionGeographies CoveredAsia Pacific, North America, Europe, RoWReport HighlightsUpdated financial information / product portfolio of playersKey Market OpportunitiesRising financial support to local communitiesKey Market DriversRise in partial use of carbon credits by companies 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 adland 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.Story continuesThe technology-based segment in removal/sequestration projects, by project type, is expected to be the fastest segment during the forecast periodRemoval/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 majr rivers 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 MarketEurope 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.Make an Inquiry: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=85350774 Carbon Offset/Carbon Credit Market Dynamics:Drivers:Growing need to reduce global warming and carbon emissionsRise in partial use of carbon credits by companiesIncreasing investments in carbon capture technologiesRestraints:Restoration of carbon emissions from one location to anotherOpportunities:Increasing number of regulatory requirements and industry association standardsRisin fiancial support to local communitiesChallenges:Fluctuating prices of carbon creditsKey Market Players: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.Recent DevelopmentsIn November 2022, 3Degrees partnered with Merge Electric Fleet Solutions to provide actionable analysis and decades of expertise to existing and new fleet customers. 3Degrees will monetize Merge’s charging in the clean fuels states (CA, OR, WA) and offset all EV charging with RECs.In August 2022, Johnson Controls collaborated with 3Degrees to accelerate the race to net zero. The collaboration fast-tracks net zero goals through carbon reduction services.In Agust2022, Siemens Smart Infrastructure and South Pole partnered to offer a full range of solutions and financing models for companies to reduce energy-related emissions.In August 2021, South Pole partnered with Landcare NSW, to develop climate action projects across New South Wales, Australia. The partnership brings together South Pole’s global and local expertise as a project developer with Landcare NSW’s strong community network, creating opportunities for Landcare members across the whole state via the range of carbon and biodiversity project options available.Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=85350774 Browse Adjacent Markets: Energy and Power Market Research Reports & ConsultingRelated Reports:ESG Reporting Software Market – Global Forecast to 2027Carbon Credit Trading Platform Market – Global Forecast to 2027Energy as a Service Market – Global Forecast to 2027Carbon Footprint Managemnt Maket – Global Forecast to 2028About MarketsandMarkets™:MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cuting-ege AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.Contact:Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 6006USA: +1-888-600-6441Email: sales@marketsandmarkets.comResearch Insight: https://www.marketsandmarkets.com/ResearchInsight/carbon-offset-credit-market.aspVisit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/carbon-offset-credit.aspLogo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg CisionView original content:https://www.prnewswire.com ews-releases/carbon-offsetcarbon-credit-markt-worth1-602-7-billion-by-2028—exclusive-report-by-marketsandmarkets-301791546.htmlSOURCE MarketsandMarkets