Carbon Verification Market is expected to Drive by Progress Towards Decarbonization

 
Carbon Verification Market

Carbon verification plays a vital role in enabling sustainable development and mitigating climate change by providing reliable greenhouse gas (GHG) emission quantification and validation services. It involves measuring and validating the carbon footprint of projects, products, facilities or entire operations through an independent third-party audit. Carbon verification is especially important for companies implementing emissions reductions programs and seeking to voluntarily offset residual emissions through carbon credits. The growing recognition that carbon needs to be priced and traded to encourage greenhouse gas mitigation is driving demand for rigorous carbon accounting standards and oversight.


Carbon verification service providers employ internationally accepted GHG quantification and reporting protocols to ensure consistency, transparency and credibility in carbon footprinting and carbon offset project validation. They help organizations estimate, monitor and disclosure climate impacts through validated annual emissions reports.

The global Carbon Verification Market Demand is estimated to be valued at US$ 12.73 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing prioritization of ESG (Environmental, Social and Governance) priorities among investors and consumers alike is a major driver of growth in the carbon verification market. More companies are actively pursuing science-based decarbonization targets and credible carbon neutrality claims necessitating independent verification of emissions reductions. Blockchain adoption is also gaining momentum with several verification service providers leveraging distributed ledger technologies to enhance transparency, traceability and integrity of carbon credits and offset projects. The advent of Internet of Things (IoT) devices and sensors is augmenting remote monitoring capabilities for carbon project validation as well as Scope 3 emissions accounting across value chains.


Porter's Analysis
Threat of new entrants: Low capital requirements and established buyers limit barriers to entry in the carbon verification market. However, strong intellectual property protection and certifications requirements raise barriers.
Bargaining power of buyers: Large buyers such as automobile manufacturers have significant bargaining power to negotiate lower carbon verification prices.
Bargaining power of suppliers: A few large players globally supply carbon verification services, giving them pricing power over buyers. However, alternative options pose threat of backward integration by major buyers.
Threat of new substitutes: No close substitutes presently exist for carbon verification services. Virtual verification using blockchain, AI and IoT pose potential threat in future.
Competitive rivalry: The carbon verification market sees moderate competition with some players focusing on specific service types or industries. Industry certifications and reputation influence competitive dynamics.

Key Takeaways

The Global Carbon Verification Market Demand is expected to witness high growth over the forecast period. The global Carbon Verification Market is estimated to be valued at US$ 12.73 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regions like Asia Pacific and North America are emerging as highly lucrative supported by stringent emission regulations. North America leads the market with strict carbon emission laws. Europe is a major contributor on back of EU Carbon Trading Scheme. Asia Pacific is poised to grow at fastest pace due to government initiatives and industrial expansion in India and China.

Key players: Key players operating in the carbon verification market are Audi AG Aktiengesellschaft, Lotus Cars, Honda Motor Company Ltd. Ford Motor Company. Audi AG Aktiengesellschaft specialises in vehicle emission testing services.

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