Carbon verification plays a vital role in quantifying and certifying greenhouse gas (GHG) emissions from various business operations. It involves validation and verification of carbon emission data reported by organizations and businesses. This helps organizations in obtaining carbon neutrality certification and offsetting their carbon footprint.

The global Carbon Verification Market is estimated to be valued at US$ 12.73 Bn in 2024 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 increased demand for carbon neutrality certification across industries has been a key factor driving the growth of the carbon verification market. Organizations across various industry verticals such as manufacturing, IT & telecom, transportation, and logistics are focusing on obtaining carbon neutral certifications in order to meet sustainability targets and become environment-friendly. For instance, according to a report by South Pole, the demand for high-quality carbon credits and carbon removal certificates tripled in 2021 as more companies pledged to achieve net-zero emissions. This growing demand for carbon credits and removal certificates is expected to boost the need for stringent carbon verification processes, thereby propelling the market growth over the forecast period.

Segment Analysis

The global carbon verification market is segmented by verification standard, service type, end-use industry, and geography. By verification standard, the market is divided into voluntary standard and compliance standard. The voluntary standard segment is expected to dominate the market during the forecast period. Voluntary standards are aimed at reducing carbon emissions voluntarily beyond regulatory requirements. These standards help industries and companies enhance their environmental credentials and commitment.

Key Takeaways

The Global Carbon Verification Market Size is expected to witness high growth during the forecast period due to increasing corporate sustainability commitments and climate change concerns. The global Carbon Verification Market is estimated to be valued at US$ 12.73 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to dominate the carbon verification market during the forecast period. Stringent regulations associated with carbon emissions and availability of advanced technologies are driving the growth of the market in the region. The presence of key players and early adoption of carbon verification standards are also contributing to the regional market growth.

Key players: Key players operating in the carbon verification market are SGS SA, Bureau Veritas, Carbon Clean, Carbon Services & Technologies, Inc, EY, Guía Ambiental, Verifavia, and Intertek Group plc. SGS SA is the leading player in the market, owning approximately 15% market share. The company offers a comprehensive portfolio of carbon quantification and verification services that help clients meet compliance and voluntary reporting standards across industries.

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https://www.newswirestats.com/carbon-verification-market-size-share-growth-outlook-2023/

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