Los Angeles, December 3, 2019 –According to the new report titled, “Global Voluntary Carbon Offset Market: Report, History and Forecast 2014-2015,” the global Voluntary Carbon Offset market was valued US$ 203.39 Mn in 2018 and is expected to attain the value of US$ 246.64 Mn in 2025, registering a sluggish growth rate of 2.8 % in projected period of 6-years, i.e. between 2018 and 2025.
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Increasing Need to Reduce Green House Gases is Driving the Growth of the Voluntary Carbon Offset Market
The increasing concerns regarding the need for reducing greenhouse gases by decreasing the consumption of fuel and electricity are responsible for driving the growth of the market. Another important factor contributing to the growth of the Voluntary Carbon Offset market is the need to shift from fossil fuel to renewable sources of energy such as wind and solar
Increasing Focus on Adoption of Renewable Energy Sources by Industrial Sector is Expected to Foster Growth of the Application Segment
Based on type, the market is bifurcated into Renewable energy, forestry, landfill methane projects, and Others, while based on applications the market is segregated into the household, industrial, energy sector, and others. The industrial sector is expected to play an important role in reducing emissions and helps in reducing the global carbon footprint, which is a major factor expected to fuel the growth of the application segment. Another factor fostering the growth of the market is the increasing number of companies in the industrial sector making a shift towards the usage of electricity generated through renewable energy.
Increasing Government Support for Reducing Emission to Boost the Growth of the Asia Pacific Market
North America and Asia Pacific region holds a significant share of the market and is expected to witness remarkable growth in the years to come. This growth is due to increasing support from the government for reducing the level of emissions. Joint efforts of government and private sector in providing guidance and tools for companies to commit for emission reduction targets and projects such as sustainable development, and preserving biodiversity are anticipated to boost the growth of the Voluntary Carbon Offset market in the Asia Pacific region.
Key Players are Focusing on Promoting Projects to Offer new Opportunities in the Market
Some of the top players of the Voluntary Carbon Offset market include Terrapass, Carbon Credit NativeEnergy, Aera Group, South Pole Group, Eco Act, Allcot Group, WayCarbon, Bioassets, and CBEEX. Major companies of the Voluntary Carbon Offset market are involved in collaborating and promoting partnerships and organizing events and projects to help in adopting carbon offset schemes for reducing global carbon footprint.
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