The global Carbon Verification Market is estimated to be valued at US$ 12.73 Bn or billion in 2022 and is expected to exhibit a CAGR of 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Carbon verification helps companies to measure, manage and report their greenhouse gas emissions. Carbon verification services use internationally recognized accounting standards and certification protocols to ensure the credibility and integrity of emission reductions reported.
Market key trends:
One of the major trends in the carbon verification market is the use of digital technologies like IoT, blockchain, AI and big data analytics. These technologies help in automating the process of data collection, monitoring, measurement and reporting of carbon emissions. They provide real-time emission data to organizations and help track performance against emission reduction targets. For example, companies are using sensors and IoT devices to monitor facility-level energy usage and fuel consumption data, which is integrated with cloud-based analytics platforms to track scope 1 and 2 emissions on a continual basis.
Segment Analysis
The carbon verification market is segmented into scope 1, scope 2 and scope 3. The scope 1 segment currently dominates the market accounting for around 30% share in 2023. This is because scope 1 emissions directly occur from sources controlled or owned by an organization such as emissions from burning of fossil fuels in boilers, furnaces etc. Verification of these direct emissions is considered a top priority by organizations to meet decarbonization targets.
Key Takeaways
The global Carbon Verification Market is expected to witness high growth, exhibiting a CAGR of 26% over the forecast period 2023 to 2030, due to increasing stringency of carbon emission norms and regulations globally.
Regional Analysis
The US dominates the carbon verification market and is anticipated to continue its dominance over the forecast period, growing at a CAGR of around 25%. This is attributed to presence of large corporate houses in the country striving to achieve net-zero targets. Asia Pacific region is expected to witness the fastest growth owing to rapid industrialization and emergence of manufacturing hubs in major economies like China and India enforcing carbon compliance programs.
Key Players
Key players operating in the carbon verification market are DNV GL, SGS SA, Bureau Veritas, TÜV NORD GROUP, Intertek Group plc. DNV GL and SGS SA capture around 25-30% share each owing to their large global presence and diversified service portfolio serving a wide range of verticals.
