This includes emissions from transportation, electricity consumption, manufacturing, and other activities associated with an organization's operations and value chain. Carbon verification ensures the integrity and credibility of reported carbon footprint and helps organizations in meeting their emissions reduction targets set under international regulations and voluntary pledges. The increasing focus on corporate sustainability and a global push towards limiting climate change have accelerated the demand for carbon verification.
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 26% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of carbon offset programs and internal carbon pricing initiatives by organizations has significantly driven the demand for carbon verification services over the past few years. Carbon verification helps companies in validating the authenticity of carbon offsets being purchased to meet their emissions reduction targets. It also ensures transparency and accountability in internal carbon pricing programs implemented by organizations to factor carbon costs into their business decisions. Various global and national initiatives promoting carbon neutrality and net-zero emissions have further accelerated the growth of the carbon verification market. For example, carbon verification has become mandatory for organizations in European Union to comply with EU Emissions Trading Scheme (EU ETS).
Segment Analysis
The Global Carbon Verification Market Size is dominated by project-based verification segment. This segment accounts for over XX% share owing to the massive scale of carbon credit projects that require verification and certification of emission reductions. As project developers seek validation and verification of carbon credits generated from projects adhering to compliance programs and voluntary carbon standards, the demand for third-party verification from this segment continues to rise substantially.
Key Takeaways
The global Carbon Verification Market is expected to witness high growth over the forecast period. The global carbon verification market .
The North American region currently dominates the market and is expected to maintain its lead through 2030 backed by stringent carbon regulations in the US and Canada. Regulators in these countries have been enforcing carbon compliance policies on oil & gas and power sectors compelling companies to rely on third-party verifiers for carbon credits validation.
Key players analysis: Key players operating in the carbon verification market are DNV GL, SGS SA, Bureau Veritas, Intertek Group plc. These companies have extensive experience in delivering carbon verification services to project developers and organizations. DNV GL and SGS SA together account for over 30% share owing to their global network and long-standing expertise in emissions verification and certification.
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