Carbon Offset/Carbon Credit: A Climate-Friendly Choice

The global market of Carbon Offset/Carbon Credit is expected to grow from USD 414.8 billion in 2023 to USD 1,602.7 billion by 2028, at a CAGR of 31.0% according to a new report by MarketsandMarkets™. The voluntary carbon market continues to play a critical role in that transition by helping to channel funding into projects that reduce carbon emissions or remove carbon from the atmosphere. Since, the need to curb global warming has significantly increased, the carbon offsetting has become fundamental to achieving net-zero greenhouse-gas emissions. Increasing investments in carbon capture technologies and solutions along with the rise in projects that are helping communities and creating social impact, is expected to drive the market.

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As the world moves toward net zero targets, companies are putting considerable effort and capital into decarbonization. Climate change usually requires a complete economic shift. The demand for carbon credits will significantly grow in the coming decades as the companies are focused on net zero targets and are working toward reducing carbon emissions. A carbon credit represents the right to emit greenhouse gases equivalent to one ton of carbon dioxide. Several businesses are now adopting this technique of partially using carbon credits, which is benefitting them significantly. They are getting involved in projects and activities that are helping them generate offsets. They use as many credits as they want according to the limit set for a project and if they have a few left, they are used later for another project. This not only helps them save a significant amount of money, which can aid them in investing in more such credits in the future when required. Hence, these factors help in driving the market for carbon offset/carbon credit.

End User Analysis

The market for carbon offset/carbon credit segments based on end user into power, energy, aviation, transportation, buildings, industrial, and others. The energy companies have accelerated their participation in reducing carbon emissions, which is helping the carbon markets grow by reducing carbon footprints and creating demand for carbon offset. Carbon offset fund renewable energy projects and help lower the carbon intensity of the energy supply and the energy conservation projects that seek to reduce the overall energy demand.

Regional Analysis

Asia Pacific is expected to fastest growing region for the carbon offset/carbon credit between 2023–2028, followed by the Europe. ETS could become a major climate policy tool to help China realize its Nationally Determined Contribution (NDC) to the Paris Agreement on climate change and its long-term low-carbon strategy. Hence, these factors are expected to fuel the growth of the market in the Asia Pacific region.

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Key Market Players:

Some of the key players in the Carbon Offset/Carbon Credit are South Pole Group (Switzerland), 3Degrees (US), Finite Carbon (US), EKI Energy Services Ltd. (India), and NativeEnergy (US).

South Pole Group

South Pole Group operates as a carbon finance consultancy. It covers project and technology finance, data analysis, and advisory on sustainability risks and opportunities, as well as the development of carbon and renewable energy credits. The company helps public and private sector organizations develop climate-proven policies and strategies. The company’s areas of expertise cover every key sustainability-related area of climate change, including but not limited to forests & land use, water quality and conservation, sustainable cities & buildings, as well as renewable energy and energy efficiency. South Pole has worked with over 1,000 clients and is expected to soon develop 800 offset projects across 30 offices globally. South Pole Group operates in North America, Europe, Asia Pacific, and South Africa.

3Degrees

3Degrees is a provider of comprehensive clean energy services intended to take urgent action on climate change. The company's services include PPAs (power purchase agreements), RECs (renewable energy certificates), and community solar and carbon offsets for organizations to meet their greenhouse gas emission reduction goals and help them incorporate clean energy into their business operations, enabling organizations and individuals to transition toward a low-carbon economy. 3Degrees has expertise in sustainability consulting, environmental markets, renewable energy and carbon project development, transportation decarbonization solutions, and utility renewable energy programs.

Diesel Generator Market worth $23.4 Billion by 2029

The global Diesel Generator Market is expected to reach USD 23.4 billion by 2029 from USD 17.9 billion in 2024 at a CAGR of 5.4% during the forecast period according to a new report by MarketsandMarkets™. Diesel generators are essential because they provide reliable and constant source of electricity during power outages and emergencies. The longevity and durability of diesel generators allow them to operate over extended periods ensuring continuous power supply during emergencies.

Application Segmentation

Based on application, the Diesel Generator Market has been split into standby power, peak shaving, Prime & continuous power. The standby power segment in the Diesel Generator Market is anticipated to be the largest, primarily due to their cost effectiveness. Standby power Diesel generators are not designed to withstand overload capabilities and are mostly used in homes and businesses.

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Design Segmentation

Based on design, the Diesel Generator Market has been split into Stationary and portable. The Stationary segment in the Diesel Generator Market is anticipated to be the largest because of their higher power output range from 3 Kw to 700 Kw. Stationary diesel generators can support high power levels continuously along with certain features like automatic transfer switches, making them a preferred choice for long-term and high-power backup solutions.

Power Rating Segmentation

This report segments the Diesel Generator Market based on offering into Various power ratings: (Up to 50 kW, 51 – 280 kW, 281 – 500 kW, 501 – 2000 kW, Above 2000 Kw). Up to 50 kW is expected to be the fastest growing segment during the forecast period due to their versatility and widespread applications. Generators operate at a consistent engine speed, making them suitable for residential, personal, small scale commercial purposes like retail sectors and telecom.

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Regional Analysis

North America is expected to be the fastest region in the Diesel Generator Market during the forecast period. The region's increasing focus on Diesel generators is due to the increasing infrastructure activities, Oil and gas exploration activities and the Industrial sector. Moreover, the rising demand of reliable power across data centers and other critical infrastructure needing backup power coupled with a growing need for convenience in households. The increasing expansion in manufacturing and construction, particularly in the US, is also expected to boost the diesel generators market in North America. The affordability of the diesel generators, since these generators are cost-effective, thus it is also a preferred choice among the North American customers.

Key Players

Some of the major players in the Diesel Generator Market are Caterpillar (USA), Cummins Inc., (USA), Generac power systems, Inc (USA), Rolls-Royce PLC (UK), Mitsubishi Heavy Industries, ltd (Japan).

Caterpillar

Caterpillar is a globally operating company specializing in construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and diesel-electric locomotives. Caterpillar operates through four segments: construction industries, resource industries, energy and transportation, and financial products. Its Diesel generator falls under the Energy & transportation segment. The company offers its diesel generator products under its CAT brand, which meet diverse power needs, ranging from minimal to substantial requirements.

Generac power systems

Generac power systems, Inc is a globally recognized company offering light towers, generators, pumps, and heaters, that finds applications in residential, commercial, and industrial sectors. The company operates through three key segments: Residential Products, Commercial & Industrial Products, and Others. Generac power systems provides its diesel generators under the Commercial & Industrial products.

Heat Pump Market worth $157.8 Billion by 2029

The global Heat Pump Market is expected to reach USD 157.8 billion by 2029 from USD 90.1 billion in 2024 at a CAGR of 11.8% during the 2024–2029 period according to a new report by MarketsandMarkets™. Heat Pump is a more reliable way of heating & cooling on a large scale. The versatile nature of heat pump could enable the transition to a cleaner world and a stronger global economy this is pivotal in propelling the expansion of the Heat Pump Market. Furthermore, the global expansion of heating and cooling solutions has heightened the adoption of heat pump. The amalgamation of these systems with renewable energy contributes to their increased demand, aligning with global efforts to diminish reliance on fossil fuels and minimize carbon footprints. Government support and stringent safety regulations are pivotal factors driving the growth of the heat pump system market. To incentivize the development and expansion of heat pump, many governments provide financial support, subsidies, and favorable regulatory environments.
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Technology Segmentation

Based on technology, the Heat Pump Market is categorized into six categories: Air-to-Air Heat Pumps, Air-to-Water Heat Pumps, Water Source Heat Pumps, Ground-Source (Geothermal) Heat Pumps, Hybrid Heat Pumps, and Photovoltaic-Thermal (PVT) heat pumps. The Air-to-Air is expected to be the largest segment. The growing demand for remote monitoring and control is expected to drive growth in this market. Escalating energy prices encourage consumers to seek energy-efficient solutions like air-to-air heat pumps to reduce their utility bills.

Refrigerant Segmentation

Based on the refrigerant, the Heat Pump Market is segmented into six categories: R410A, R407C, R744, R290, R717, and Other Refrigerants. Demand for R410A heat pumps in new construction projects, including residential and commercial buildings, can be influenced by factors such as construction activity levels and building codes. Furthermore, the versatility and reliability of R410 heat pumps contribute to their market dominance. These systems are capable of providing both heating and cooling functionalities, making them ideal for a wide range of applications across various climates and building types. Whether it's residential complexes, commercial buildings, or industrial facilities, R410 heat pumps offer efficient and environmentally friendly temperature control solutions.

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Regional Analysis

Asia Pacific is expected to be the largest region in the Heat Pump Market during the forecast period. The growth of residential construction projects in urban and suburban areas is a significant driver for the increasing demand for heat pumps in the Asia Pacific region. As cities expand and populations rise, there's a continuous need for new housing developments to accommodate the influx of residents. This surge in residential construction translates into a heightened demand for efficient heating and cooling solutions to ensure comfort and energy savings for homeowners.

Key Players

Some of the major players in the Heat Pump Companies are SAMSUNG (South Korea), DENSO CORPORATION (Japan), Midea (China), Panasonic Holdings Corporation (Japan), and Mitsubishi Electric Corporation (Japan).

Why Fuel Cell Generator are Gaining Traction in Renewable Energy

The global Fuel Cell Generator market is projected to reach USD 2.1 billion in 2030 from USD 0.4 billion in 2023 at a CAGR of 25.4% from 2023 to 2030 according to a new report by MarketsandMarkets™. Fuel cell generators are advanced energy devices that convert chemical energy from a fuel source, typically hydrogen, into electricity through an electrochemical process. These generators consist of various components, including an electrolyte, an anode, a cathode, and a catalyst. Additionally, FCG comprises fuel cell stacks and other balance of plant (BoP) system components such as a container, a power inverter, ultracapacitors, a cooling system, a fuel storage system, a system controller, and a data acquisition equipment. Hydrogen is the most typical fuel used in fuel cell generators, while other fuels can also be utilized. Depending on the precise type of fuel cell technology being used, other fuels like methanol or ammonia can also be utilized.

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The increasing demand for reliable and uninterrupted power supply serves as a significant driver for fuel cell generators. In today's modern society, a constant and dependable power supply is crucial for various sectors and applications, including residential, commercial, industrial, and critical infrastructure. Traditional power sources often face challenges such as grid instability, frequent outages, and limited capacity, which can disrupt operations and cause significant economic losses. Fuel cell generators offer a reliable alternative by providing a continuous and stable power source. With their ability to operate independently of the grid and provide power on-site, fuel cell generators ensure uninterrupted electricity supply, even in remote locations or during grid failures. This growing need for dependable power provision drives the adoption of fuel cell generators across diverse industries, ensuring uninterrupted operations, improved productivity, and enhanced reliability in power supply.

Hydrogen: The largest segment of the fuel cell generator, by fuel type

Hydrogen has the highest energy density per unit mass of any fuel, providing a high amount of energy for a given volume. This characteristic allows for compact and lightweight fuel storage, making it suitable for various applications, including transportation. Additionally, Hydrogen fuel cells produce electricity through the electrochemical reaction of hydrogen and oxygen, with the only byproduct being water vapor. Hydrogen fuel cells have zero greenhouse gas emissions and do not contribute to air pollution, making them a clean and environmentally friendly energy source.

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North America is expected to be the largest region in the Fuel Cell Generator Industry

North America is expected to be the largest Fuel Cell Generator during the forecast period. The Fuel Cell Generator in the North America region is attributed to several factors. There is an increasing emphasis on reducing greenhouse gas emissions and transitioning towards clean energy sources. Fuel cell generators, with their ability to produce electricity without combustion and zero emissions, align with these sustainability goals and regulations. Additionally, government support through policies, incentives, and funding programs has encouraged the deployment of fuel cell technology. Initiatives such as tax credits, grants, and research funding have incentivized businesses and organizations to invest in fuel cell generators.

The fuel cell generator industry has been estimated by adding the revenues generated by the global companies manufacturing fuel cell generators. Some of the major players in the Fuel Cell Generator Companies are Bloom Energy (US), Doosan Fuel Cell Co., Ltd. (South Korea), Ballard Power Systems (Canada), ABB (Switzerland), and Loop Energy Inc. (Canada). The major strategies adopted by these players include sales contracts, agreements, alliances, partnerships, acquisitions, and expansions.

Building Integrated Photovoltaic Market worth $27.41 Billion by 2029

The global Building Integrated Photovoltaic Market in terms of revenue was estimated to be worth $12.49 billion in 2024 and is poised to reach $27.41 billion by 2029, growing at a CAGR of 17.0% from 2024 to 2029 according to a new report by MarketsandMarkets™.

Roofing Application is expected to be the largest-growing segment during the forecast period.

The Application segment is further bifurcated into 3 types: Roofing, Facades and Externally Integrated Systems. The Roofing segment is expected be the largest growing market. In this aspect, since many building codes and regulations require or recommend renewable energy systems, roofing is more likely to be the easiest and most compliant area for: BIPV systems are easy to retrofit onto an existing building, making it practical for older structures to utilize renewable energy capabilities without much structural alteration. Installing BIPV roofing might be more affordable than installing facades or externally attached systems because the expense for traditional roofing materials is replaced with solar technology, lowering the overall building cost. Enthusiasm for more green and sustainable buildings has led to an interest in BIPV roofing in which this roofing solution makes a significant contribution to a variety of different energy efficiency and sustainability targets.

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Crystalline silicon technology is expected to be the largest-growing segment during the forecast period.

Based on technology, the segment is bifurcated into two types such as Crystalline silicon and thin film. The crystalline silicon technology is expected to drive the market. This is due to the efficiency rates of crystalline silicon solar cells are higher, especially for the monocrystalline types, than those for thin-film technologies. This makes it more efficient at transcribing light into electricity and better at providing energy output in a small area, as available on building surfaces. Crystalline silicon is an established technology applied widely in the solar industry. Its long history of reliability and performance record gives it an edge over other newer or less well-proven technologies like thin film, which would make it a more secure option for large-scale BIPV projects. Global crystalline silicon solar panel production capacity is far higher than that of thin film technologies. Such broad availability ensures better access to c-Si products and makes it possible to produce them in quantity, thus meeting growing demand in the BIPV market.

Asia Pacific is expected to be the Fastest growing region during the forecast period.

Most countries in this region have very good climatic conditions in terms of solar energy, with most parts receiving high levels of radiation. This makes BIPV a very viable and efficient way for the generation of renewable energy directly from building surfaces. This simply implies that the demand for BIPV systems forming part of smart building designs in smart city development across the Asia Pacific, enshrining the goals of energy efficiency and sustainability, is on the rise. With robust economic growth in the Asia Pacific region, investments in sustainable infrastructure and renewable energy projects, inclusive of BIPV in commercial, industrial, and residential building applications, will keep on increasing. Countries in the Asia Pacific are increasingly adopting green building standards and certifications, such as China's Green Building Evaluation Standard and India's GRIHA. These standards encourage the integration of renewable energy solutions like BIPV. Countries such as China and India, situated in the Asia Pacific region, have rapid urbanization. On the other hand, the growth of urban areas increases construction activity accordingly, within which BIPV is integrated into new buildings and infrastructure projects.

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Key Players

Some of the major players in the Building Integrated Photovoltaic Market are LONGi (China), JinkoSolar (China), JA SOLAR Technology Co.,Ltd. (China), AGC Inc. (Japan), and Canadian Solar (Canada) among others. The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, partnerships, joint ventures, collaborations, investments, and expansions.