Forestry & Landuse Carbon Credit Industry-Regional Synopsis
North American Market Forecast
North America industry is expected to account for largest revenue share of 35% by 2037 . This growth of the market is set to be dominated by the growing production of timber production. For instance, the wood industry in the United States of America manufactured over 63,416 thousand m3 of softwood lumber in 2021. Furthermore, the housing industry is also significantly relying on wood in this region on account of growth in a change in customer preference. As a result, the clearance of forests is rising which is why strict rules have been imposed by the government. Therefore, the adoption of forestry & landuse carbon credit is set to rise in this region. Moreover, this region is also highly prone to wildfire. Consequently, such an event has caused huge damage to the forest. As a result, the need for forestry & landuse carbon credit is predicted to rise in order to initiate reforestation.
European Market Analysis
The Europe market for forestry & landuse carbon credit is also set to have notable growth in the revenue over the coming years. This growth is set to be dominated by growing urbanization in this region. Urban growth causes the conversion of forests into commercial spaces, and residential areas, along with infrastructure projects, which are becoming a major factor for deforestation. The development of highways, roads, and industrial zones often requires cutting of large swaths of forests, hence influencing habitat loss and fragmentation. Hence, the need for forestry & land carbon credit is growing in this region. Furthermore, the population in this region is becoming aware of the adverse effects of excessive deforestation. As a result, in order to have a reputative presence in the region, organizations are working towards sustainable practices. Therefore, the market for forestry & landuse carbon credit is predicted to observe growth in this region.
