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Carbon Trading Market Size, Share and Forecast 2026-2036

The global carbon trading market is worth USD 927 bn in 2026 and is forecast to reach USD 1.7 tn by 2036, growing at a 6.5% CAGR. Germany is the largest country market and Compliance allowances is the largest by market type segment.

USD 927 bnMarket size 2026
USD 1.7 tnForecast 2036
6.5%CAGR 2026-2036
GermanyLargest country

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5 segmentation views25 countries2026 to 2036 yearly forecast

Market overview

The global carbon trading market is worth USD 927 bn in 2026 and is forecast to reach USD 1.7 tn by 2036, growing at a 6.5% CAGR. Germany is the largest country market and Compliance allowances is the largest by market type segment.

ScopeValue of emission allowances and carbon credits traded in compliance systems and voluntary markets, including EU, UK, North American, Chinese and Korean allowances and offsets.
IndustryServices and Utilities
Value 2025USD 870 bn
Value 2026USD 927 bn
Value 2036USD 1.7 tn
CAGR 2026-20366.5%
Volume 202612,884 million tonnes of CO2 equivalent
Volume 203618,893 million tonnes of CO2 equivalent
Average price 2026USD 71.9 per tonnes of CO2 equivalent
Report priceStarts from USD 1,999
PublishedNovember 2026

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Carbon Trading market size and forecast, 2026-2036

Exhibit 1The global carbon trading market is forecast to grow from USD 927 bn in 2026 to USD 1.7 tn by 2036, a rise of 88%Global market value in USD: 2025 base year, 2026 estimate and forecast to 2036. CAGR 2026 to 2036: 6.5%
Carbon Trading market value, 2025 to 2036Market value by year. 2025: USD 870 bn; 2026: USD 927 bn; 2027: USD 987 bn; 2028: USD 1,051 bn; 2029: USD 1,119 bn; 2030: USD 1,192 bn; 2031: USD 1,269 bn; 2032: USD 1,352 bn; 2033: USD 1,440 bn; 2034: USD 1,533 bn; 2035: USD 1,633 bn; 2036: USD 1,739 bn. Compound annual growth rate 2026 to 2036: 6.5%.2025927 bn20261,269 bn20311,739 bn20366.5% CAGR

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

YearMarket value
2026USD 927 bn
2027USD 987 bn
2028USD 1,051 bn
2029USD 1,119 bn
2030USD 1,192 bn
2031USD 1,269 bn
2032USD 1,352 bn
2033USD 1,440 bn
2034USD 1,533 bn
2035USD 1,633 bn
2036USD 1,739 bn

Carbon Trading market segmentation

By market type

Exhibit 2Compliance allowances is the largest segment by market type, with 96.0% of 2026 revenueEstimated share of 2026 global revenue, by market type
Carbon Trading market share by market type, 2026Share of 2026 revenue by market type. Compliance allowances: 96.0%; Voluntary carbon credits: 3.0%; Article 6 and international credits: 1.0%.Compliance allowances96.0%Voluntary carbon credits3.0%Article 6 and international credits1.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Compliance allowances96.0%87.6%USD 889 bn5.5%
Voluntary carbon credits3.0%7.8%USD 27.8 bn17.1%
Article 6 and international credits1.0%4.6%USD 9.3 bn24.1%

By system

Exhibit 3EU ETS adds the most revenue by system, growing from USD 667 bn in 2026 to USD 1.2 tn by 2036Estimated revenue in USD by system, 2026 and 2036 forecast
Carbon Trading market by system, 2026 and 2036Revenue by system in 2026 and 2036. EU ETS: USD 667 bn in 2026, USD 1.2 tn in 2036, change +78%; Korea and other: USD 92.7 bn in 2026, USD 208 bn in 2036, change +125%; North America: USD 102 bn in 2026, USD 190 bn in 2036, change +87%; China ETS: USD 27.8 bn in 2026, USD 85.9 bn in 2036, change +209%; UK ETS: USD 37.1 bn in 2026, USD 66.0 bn in 2036, change +78%.20262036 forecastChangeEU ETS+78%667 bn1.2 tnKorea and other+125%92.7 bn208 bnNorth America+87%102 bn190 bnChina ETS+209%27.8 bn85.9 bnUK ETS+78%37.1 bn66.0 bn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
EU ETS72.0%68.3%USD 667 bn6.0%
North America11.0%10.9%USD 102 bn6.5%
UK ETS4.0%3.8%USD 37.1 bn6.0%
China ETS3.0%4.9%USD 27.8 bn11.9%
Korea and other10.0%12.0%USD 92.7 bn8.4%

By trading venue

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Exchange-traded50.0%50.0%USD 463 bn6.5%
Over-the-counter35.0%35.0%USD 324 bn6.5%
Auction-based15.0%15.0%USD 139 bn6.5%

By participant

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Compliance buyers58.0%54.9%USD 537 bn5.9%
Financial institutions22.0%22.8%USD 204 bn6.9%
Voluntary buyers20.0%22.3%USD 185 bn7.7%

By instrument

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Spot41.0%38.9%USD 380 bn5.9%
Futures46.0%46.8%USD 426 bn6.7%
Options and swaps13.0%14.3%USD 120 bn7.5%

Top 25 countries for carbon trading by revenue

Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 62.0% of 2026 revenue and the 25 countries below together hold 89.8%.

Exhibit 4Germany is the largest country market at USD 120 bn in 2026, and the three largest countries hold 28.0% of global revenueEstimated 2026 revenue in USD and share of the global market, ten largest countries
Carbon Trading market, ten largest countries in 2026Ten largest countries by 2026 revenue. Germany: USD 120 bn, 13.0%; Poland: USD 74.1 bn, 8.0%; Italy: USD 64.9 bn, 7.0%; France: USD 55.6 bn, 6.0%; Spain: USD 46.3 bn, 5.0%; Netherlands: USD 46.3 bn, 5.0%; United Kingdom: USD 46.3 bn, 5.0%; United States: USD 46.3 bn, 5.0%; China: USD 46.3 bn, 5.0%; South Korea: USD 27.8 bn, 3.0%.Germany120 bn 13.0%Poland74.1 bn 8.0%Italy64.9 bn 7.0%France55.6 bn 6.0%Spain46.3 bn 5.0%Netherlands46.3 bn 5.0%United Kingdom46.3 bn 5.0%United States46.3 bn 5.0%China46.3 bn 5.0%South Korea27.8 bn 3.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

#CountryValue 2026Share 2026Value 2036CAGR 2026-36
1GermanyUSD 120 bn13.0%USD 217 bn6.1%
2PolandUSD 74.1 bn8.0%USD 122 bn5.1%
3ItalyUSD 64.9 bn7.0%USD 111 bn5.5%
4FranceUSD 55.6 bn6.0%USD 95.7 bn5.6%
5SpainUSD 46.3 bn5.0%USD 80.0 bn5.6%
6NetherlandsUSD 46.3 bn5.0%USD 80.0 bn5.6%
7United KingdomUSD 46.3 bn5.0%USD 83.5 bn6.1%
8United StatesUSD 46.3 bn5.0%USD 87.0 bn6.5%
9ChinaUSD 46.3 bn5.0%USD 144 bn12.0%
10South KoreaUSD 27.8 bn3.0%USD 57.4 bn7.5%
11NorwayUSD 27.0 bn2.9%USD 50.1 bn6.4%
12SwedenUSD 27.0 bn2.9%USD 50.1 bn6.4%
13DenmarkUSD 27.0 bn2.9%USD 50.1 bn6.4%
14AustriaUSD 27.0 bn2.9%USD 50.1 bn6.4%
15BelgiumUSD 27.0 bn2.9%USD 50.1 bn6.4%
16FinlandUSD 26.1 bn2.8%USD 48.5 bn6.4%
17IrelandUSD 22.2 bn2.4%USD 43.8 bn7.0%
18SwitzerlandUSD 17.8 bn1.9%USD 33.0 bn6.4%
19Czech RepublicUSD 14.2 bn1.5%USD 26.4 bn6.4%
20Hong KongUSD 11.4 bn1.2%USD 22.4 bn7.0%
21SingaporeUSD 9.1 bn1.0%USD 19.8 bn8.1%
22United Arab EmiratesUSD 7.3 bn0.8%USD 15.8 bn8.0%
23MexicoUSD 5.8 bn0.6%USD 12.7 bn8.1%
24AustraliaUSD 4.6 bn0.5%USD 9.2 bn7.1%
25IsraelUSD 3.7 bn0.4%USD 8.2 bn8.2%
Rest of worldUSD 95.0 bn10.2%USD 170 bn6.0%
Exhibit 5China and Germany account for 24% of the USD 813 bn the market is forecast to add by 2036Forecast revenue added between 2026 and 2036 by country, in USD
Carbon Trading market, where the growth to 2036 comes fromRevenue added between 2026 and 2036. Market value 2026: USD 927 bn. China: +USD 98.0 bn; Germany: +USD 97.0 bn; Poland: +USD 47.6 bn; Italy: +USD 46.5 bn; United States: +USD 40.6 bn; 20 other countries: +USD 408 bn; Rest of world: +USD 75.5 bn. Market value 2036: USD 1.7 tn.Market value 2026927 bnChina+98.0 bnGermany+97.0 bnPoland+47.6 bnItaly+46.5 bnUnited States+40.6 bn20 other countries+408 bnRest of world+75.5 bnMarket value 20361.7 tn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

Competitive landscape

Group 1: Global leaders

  • Intercontinental Exchange
  • European Energy Exchange
  • CME Group
  • Xpansiv

Group 2: Regional and specialist players

  • Verra
  • Gold Standard
  • South Pole
  • Mercuria
  • Vitol
  • Korea Exchange
  • Nodal Exchange
  • Shanghai Environment and Energy Exchange
  • Trafigura

Group 3: Emerging and niche players

  • AirCarbon Exchange
  • ClimeCo
  • Carbon Trade Exchange
  • Evolution Markets
  • Climate Impact X
  • Toucan Protocol
  • Respira International

Research methodology

Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the carbon trading market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.

The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 6.5% is calculated from the resulting values.

The market is divided by market type, by system, by trading venue, by participant, by instrument. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.

Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.

Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.

Read the full research methodology

Frequently asked questions

How big is the carbon trading market?

The global carbon trading market is estimated at USD 870 bn in 2025 and USD 927 bn in 2026.

How fast will the carbon trading market grow?

It is forecast to reach USD 1.7 tn by 2036, a compound annual growth rate of 6.5% from 2026, an increase of USD 813 bn.

Which country is the largest market for carbon trading?

Germany is the largest market by revenue at USD 120 bn in 2026, 13.0% of the global total. The three largest countries together hold 28.0%.

Which country is growing fastest?

Among the ten largest markets, China is growing fastest at 12.0% a year from 2026 to 2036.

Which carbon trading segment is largest?

In the by market type split, Compliance allowances is the largest segment with 96.0% of 2026 revenue.

Who are the leading carbon trading companies?

Global leaders include Intercontinental Exchange, European Energy Exchange, CME Group, Xpansiv.

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