DUBLIN, March 15, 2016 /PRNewswire/ --
A new study has found the European Union industry received a USD 26.7 billion windfall through the emissions cap-and-trade program used to moderate emissions with pollution pricing. The study analysed 19 of the EU's 28 member countries, and found companies in the steel, petrochemical and cement industries benefited the most from the emissions trading system (ETS). The global emission monitoring systems market is expected to grow at a CAGR of 10.4% during the 2015-2020 period, according to a report available from Research and Markets. The findings in the study could have an effect on this market and result in a higher percentage than predicted if other regions consider implementing similar monitoring programs.
Launched in 2005, the ETS is the world's largest cap-and-trade program and has resulted in company pollution caps for more than 12,000 installations across Europe. Credits account for each metric ton of carbon dioxide emitted by the companies within the program. The credits are distributed for free or sold by governments, and a number of industrial companies have received additional free credits to prevent them from relocating to regions with looser emission rules, a practice known as 'carbon leakage'. The study was undertaken in part to disprove industry myths regarding carbon leakage, and to encourage the EU to move from awarding free permits to full auctioning.
The global carbon capture and storage market in energy is predicted to grow at a CAGR of 31.63% by 2019, as noted in an industry report. This strong growth should have a positive effect on the emissions monitoring systems market, as energy companies look to improve efficiency and avoid emission penalties.
The same can be said of carbon management software, used to help companies plan and implement emission strategies. The global carbon management software market is set to grow at a CAGR of 32.50% by 2019, as forecast in a market report. It's likely the aforementioned markets will see higher growth than predicted thanks to stringent emission regulations.
The study was conducted by CE Delft on behalf of environmental lobby Carbon Market Watch.
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SOURCE Research and Markets