Press Release

Carbon Dioxide Removal Market to Prosper Due to Decarbonization Initiatives by the Government

The Global Carbon Dioxide Removal Market is projected to grow at a CAGR of around 18.26% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market is currently in its early stages & is anticipated to supplement in the coming years. The market growth imputes to the combined efforts of countries & companies, aiming to limit greenhouse gas emissions & meet their climate goals. The escalating consequences of carbon emissions, such as climate change & biodiversity loss, have amplified the urgency to address this issue. Also, governments worldwide are placing an increasing emphasis on environmental protection & adopting measures to mitigate the growth of global warming to achieve carbon neutrality by 2050.

The world is confronted with an urgent imperative to halt the upward trajectory of atmospheric greenhouse gas (GHG) levels & mitigate the severe impacts of climate change. The limited progress achieved in swiftly reducing global GHG emissions in recent years has prompted countries to acknowledge the indispensable role of CDR. This, in turn, concedes ambitious climate targets, such as transitioning to a net zero GHG economy by 2050. In pursuit of these goals, the Fossil Energy and Carbon Management (FECM) is prioritizing the widespread implementation of diverse CDR approaches.

Hence, this strategic focus aims to enable the removal of gigatonne-scale quantities of carbon in the years ahead. Such initiatives serve to raise awareness regarding the crucial significance of curtailing carbon dioxide emissions, as they constitute a substantial portion of the overall greenhouse gas emissions, which would fuel the market growth in the forecast years, further states the research report, “Global Carbon Dioxide Removal Market Analysis, 2023.”

Direct Air Capture (DAC) to Push the Demand for Carbon Dioxide Removal Infrastructure

Based on the technology, the market is divided into Direct Air Capture, Biochar, Enhanced Mineralization, Ocean Alkalization, and others. The Carbon Dioxide Removal Market is experiencing a significant surge in demand for the Direct Air Capture (DAC) segment owing to its ability to capture carbon directly from emission sources by providing location flexibility that appeals to various industries. DAC technologies are designed to extract CO2 directly from the atmosphere, allowing for its permanent storage in deep geological formations, thus achieving effective carbon dioxide removal (CDR).

The remarkable potential of DAC for CO2 removal, particularly when compared to alternative methods, coupled with its high storage permanence & minimal land & water footprint, has contributed to the rapid growth of this market. Furthermore, the option of utilizing the captured CO2 in processing industries like food processing or combining it with hydrogen to generate synthetic fuels is predicted to drive the adoption of DAC in the coming years, therefore contributing to the Global Carbon Dioxide Removal Market growth.

North America to Become a Prominent Market

Geographically, North America is estimated to generate significant demand for carbon dioxide removal technology in the forecast years. This attributes to the large-scale presence of research agencies, academic institutions, and government organizations like Columbia University, Woods Hole Oceanographic Institution, etc., which are constantly working to come up with advanced solutions for CDR in the region. The country is witnessing growth in the number of partnerships, collaborations, and associations between these parties to improve the rate of CDR done by different industries & thereby raise the sustainability level of North America. Additionally, enriching investments & the number of projects related to carbon capture to support the fight against climate change would enlarge the demand graph of the Global Carbon Dioxide Removal Market from this region during 2023-28.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Climeworks AG, Global Thermostat, Carbon Engineering Ltd., Mitsubishi Heavy Industries, Cella Mineral Storage, Shell, Arca Climate, ExxonMobil, Carbon Clean Solutions, Equinor, Carbofex Ltd., Carbon Cure Technologies Inc., Blue Planet System, Bessume Energy AB, and Others (Oregon Biochar Solutions, Charm Industrial, etc.), are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?