The Global Direct Air Carbon Capture Technology market is projected to grow at an astronomical rate due to burgeoning demand for energy and rising application in the oil & gas sector. Carbon capture technology is gaining popularity as it prevents the release of carbon dioxide (CO2) into the atmosphere. The surging use of fossil fuels for various industrial processes such as in cement, steel, and power generation industries has increased CO2 emission which led to ozone layer depletion and climate change has fueled the demand for DAC capture technology. Besides this, companies are using this technology to convert captured CO2 into a useable transportation fuel such as clean gasoline, diesel, and jet fuel. Hence, this is projected to upsurge the growth of the market in the forecast period.
Key questions answered in the study:
According to MarkNtel Advisors’ research report “Global Direct Air Carbon Capture Technology Market Analysis, 2021”, the market is anticipated to grow at a subsequent CAGR during 2021-26. Based on Collector, More than 10 collectors is expected to grow at the highest CAGR by 2026. However, less than 10 collectors dominated the global direct air carbon capture market in 2019.
“Global Direct Air Carbon Capture Technology Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Direct Air Carbon Capture Technology providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America Acquired the Majority Market Share
North America acquired the majority market share in the Global Direct Air Carbon Capture Technology market in 2019. The US acquired the majority market share in the North America market. The growth is attributed to increasing investment by the giant companies in this technology, burgeoning investment by the government and private investor for research and rising funding by the government in the deployment of carbon capture and utilization projects. The U.S. Department of Energy (DOE) awarded USD13.5 million for Direct Air Capture Research. Besides this, increasing use of advanced technology to capture and store CO2 and the presence of giant market players are expected to promulgate the growth of the Direct Air Carbon Capture Technology Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Direct Air Carbon Capture Technology Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Direct Air Carbon Capture Technology market are Carbon Engineering, Ltd., Skytree, Climeworks AG, Oak Ridge National Laboratory, Soletair Power, Global Thermostat LLC, National Energy Technology Laboratory, Synhelion, Infinitree LLC etc.