Direct Air Carbon Capture Technology is used to capture carbon dioxide directly from the surrounding air and converting carbon dioxide to fuels and other chemicals to improve the environmental conditions and climate change.
Enhance oil recovery (EOR) Accounted for Considerable Market Share
Based on the Application, Enhance Oil Recovery (EOR) accounted for considerable market share in the Global Direct Air Carbon Capture Technology Market in the past few years due to increasing investments by the energy industry in DAC (Direct Air Capture) projects to upscaling in capacity and scale down in costs. Besides this, CO2 is a displacing agent for the enhancement of oil recovery techniques. The storage of CO2, particularly in transportation pipelines of oil & gas industries, is another crucial factor likely to fuel the overall market growth in the coming years, reveals MarkNtel Advisors in their research report, “Global Direct Air Carbon Capture Technology Market Analysis, 2021.”
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-20|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain, Norway|
|Asia-Pacific: China, India, Japan, South Korea, Australia, Indonesia, Malaysia, Vietnam|
|South America: Brazil, and Argentina|
|Middle East & Africa: GCC, Egypt, Nigeria, South Africa|
|Key Companies Profiled||Carbon Engineering, Ltd., Skytree, Climeworks AG, Oak Ridge National Laboratory, Soletair Power, Global Thermostat LLC, National Energy Technology Laboratory, Synhelion, Infinitree LLC., etc|
|Unit Denominations||USD Million/Billion|
According to MarkNtel Advisors’ research report, “Global Direct Air Carbon Capture Technology Market Analysis, 2021”, the market is likely to grow at a significant CAGR during 2021-26F due to the increasing inclination of governments worldwide to curb GHG and CO2 emissions. The technology captures and stores CO2, which can be well-used to enhance oil recovery or make products, such as chemicals, fuels, and cement. The adoption of carbon-neutral targets by countries to achieve net-zero greenhouse gas emissions by 2050 and the adoption of technology for customers across industries has propelled the market growth.