Dublin, Oct. 20, 2023 (GLOBE NEWSWIRE) -- The "Carbon Dioxide Removal Market - Global Carbon Dioxide Removal Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Technology Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies)" report has been added to ResearchAndMarkets.com's offering.
The global carbon dioxide removal (CDR) market is on the brink of substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 20% from 2023 to 2030. By the conclusion of this period, the market value is anticipated to soar to approximately US$1.5 billion, underlining the escalating urgency to combat climate change.
Addressing the Climate Crisis:
To achieve net-zero emissions targets and avert the dire consequences of global warming surpassing 1.5-2°C, the adoption of CDR technologies has become imperative. Climate models indicate that realizing the goals outlined in the Paris Agreement is nearly impossible without robust CDR efforts. Consequently, academia, governments, investors, businesses, and environmental organizations are increasingly interested and supportive. Anticipated government policies, increased investment, and stakeholder collaboration are expected to propel the expansion of the CDR market.
Market Dynamics:
While the CDR market exhibits immense promise, several challenges impede its growth. High energy costs associated with specific technologies and the absence of robust monitoring, reporting, and verification systems pose hurdles. Moreover, the role of CDR in the climate transition remains a topic of debate, emphasizing the need for well-regulated, predictable, and environmentally sound practices.
Key Report Findings:
- Growing Demand for Nature-based CDR Solutions: Nature-based solutions, particularly land-based ones, currently dominate the CDR supply due to their cost-effectiveness and maturity. However, their long-term sustainability and robust quantification methods are under scrutiny.
- Advancements in CDR Technology: Key players are leveraging business expansion, partnerships, collaborations, and joint ventures to advance CDR technologies. For instance, Occidental Petroleum Corp. and Carbon Engineering Ltd. are constructing a carbon removal plant using direct air capture technology, aiming to remove 500,000 tonnes of CO2 annually.
- Quality of CDR Solutions: Ensuring high-quality CDR solutions is crucial to avoid reputational risks and ensure the desired climate impact. Eight environmental integrity drivers play a pivotal role in determining carbon credits' quality.
Overview of Key Segments:
- Direct Air Capture (DAC) Technologies: Direct air capture is expected to hold a significant share of the CDR market in 2022. Investments are being made globally in DAC technology, with the potential to remove large amounts of CO2 from the atmosphere.
- Biochar: Biochar remains a prominent segment in the CDR market, produced through pyrolysis at high temperatures. Despite its long-lasting carbon sequestration potential, concerns about extensive production persist.
- Technology Sector: The technology category is set to rise significantly in the CDR market due to increasing projects and applications, including carbon capture and storage in enhanced oil recovery projects.
Growth Opportunities Across Regions:
- North America Dominates: North America continues to lead the CDR market, benefiting from government incentives, industry investments, and research and development initiatives. The United States, in particular, is actively promoting CDR technologies domestically and internationally.
- Europe's Growing Market: Europe's CDR market is experiencing significant growth, driven by government policies and increasing awareness of forestation. Certification and pricing structures for CO2 removals are creating opportunities for environmentally friendly technologies.
Competitive Landscape:
Leading players in the CDR market include Climeworks, Global Thermostat, Carbon Engineering Ltd., Arca, Cella Mineral Storage Inc., Bussme Energy AB, Carbofex Ltd., Oregon Biochar Solutions, Wakefield BioChar, Novocarbo GmbH, Carbicrete, Neustark Ag, Ebb Carbon, CarbonCure Technologies Inc., CarbonFree, Carbfix hf., Blue Planet Systems, Pacific Biochar Benefit Corporation, HEIMDAL, and Charm Industrial.
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