Covina, July 24, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the study concludes that the global direct air carbon capture technology market size and share is expected to grow at a CAGR of 40.4% between 2024 and 2034. The market revenue of USD 93.1 Million in 2024 is expected to grow up to USD 2046.3 Million by 2034.
Direct Air Carbon Capture Technology Market Report Overview
Carbon dioxide can be filtered out of the air more efficiently than ever using Direct Air Carbon Capture. The technology makes use of chemical processes to select CO2 molecules in the atmosphere, capture them, and store them underground or make them useful for any other process. The captured CO2 is subsequently put to use in multiple applications or stored permanently in deep geological formations. Recently, direct air carbon capture technology companies have been in the limelight of interest and investment as the world intensifies its campaigns on climate change. A growing number of companies, investors, and governments are beginning to recognize that DAC is among the essential tools for GHG reduction and achieving carbon neutrality.
Another driver for direct air carbon capture technology is the urge to arrive at net-zero emissions and the urgency in terms of climate change. Government policies encouraging carbon capture and storage, together with corporate sustainability targets, also support the growth in this market. On the contrary, high initial costs, limited large-scale implementations, and the requirement for efficient and renewable energy sources to power the capture systems constitute no constraints. Even amidst all of this, there still exist opportunities to be derived from creating CO2 usage pathways, technology improvements that are making collection less costly, and probable future regulations calling for the removal of carbon.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Direct Air Carbon Capture Technology Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Climeworks
- Carbon Engineering ULC
- Sunfire GmbH
- Global thermostat
- Soletair Power
- Heirloom Carbon Technologies
- Skytree
- Synhelion
- Oak Ridge National Laboratory
- Noya PBC
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Analyst View:
Direct Air Carbon Capture (DAC) is an aggressive technology that filters out carbon dioxide directly from the air using chemical processes efficiently, driven by the need to meet net-zero emission targets and the urgency of climate change. An investment-inducing DAC industry will be pursued, realizing the technology's wide support from government policies and corporate sustainability commitments, inviting great opportunities in this sector in terms of impelled high-tech employment and potent clean-energy use. Examples of such conquests include high upfront costs and the immediate need for extremely energy-efficient and renewable sources to power DAC, a relatively constrained number. The Paris Agreement acknowledges the role of DAC technologies in climate goals, and advancement in this technology, in the coming future, is likely to bring down the levels of energy and boost efficiency.
Market Dynamics:
Drivers:
Mitigation of Climate Change
- The Paris Agreement acknowledges the role technologies for negative emissions will play in meeting these climate targets, such as Direct Air Capture. Heavy net-zero emissions commitments by countries and companies, requiring both the removal of a certain amount of already-emitted CO2 and decreased emissions, are made. As time continues ticking, with the effects of climate change only getting worse, solutions like DAC become more and more urgent.
Improvements in Technology and Cost Savings
- With advances in Direct Air Capture technology, efficiency is increased and energy use is reduced. The capture cost will likely go down when this sector grows, through manufacturing economies of scale and deployment. Also, increasing the supply of renewable energy sources, solar and wind, will make the plants of DAC run more cheaply.
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Market Trends:
Compensating for inevitable emissions
- DAC can also offset hard or impossible-to-reduce emissions, such as those emanating from long-haul flights, the manufacturing of steel, and cement. In these sectors, emissions are likely to continue for quite a long time into the future, even with extraordinary improvements in energy efficiencies or a massive extension of renewable energies. Therefore, DAC may serve as a useful offset for emissions of this kind toward achieving net-zero targets.
Segmentation:
Direct Air Carbon Capture Technology Market is segmented based on Technology Type, Application, and Region.
Technology Type Insights
- Due to its modular and stackable design, which cuts up-front deployment costs and enables continuous development, Solid-DAC is bound to spread out significantly. It works exemplary in arid regions where there is a dearth of water. Liquid-DAC absorbs CO2 for processing in liquid solutions. Though effective, this method consumes more energy during regeneration. Electrochemical-DAC technology may select, collect, and concentrate CO2 from the air, but industrial-scale use may have associated problems. This means these systems are far more effective in separating CO2 and can be run at lower temperatures.
Application Insights
- Carbon capture and storage will be the largest industry in the future, involving underground storage from geological formations to mitigate carbon emissions. In contrast, carbon capture, utilization, and storage systems utilize the CO2 captured from the DAC systems in their production of products such as construction materials, chemicals, and fuels that can be sequestered or stored.
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Recent Development:
- In May 2024, Iceland's 'Mammoth' raises the potential for carbon capture. Mammoth, the largest carbon dioxide capture and storage facility of its kind, launched operations this week situated on a dormant volcano in Iceland. With Mammoth's 72 industrial fans, Swiss start-up Climeworks intends to suck 36,000 tonnes of CO2 from the air annually to bury underground, vying to prove the technology has a place in the fight against global warming.
Regional Insights
- North America: Though the technology for DAC is still relatively new in North America, it has already shown promise for CO2 capture on an annual basis. In November 2023, Heirloom Carbon Technologies opened the world's first commercial DAC facility in Tracy, California. In 2023, the US Department of Energy disclosed its intention to construct two large-scale DAC projects in the states of Texas and Louisiana. The 2022 Inflation Reduction Act also provided an increase in the 45Q tax credit for DAC. Although it is expensive and there are problems with scaling, theoretically, on paper, DAC has enormous potential for climate change mitigation.
- Europe: Although DAC technology is still at a very early stage of development, quite a number of businesses and research institutes in Europe are developing it and applying it. The 4,000 tonnes of CO2 that Climeworks' Orca facility in Iceland absorbs each year is the continent's only commercial DAC plant. Pilot plants and ongoing research projects include Climeworks' project to capture 100,000 tonnes annually in Iceland and Carbon Engineering's building of a DAC plant that can collect up to 1 million tonnes annually in Canada. Touted to be an emerging technology in mitigating climate change, DAC is an industry riddled with high costs and the need for reliable renewable energy.
Browse Detail Report on "Direct Air Carbon Capture Technology Market Size, Share, By Technology Type (Solid-DAC, Liquid-DAC, and Electrochemical-DAC), By Application (Carbon Capture and Storage (CCS), and Carbon Capture, Utilization, and Storage (CCUS)), By End- User Industry (Energy, Transportation, Industrial, Agriculture, and Others), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/direct-air-carbon-capture-technology-market-5472
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