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The global carbon dioxide removal market was valued at USD 600 million in 2023 and grew at a CAGR of 15% from 2024 to 2033. The market is expected to reach USD 2427.33 million by 2033. The increasing awareness about climate change will drive the growth of the global carbon dioxide removal market.
Carbon dioxide removal or CDR in short is the process of using technology and or the natural process of creating way for Carbon dioxide removal from the atmosphere to help address the problem of climate change. First of all, CO2 is well known to be influential in global warming, therefore efficient CDR strategies are important for climate goals that in particular focus on net-zero emissions. CDR can be broadly classified into two categories: methods and technologies of biological evolution. Biological methods rely on carrying out CO2 absorption naturally through biological processes. Of these, afforestation and reforestation are perhaps the most well-known, which involve the planting of trees and other vegetation to capture CO2 during photosynthesis. Further, soil carbon sequestration increases the stock of carbon in soil through better handling of the soil through different processes. Marine and coastal measures like seaweed cultivation and coastal restoration are also some other well-known processes. Technological processes include direct air capture (DAC). It is the most known technology that applies chemical methods to capture CO2 from the air. This captured CO2 can in turn be disposed in other underground reservoirs or used in other industrial applications like synthesis of hydrogen fuel. Carbon capture and storage (CCS) is another technological approach which targets CO2 emissions at facilities such as power plants and industries.
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The increasing climate change mitigation efforts – Climate change objectives and goals adopted by international bodies, national governments, organizations, and other governing bodies that seek to lower carbon emissions contribute to the growing need and demand for carbon dioxide removal. The global commitments of reducing carbon emissions and achieving carbon neutrality by 2050 to avoid the rise of global temperature beyond 1.5 degree Celsius that has been defined in the Paris Accord requires a drastic cut in carbon dioxide (CO2) and other greenhouse gases emissions. A systems approach is needed that includes managing emissions to achieve these objectives by utilizing and optimizing carbon dioxide removal (CDR) technologies. Moreover, majority of countries have created plans for climate action which contributes towards the increasing demand for CDR technologies. therefore, increasing climate change mitigation efforts will drive the global carbon dioxide removal market’s growth.
High implementation costs – Implementation costs and economies of scale are major factors that limit the applicability of carbon dioxide removal (CDR) technologies. The cost involved with the developmental and implementation of CDR solutions is high, especially so for technologies like DACCS and BECCS. These technologies involve a high initial cost of investment in infrastructure and equipment besides recurrent costs of usage which makes them unattractive to many investors and out of reach for many organizations. The high energy input cost especially for countries using fossil energy sources poses additional difficulties to these techniques hence hindering CDR technologies from matching the conventional carbon-emitting processes. Furthermore, scalability of CDR is also limiting the market’s growth. for instance, afforestation and reforestation, both excellent methods to capture carbon, can only be carried if large areas are available.
Technological advancements – New materials for the synthesis of DAC have been developed, including different sorbents and solvents that can enrich CO2 from the atmosphere more effectively and with less energy input. Scientists are analysing multiple methods- Solid Sorbent technology, use of Liquid amines and Chemical looping technique- to make the capture process economical. Also, more recent innovations in biotechnology have intensified work on better natural endogenous mechanisms in the process of carbon storage. For example, genetic engineering and synthetic biology are used on the improvement of the growth of plants and algae to enhance their ability to absorb CO2. Other technologies that are also being enhanced include bioenergy with carbon capture and storage BECCS which involves biomass energy production alongside CO2 capture and storage. There is a growing use of data analytical approaches and AI to build performance predictors across CDR technologies and optimise sites for storage, enhance the means of monitoring for enhanced storage safety. Therefore, technological advancements and innovations will contribute to the future development of the CDR market.
The regions analyzed for the market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America emerged as the most significant global carbon dioxide removal market, with a 37% market revenue share in 2023.
Several research institutes, start-ups and large companies for many types of CDR technologies, especially for DAC and CCS are present in the region. Positive regulatory policies, coupled with pledges of reaching a net zero emissions by mid-century, have encouraged activity and investment in CDR projects. In addition, North America possesses a large number of geologic repositories suitable for CO2 storage and well-developed energy infrastructure. The synergy between government authorities, commercial players, as well as research establishments reinforces North America’s position in the CDR market.
North America Region Carbon Dioxide Removal Market Share in 2023 - 37%
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The technology type segment is divided into Direct Air Capture (DAC), Bioenergy with Carbon Capture and Storage (BECCS), Afforestation and Reforestation, Soil Carbon Sequestration, Ocean-based Solutions, Mineralization, Carbon Capture and Storage (CCS), and Others. The Direct Air Capture (DAC) segment dominated the market, with a market share of around 34% in 2023. Direct Air Capture (DAC) is still relatively new technology takes out CO2 from the air, and is a key system in countering climate change. DAC systems employ chemistry to remove CO2 from the air, which may be then stored or used beneficially. First, DAC technology is on the increase with governments and private investors putting more funding into the technology. DAC provides the advantage of a modular solution that doesn’t need to be implemented in close proximity to emission sources like conventional approaches. This decentralization means that DAC systems can be accommodated within different geographical environments and is a key factor in making such systems scalable. Also, DAC is now seen as a critical tool to help states reach their net-zero targets.
The end user segment is divided into energy, agriculture, industrial, transportation, forestry, waste management, and others. The energy segment dominated the market, with a market share of around 38% in 2023. The energy sector is one of the highest users of carbon dioxide removal technologies because of its extensive engagement in emitting the greenhouse gases. Given that the energy sector is the single greatest source of CO2 emissions, especially from the burning of fossil fuels for electricity and heat production and industrial usage, it is under significant pressure to adapt sustainably. CDR technologies like the CCS and BECCS are used to reduce emissions and promote low-carbon economies. The use of these technologies goes a long way in lowering emissions and at the same time keeps the need for overhaul of existing fossil fuel infrastructure to embrace renewable energy a viable option. CDR technologies are set to assume a more prominent role in the energy sector as carbon budgets are progressively reduced worldwide. More and more stake holders view investments in these solutions as imperative for achieving the emissions targets effectively, energy security, combating climate change while not compromising economic stability.
Report Description:
| Attribute | Description |
|---|---|
| Market Size | Revenue (USD Million) |
| Market size value in 2023 | USD 600 Million |
| Market size value in 2033 | USD 2427.33 Million |
| CAGR (2024 to 2033) | 15% |
| Historical data | 2020-2022 |
| Base Year | 2023 |
| Forecast | 2024-2033 |
| Region | The regions analyzed for the market are Asia Pacific, Europe, South America, North America, and Middle East and Africa. Furthermore, the regions are further analyzed at the country level. |
| Segments | Technology and End User |
As per The Brainy Insights, the size of the global carbon dioxide removal market was valued at USD 600 million in 2023 to USD 2427.33 million by 2033.
Global carbon dioxide removal market is growing at a CAGR of 15% during the forecast period 2024-2033.
The market's growth will be influenced by the increasing climate change mitigation efforts.
High implementation costs could hamper the market growth.
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. The Brainy Insights has segmented the global carbon dioxide removal market based on below mentioned segments:
Global Carbon Dioxide Removal Market by Technology:
Global Carbon Dioxide Removal Market by End User:
Global Carbon Dioxide Removal Market by Region:
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