InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Carbon Dioxide Removal Market Size, Share & Trends Analysis Report By Technology Type (Biochar, Direct Air Capture (DAC), Enhanced/Carbon Mineralization, Ocean Alkalinization) And Application (Finance Sector, The Technology Sector)- Market Outlook And Industry Analysis 2031″
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The global carbon dioxide removal market is estimated to reach over USD 2073.41 million by 2031, exhibiting a CAGR of 17.73% during the forecast period.
Many governments are making significant investments in the creation of innovative substitutes to effectively capture carbon from various sources. The organizations concentrate on gathering information on potential new sites for the storage and use of sequestered gases.
They support the creation of several carbon capture technologies as well. For instance, the FLExible Carbon Cature and Storage (FLECCS) project will get a grant from the U.S. Department of Energy (DoE) of USD 11.5 million in July 2020. The program intends to support new natural gas power generation systems and upgrade existing buildings that urgently require carbon capture and sequestration.
Additionally, enhanced oil recovery (EOR) is a tertiary oil recovery process utilized to recover over 65% of the total recoverable oil in place not produced through primary and secondary phases. The market for carbon capture and storage is being driven by increased efforts to reduce the maximum levels of carbon dioxide produced by the production and use of fossil fuels.
List of Prominent Players in the Carbon Dioxide Removal Market:
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 Sysems
Pacific Biochar Benefit Corporation
HEIMDAL
Charm Industrial
Market Dynamics:
Drivers-
Many countries have put up stringent action plans to control climate change and reduce overall carbon emissions over the short and long term. The market size is expected to be further complemented by stringent initiatives to track and reduce greenhouse gas (GHG) emissions from power-producing plants. As an effect, the International Energy Agency (IEA) reported in February 2020 that worldwide energy-related CO2 emissions grew to 33.3 Giga-tons (G.T.) in 2019 from 32.2 GT in 2015, demonstrating an increase of more than 3.4% in just five years.
Challenges:
The growth of the carbon capture and sequestration business may be hampered by the need for significant capital expenditure to put up large-scale systems. To keep systems operating at their best, the projects also require significant annual operations expenses. Moreover, the ability of high-capacity plants to capture many MTPA of CO2 also resticts the spread of technology across different nations. Additionally, chances for maximizing hydrocarbon output through CO2-based EOR activities have declined as a result of the sudden drop in global crude oil prices.
Regional Trends:
The North America Carbon Dioxide Removal Market is expected to register a major market share in terms of revenue and is projected to expand at a high CAGR in the near future. The growth in substantial investments made in various R&D projects and numerous high-capacity CCS units exist. The regional expansion has also benefited from financial initiatives by local governments in the area. The introduction of new projects, inexpensive drilling for injection wells, and significant storage capacity in enormous subsurface formations are further essential aspects boosting the prognosis for the region.
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Recent Developments:
In October 2022, Carbon Egineering Ltd. and Occidental Petroleum Corp built a carbon removal facility in the U.S. Permian Basin. The facility would be able to use direct air capture technology to remove 500,000 tons of carbon dioxide from the environment every year.
Segmentation of Carbon Dioxide Removal Market-
By Technology Type-
Biochar
Direct Air Capture (DAC)
Enhanced/Carbon Mineralization
Ocean Alkalinization
Others
By Carbon Credit Buyer-
Finance Sector
Technology Sector
Others
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of the Middle East and Africa
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