Carbon Dioxide Removal Market Introduction and Overview
According to SPER Market Research, the Global Carbon Dioxide Removal Market is estimated to reach USD 6.58 billion by 2034 with a CAGR of 18.55%.
The market is expanding rapidly as a result of increased investment in carbon-capture and storage technology. Direct air capture technology, in particular, is gaining popularity as a potential way to reduce greenhouse gas emissions. Another important factor driving companies and governments to seek long-term solutions to climate change is the permanence of carbon storage technologies. The financial sector is also taking note, with some companies pledging billions of dollars to fund carbon-reduction initiatives. This market trend research report dives into the factors driving this increase and offers predictions for the future of carbon dioxide removal.
By Technology: Direct air capture, afforestation & reforestation, soil carbon sequestration, bioenergy with carbon capture and storage, ocean-based CDR, and accelerated weathering are the technological categories that make up the global carbon dioxide removal (CDR) market. Given that direct air capture may be used anywhere, it appears that this sector, which accounted for about 67% of worldwide market revenue in 2023, is expected to grow throughout the following eight years at the quickest rate. In addition, oil recovery and the usage of collected carbon dioxide in carbonated beverages will propel the segment's expansion.
By Application: The global carbon dioxide removal (CDR) market is separated into sectors for consumer goods, energy, transportation, and industry based on the applications. According to the analytical timeline, the industrial segment—which held a dominant global industry share in 2023—is expected to play a significant role in segmental expansion. This could be due to rising carbon emissions from sectors including steel, cement, and chemicals.
By Region: North America, which accounted for the worldwide carbon dioxide removal market size in 2023, is expected to develop a dominant position in the global market throughout the analysis period. Furthermore, the regional market growth in the coming years could be attributed to favorable government programs in countries such as Canada and the United States, such as tax breaks and carbon pricing. Furthermore, an increase in government and corporate sector funding in CDR research efforts will accelerate regional market growth in the next years.
Recent Developments:
- In October 2022: Carbon Engineering Ltd. and Occidental Petroleum Corp. began building of a carbon removal plant in the Permian Basin of the United States. Using direct air capture technology, the plant would be capable of removing 500,000 tons of CO2 from the environment each year.
- In October 2022: The first commercial direct air capture facility in the world, located in Hinwil, Switzerland, is where Climeworks finished commercial operations for their first-generation technology. The venture would assist the company in sharpening its focus and achieving gigatons of CO2 by 2050.
- In April 2021: Thermostat consented to provide the Haru Onie Fuels pilot facility in Chile with DAC equipment. The facility will capture carbon dioxide and use electrolytic hydrogen to produce synthetic fuel. An estimated 250 kilogram of CO2 will be captured every hour by the facility.
Market Competitive Landscape:
The Global Carbon Dioxide Removal Market is highly consolidated. Some of the market players are Aker Carbon Capture, AirCapture, Calix Limited, CarbonCapture Inc., CarbonCure Technologies, Carbon Engineering, CarbonFree, Charm Industrial, Climeworks AG, Drax Group
Fervo Energy, Heirloom Carbon, LanzaTech Noyaand and others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2021-2034 |
| Base year considered | 2024 |
| Forecast period | 2025-2034 |
| Segments covered | By Technology, By Application. |
| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe. |
| Companies Covered | Aker Carbon Capture, AirCapture, Calix Limited CarbonCapture Inc., CarbonCure Technologies Carbon Engineering, CarbonFree, Charm Industrial, Climeworks AG, Drax Group Fervo Energy, Heirloom Carbon, LanzaTech Noyaand and others. |
Key Topics Covered in the Report:
- Global Carbon Dioxide Removal Market Size (FY’2021-FY’2034)
- Overview of Global Carbon Dioxide Removal Market
- Segmentation of Global Carbon Dioxide Removal Market By Technology (Direct Air Capture, Afforestation & Reforestation, Soil Carbon Sequestration, Bioenergy With Carbon Capture and Storage, Ocean-Based CDR, Enhanced Weathering)
- Segmentation of Global Carbon Dioxide Removal Market By Application (Consumer Products, Energy, Transport, Industrial)
- Statistical Snap of Global Carbon Dioxide Removal Market
- Expansion Analysis of Global Carbon Dioxide Removal Market
- Problems and Obstacles in Global Carbon Dioxide Removal Market
- Competitive Landscape in the Global Carbon Dioxide Removal Market
- Details on Current Investment in Global Carbon Dioxide Removal Market
- Competitive Analysis of Global Carbon Dioxide Removal Market
- Prominent Players in the Global Carbon Dioxide Removal Market
- SWOT Analysis of Global Carbon Dioxide Removal Market
- Global Carbon Dioxide Removal Market Future Outlook and Projections (FY’2025-FY’2034)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Carbon Dioxide Removal Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Carbon Dioxide Removal Market
7. Global Carbon Dioxide Removal Market, By Technology (USD Million) 2021-2034
7.1. Direct Air Capture
7.2. Afforestation & Reforestation
7.3. Soil Carbon Sequestration
7.4. Bioenergy With Carbon Capture and Storage
7.5. Ocean-Based CDR
7.6. Enhanced Weathering
8. Global Carbon Dioxide Removal Market, By Application (USD Million) 2021-2034
8.1. Consumer Products
8.2. Energy, Transport
8.3. Industrial
9. Global Carbon Dioxide Removal Market (USD Million) 2021-2034
9.1. Global Carbon Dioxide Removal Market Size and Market Share
10. Global Carbon Dioxide Removal Market, By Region, (USD Million) 2021-2034
10.1. Asia-Pacific
10.1.1. Australia
10.1.2. China
10.1.3. India
10.1.4. Japan
10.1.5. South Korea
10.1.6. Rest of Asia-Pacific
10.2. Europe
10.2.1. France
10.2.2. Germany
10.2.3. Italy
10.2.4. Spain
10.2.5. United Kingdom
10.2.6. Rest of Europe
10.3. Middle East and Africa
10.3.1. Kingdom of Saudi Arabia
10.3.2. United Arab Emirates
10.3.3. Qatar
10.3.4. South Africa
10.3.5. Egypt
10.3.6. Morocco
10.3.7. Nigeria
10.3.8. Rest of Middle-East and Africa
10.4. North America
10.4.1. Canada
10.4.2. Mexico
10.4.3. United States
10.5. Latin America
10.5.1. Argentina
10.5.2. Brazil
10.5.3. Rest of Latin America
11. Company Profile
11.1. Aker Carbon Capture
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. AirCapture
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Calix Limited
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. CarbonCapture Inc.
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. CarbonCure Technologies
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Carbon Engineering
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. CarbonFree
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Charm Industrial
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. Climeworks AG
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Drax Group
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. Fervo Energy
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. Heirloom Carbon
11.12.1. Company details
11.12.2. Financial outlook
11.12.3. Product summary
11.12.4. Recent developments
11.13. LanzaTech
11.13.1. Company details
11.13.2. Financial outlook
11.13.3. Product summary
11.13.4. Recent developments
11.14. Noya
11.14.1. Company details
11.14.2. Financial outlook
11.14.3. Product summary
11.14.4. Recent developments
11.14.5.
11.15. Others
12. Conclusion
13. List of Abbreviations
14. Reference Links
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
