PMI
The “Direct Air Carbon Capture Technology Market” 2024 to 2034 covers segments by technology type (Solid DAC, Liquid DAC, Electrochemical DAC), by application (Carbon Capture and Storage (CCS), Carbon Capture, Utilization and Storage (CCUS)), by end-user industry (Energy, Transportation, Industrial, Agriculture, Others), and by region (2024-2034), perfectly combining market strategies and industrial expertise with cutting-edge technologies to give you the best experience.
COVINA, July 24, 2024 (GLOBE NEWSWIRE) — According to Prophecy Market Insights, the study predicts 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 to USD 246.3 million by 2034.
Direct Air Carbon Capture Technology Market Report Overview
Direct air carbon capture technology allows carbon dioxide to be removed from the air more efficiently than ever before. The technology uses a chemical process to select CO2 molecules in the atmosphere and capture them to store underground or to aid in other processes. The captured CO2 can then be used for various purposes or stored permanently deep in the earth. Recently, as the world steps up its campaign against climate change, direct air carbon capture technology companies have attracted interest and investment attention. More and more companies, investors, and governments are beginning to recognize that DAC is one of the essential tools for reducing greenhouse gases and achieving carbon neutrality.
Another driver for direct air carbon capture technology is the urgency of net-zero emissions and climate change urgency. Government policies encouraging carbon capture and storage, as well as corporate sustainability goals, are also supporting the growth of this market. On the contrary, high initial costs, limitations on large-scale deployment, and the need for efficient and renewable energy sources to power the capture system are not constraining. Despite this, opportunities still exist from creating CO2 usage pathways, improving technologies to reduce capture costs, and possible future regulations requiring carbon removal.
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Market Research Overview and Introduction
Market Revenue and CAGR
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Competitive Landscape:
The direct air carbon capture technology market is characterized by rapid growth, technological innovation, and intense competition. To stay competitive, companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings.
Some of the major market players:
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Analysts’ take:
Direct Air Carbon Capture (DAC) is an aggressive technology that efficiently uses chemical processes to filter carbon dioxide directly from the air, driven by the need to meet net-zero emission targets and the urgency of climate change. With widespread support for this technology from government policies and corporate sustainability initiatives, and an investment-inducing DAC industry being pursued, the sector will see huge opportunities in terms of driving high-tech jobs and robust clean energy use. Examples of such overcoming include the high upfront costs and the urgent need for extremely energy-efficient and renewable resources to power the relatively limited number of DACs. The Paris Agreement acknowledges the role of DAC technology in climate goals, and advances in this technology have the potential to lower energy levels and increase efficiency in the coming years.
Market Trends:
driver:
Climate change mitigation
The Paris Agreement recognizes the role that negative emissions technologies such as direct air capture can play in reaching these climate goals. Strong commitments to net-zero emissions by countries and companies require both removing a certain amount of CO2 already emitted and reducing emissions. As time goes on, the effects of climate change will only get worse, making solutions like DAC more urgent.
Improved technology and reduced costs
Advances in direct air capture technology will improve efficiency and reduce energy use. As the sector grows, capture costs are likely to fall through economies of scale and adoption of manufacturing. Also, the increasing supply of renewable energy sources such as solar and wind will make DAC plants cheaper to operate.
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Market trend:
Compensating for unavoidable emissions
DAC can also offset emissions that are difficult or impossible to reduce, such as those from long-haul flying, steel and cement production. In these sectors, emissions are likely to continue for a considerable time to come, even with significant improvements in energy efficiency and significant expansion of renewable energy. DAC could therefore be an effective means of offsetting these types of emissions towards net-zero targets.
segmentation:
The direct air carbon capture technology market is segmented based on technology type, application, and region.
Technology Type Insights
Solid-state DACs should see significant uptake as their modular, stackable design reduces initial deployment costs and allows for ongoing development. In arid regions where water is scarce, this technology is particularly effective. Liquid DACs absorb CO2 for processing in a liquid solution. This method is effective, but consumes a lot of energy during regeneration. Electrochemical DAC technology can select, collect, and concentrate CO2 from the air, but can have associated issues for use on an industrial scale. Namely, these systems are much more effective at separating CO2 and can run at lower temperatures.
Application Insights
Carbon capture and storage will be the largest industry of the future, mitigating carbon emissions by storing them underground in geological formations. In contrast, carbon capture, utilization and storage systems use the CO2 captured from DAC systems to produce products such as construction materials, chemicals and fuels that can be sequestered or stored.
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Recent developments:
In May 2024, Iceland’s “Mammoth” raised the bar for carbon capture. Mammoth, the largest carbon capture and storage facility of its kind, is located on a dormant volcano in Iceland and began operations this week. Swiss startup Climeworks plans to use Mammoth’s 72 industrial fans to suck 36,000 tonnes of carbon dioxide out of the air per year and bury it underground, proving that the technology can help in the fight against global warming.
Regional Insights
North America: DAC technology is still relatively new in North America, but 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 U.S. Department of Energy revealed its intention to build two large-scale DAC projects in Texas and Louisiana. The Inflation Reduction Act of 2022 also increased the 45Q tax credit for DAC. DAC is expensive and problematic to scale, but in theory it has great potential for climate change mitigation.
Europe: DAC technology is still in its early stages of development, but many companies and research institutes in Europe are working on its development and application. Climeworks’ Orca facility in Iceland absorbs 4,000 tonnes of CO2 annually and is the only commercial DAC plant on the continent. Pilot plants and ongoing research projects include Climeworks’ project in Iceland to capture 100,000 tonnes per year and Carbon Engineering’s project to build a DAC plant in Canada capable of capturing up to 1 million tonnes per year. Touted as an emerging technology to mitigate climate change, DAC is an industry that faces high costs and a demand for reliable renewable energy.
Read the detailed report “Direct Air Carbon Capture Technology Market Size, Share, By Technology Type (Solid DAC, Liquid DAC, Electrochemical DAC), By Application (Carbon Capture and Storage (CCS), Carbon Capture, Utilization and Storage (CCUS)), By End-User Industry (Energy, Transportation, Industrial, Agriculture, Others), By Region – Trends, Analysis and Forecast to 2034” with complete Table of Contents: https://www.prophecymarketinsights.com/market_insight/direct-air-carbon-capture-technology-market-5472
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