Projected Carbon Dioxide Removal Market Value to Reach $1.5 Billion by 2030, Underscoring Urgency in Climate Change Mitigation

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Oct 24, 2023, 14:15 ET

DUBLIN, Oct. 24, 2023 /PRNewswire/ -- The "Carbon Dioxide Removal Market - Global Carbon Dioxide Removal Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2030 - (By Technology Type Coverage, By Application Coverage, By Geographic Coverage and Leading Companies)" report has been added to ResearchAndMarkets.com's offering.

The global carbon dioxide removal (CDR) market is poised for substantial growth, with a projected CAGR of 20% from 2023 to 2030. By the end of this period, the market value is anticipated to reach approximately US$1.5 billion, reflecting the increasing urgency to combat climate change.

Addressing the Climate Crisis

To meet net-zero emissions targets and avert the dire consequences of global warming exceeding 1.5-2C, the adoption of CDR technologies is becoming imperative. Climate models suggest that achieving the goals set in the Paris Agreement is nearly impossible without robust CDR efforts. Consequently, there is growing interest and support from academia, governments, investors, businesses, and environmental organizations. Anticipated government policies, increased investment, and collaboration among stakeholders are expected to drive the expansion of the CDR market.

Market Dynamics

While the CDR market shows immense promise, several challenges hinder its growth. High energy costs associated with certain technologies and the absence of robust monitoring, reporting, and verification systems are among the hurdles. Additionally, the role of CDR in the climate transition remains a subject of debate, with the need for well-regulated, predictable, and environmentally sound practices emphasized.

Key Report Findings

Growing Demand for Nature-based CDR Solutions: Nature-based solutions, particularly land-based ones, currently dominate the CDR supply due to their cost-effectiveness and maturity. However, their long-term sustainability and robust quantification methods are under scrutiny.

Advancements in CDR Technology: Key players are leveraging business expansion, partnerships, collaborations, and joint ventures to advance CDR technologies. For instance, Occidental Petroleum Corp. and Carbon Engineering Ltd. are constructing a carbon removal plant using direct air capture technology, aiming to remove 500,000 tonnes of CO2 annually.

Quality of CDR Solutions: Ensuring high-quality CDR solutions is crucial to avoid reputational risks and ensure desired climate impact. Eight environmental integrity drivers play a pivotal role in determining carbon credits' quality.

Overview of Key Segments

Direct Air Capture (DAC) Technologies: Direct air capture is expected to hold a significant share of the CDR market in 2022. Investments are being made globally in DAC technology, with the potential to remove large amounts of CO2 from the atmosphere.

Biochar: Biochar remains a prominent segment in the CDR market, produced through pyrolysis at high temperatures. Despite its long-lasting carbon sequestration potential, concerns about extensive production persist.

Technology Sector: The technology category is set to rise significantly in the CDR market due to increasing projects and applications, including carbon capture and storage in enhanced oil recovery projects.

Growth Opportunities Across Regions

North America Dominates: North America continues to lead the CDR market, benefiting from government incentives, industry investments, and research and development initiatives. The United States, in particular, is actively promoting CDR technologies domestically and internationally.

Europe's Growing Market: Europe's CDR market is experiencing significant growth, driven by government policies and increasing awareness of forestation. Certification and pricing structures for CO2 removals are creating opportunities for environmentally friendly technologies.

Competitive Landscape

Leading players in the CDR market include 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 Systems, Pacific Biochar Benefit Corporation, HEIMDAL, and Charm Industrial.

Key Topics Covered:

1. Executive Summary
1.1. Global Carbon Dioxide Removal (CDR) Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
3.1. Global Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Biochar
3.1.1.2. Direct Air Capture (DAC)
3.1.1.3. Enhanced/Carbon Mineralization
3.1.1.4. Ocean Alkalinization
3.1.1.5. Misc.
3.2. Global Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. Finance Sector
3.2.1.2. Technology Sector
3.2.1.3. Misc.
3.3. Global Carbon Dioxide Removal (CDR) Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa

4. North America Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
4.1. North America Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Biochar
4.1.1.2. Direct Air Capture (DAC)
4.1.1.3. Enhanced/Carbon Mineralization
4.1.1.4. Ocean Alkalinization
4.1.1.5. Misc.
4.2. North America Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. Finance Sector
4.2.1.2. Technology Sector
4.2.1.3. Misc.
4.2.2. Market Attractiveness Analysis
4.3. North America Carbon Dioxide Removal (CDR) Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
4.3.1. Key Highlights
4.3.1.1. U.S. Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
4.3.1.2. U.S. Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
4.3.1.3. Canada Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
4.3.1.4. Canada Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
5.1. Europe Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Biochar
5.1.1.2. Direct Air Capture (DAC)
5.1.1.3. Enhanced/Carbon Mineralization
5.1.1.4. Ocean Alkalinization
5.1.1.5. Misc.
5.2. Europe Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Finance Sector
5.2.1.2. Technology Sector
5.2.1.3. Misc.
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Carbon Dioxide Removal (CDR) Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Germany Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.2. Germany Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.1.3. U.K. Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.4. U.K. Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.1.5. France Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.6. France Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.1.7. Italy Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.8. Italy Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.1.9. Russia Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.10. Russia Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.1.11. Rest of Europe Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
5.3.1.12. Rest of Europe Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
6.1. Asia Pacific Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Biochar
6.1.1.2. Direct Air Capture (DAC)
6.1.1.3. Enhanced/Carbon Mineralization
6.1.1.4. Ocean Alkalinization
6.1.1.5. Misc.
6.2. Asia Pacific Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Finance Sector
6.2.1.2. Technology Sector
6.2.1.3. Misc.
6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Carbon Dioxide Removal (CDR) Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. China Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.2. China Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.1.3. Japan Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.4. Japan Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.1.5. South Korea Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.6. South Korea Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.1.7. India Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.8. India Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.1.9. Southeast Asia Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.10. Southeast Asia Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.1.11. Rest of Asia Pacific Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
6.3.1.12. Rest of Asia Pacific Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
7.1. Latin America Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Biochar
7.1.1.2. Direct Air Capture (DAC)
7.1.1.3. Enhanced/Carbon Mineralization
7.1.1.4. Ocean Alkalinization
7.1.1.5. Misc.
7.2. Latin America Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030 7.2.1. Key Highlights
7.2.1.1. Finance Sector
7.2.1.2. Technology Sector
7.2.1.3. Misc.
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Carbon Dioxide Removal (CDR) Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Brazil Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
7.3.1.2. Brazil Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
7.3.1.3. Mexico Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
7.3.1.4. Mexico Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
7.3.1.5. Rest of Latin America Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
7.3.1.6. Rest of Latin America Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Carbon Dioxide Removal (CDR) Market Outlook, 2018 - 2030
8.1. Middle East & Africa Carbon Dioxide Removal (CDR) Market Outlook, by Technology Type, Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Biochar
8.1.1.2. Direct Air Capture (DAC)
8.1.1.3. Enhanced/Carbon Mineralization
8.1.1.4. Ocean Alkalinization
8.1.1.5. Misc.
8.2. Middle East & Africa Carbon Dioxide Removal (CDR) Market Outlook, by Application, Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Finance Sector
8.2.1.2. Technology Sector
8.2.1.3. Misc.
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Carbon Dioxide Removal (CDR) Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. GCC Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
8.3.1.2. GCC Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
8.3.1.3. Rest of Middle East & Africa Carbon Dioxide Removal (CDR) Market by Technology Type, Value (US$ Mn), 2018 - 2030
8.3.1.4. Rest of Middle East & Africa Carbon Dioxide Removal (CDR) Market End-user, Value (US$ Mn), 2018 - 2030
8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape
9.1. Company Market Share Analysis, 2022
9.2. Competitive Dashboard
9.3. Company Profiles
9.3.1. Climeworks
9.3.1.1. Company Overview
9.3.1.2. Product Portfolio
9.3.1.3. Financial Overview
9.3.1.4. Business Strategies and Development
9.3.2. Global Thermostat
9.3.2.1. Company Overview
9.3.2.2. Product Portfolio
9.3.2.3. Financial Overview
9.3.2.4. Business Strategies and Development
9.3.3. Carbon Engineering Ltd.
9.3.3.1. Company Overview
9.3.3.2. Product Portfolio
9.3.3.3. Financial Overview
9.3.3.4. Business Strategies and Development
9.3.4. Arca
9.3.4.1. Company Overview
9.3.4.2. Product Portfolio
9.3.4.3. Financial Overview
9.3.4.4. Business Strategies and Development
9.3.5. Cella Mineral Storage Inc.
9.3.5.1. Company Overview
9.3.5.2. Product Portfolio
9.3.5.3. Financial Overview
9.3.5.4. Business Strategies and Development
9.3.6. Bussme Energy AB
9.3.6.1. Company Overview
9.3.6.2. Product Portfolio
9.3.6.3. Financial Overview
9.3.6.4. Business Strategies and Development
9.3.7. Carbofex Ltd.
9.3.7.1. Company Overview
9.3.7.2. Product Portfolio
9.3.7.3. Financial Overview
9.3.7.4. Business Strategies and Development
9.3.8. Oregon Biochar Solutions
9.3.8.1. Company Overview
9.3.8.2. Product Portfolio
9.3.8.3. Business Strategies and Development
9.3.9. Wakefield BioChar
9.3.9.1. Company Overview
9.3.9.2. Product Portfolio
9.3.9.3. Financial Overview
9.3.9.4. Business Strategies and Development
9.3.10. Novocarbo GmbH
9.3.10.1. Company Overview
9.3.10.2. Product Portfolio
9.3.10.3. Financial Overview
9.3.10.4. Business Strategies and Development
9.3.11. Carbicrete
9.3.11.1. Company Overview
9.3.11.2. Product Portfolio
9.3.11.3. Financial Overview
9.3.11.4. Business Strategies and Development
9.3.12. Neustark Ag
9.3.12.1. Company Overview
9.3.12.2. Product Portfolio
9.3.12.3. Financial Overview
9.3.12.4. Business Strategies and Development

10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations

A selection of companies mentioned in this report includes

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 Systems
Pacific Biochar Benefit Corporation
HEIMDAL
Charm Industrial

For more information about this report visit https://www.researchandmarkets.com/r/vbnh0s

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