Smart Carbon Market to Attain Value of US$ 12 Bn by 2031, TMR Study

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Nov 01, 2022, 09:30 ET

The adoption of strict regulations and an optimistic outlook for reducing carbon footprints are likely to fuel growth of the global smart carbon market
Rising number of enhanced oil recovery (EOR) projects is expected to propel the global market for smart carbon.

WILMINGTON, Del., Nov. 1, 2022 /PRNewswire/ -- In 2021, the smart carbon market size stood at US$ 3.1 Bn. Global market study on smart carbon is estimated to advance at a CAGR of 16.2% during the forecast period, from 2022 to 2031. It is predicted that by 2031, the global smart carbon market will touch valuation of US$ 12 Bn. In an effort to reduce CO2 emissions, several nations across the world are taking steps to repurpose CO2 for varied applications. One of the major elements that is anticipated to propel the development of the global smart carbon market is the growing emphasis that governments are placing on synthetic fuel.

Top smart carbon market manufacturer has been investing on R&D projects in order to offer cutting-edge products, including customized carbon black solutions, with intelligent pricing strategies to increase their market competitiveness. In order to boost revenue, firms in the global smart carbon market are concentrating on applications including the production of chemicals, synthetic gasoline, and urea. The development of huge carbon capture and sequestration plants is expected to be the focus of market participants' efforts.

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ML technologies are being used to support the advancement of carbon capture techniques on a number of fronts, according to recent advancements in the smart carbon market. In order to explore the best operational parameters to achieve the lowest specific steam duty and highest CO2-capture rate, ML algorithms are utilized to model whole carbon capture facilities at the process level.

Key Findings of Market Report

Plans for addressing climate change, sustainable energy, as well as energy efficiency are included in the global climate accord. By 2035, the energy usage of the entire world is likely to increase by 50%, as per forecasts from the Energy Information Administration and the Institute of Energy Economics Japan, which is expected to raise the demand for smart carbon. Smart carbon demand is being fueled by the adoption of stringent laws and an optimistic outlook for reducing carbon footprint.
As the number of projects for enhanced oil recovery (EOR) rises globally, the oil and gas sector is expected to be an attractive one for carbon capture and storage technology. Demand of smart carbon market is anticipated to gain traction in the oil and gas industry as CO2 usage in oil enhanced oil recovery processes rises. Therefore, the global carbon capture and storage technologies are expected to be driven by an increase in knowledge amongst people about the significance of these technologies for combating greenhouse gas emission and global warming.
The Bio-Energy CCS (BECCS) category dominated the market depending on technology in 2021, accounting for the highest revenue share. Policymakers are now paying more attention to the advantages this technology offers.

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Global Smart Carbon Market: Growth Drivers

Due to large expenditures in R&D efforts and the existence of several high-capacity carbon capture and sequestration facilities in North America. In 2021, the region accounted for more than 32.5% of the global smart carbon market, based on region. In addition, the regional market is also driven by funding programs launched by local governments.

Global Smart Carbon Market: Key Competitors

Mitsubishi Heavy Industries Ltd
Exxon Mobil Corporation
Dakota Gasification Company
Royal Dutch Shell PLC
Fluor Corporation
Honeywell International

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Global Smart Carbon Market: Segmentation

Source

Oil & Gas
Power Generation
Chemicals & Petrochemicals
Cement
Iron & Steel
Others

Technology

Chemical Looping Combustion (CLC)
Solvents & Sorbents
Bio-Energy CCS (BECCS)
Direct Air Capture (DAC)

Application

Urea Manufacturing
Synthetic Fuel
Chemical Production
Building Aggregates
Dry Ice
Others

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