The global direct air carbon capture technology market represents a transformative frontier in the ongoing battle against climate change. As the world grapples with the urgent need to reduce greenhouse gas emissions and limit global warming, direct air carbon capture technology has emerged as a cutting-edge solution. This innovative market encompasses a range of technologies designed to capture carbon dioxide directly from the atmosphere, offering the potential to remove carbon from the air and help mitigate the impacts of human-induced climate change. With increasing awareness of the environmental challenges we face, the global direct air carbon capture technology market is poised for significant growth and plays a crucial role in shaping a more sustainable and climate-resilient future..
According to the Intergovernmental Panel on Climate Change (IPCC) special report on Global Warming of 1.5° C, accomplishing climate targets such as those outlined in the Paris agreement requires a rapid transition of energy and economic systems to renewable, clean, and sustainable alternatives, as well as significant deployment of carbon dioxide removal (CDR) technologies. Carbon dioxide removal, which is required to meet these goals, encompasses a wide range of terrestrial and ocean-based technologies, ranging from bio-energy with carbon capture and storage (BECCS) to direct air capture (DAC).
The sort of climate change mitigation and adaptation strategies selected by the international community will determine the future expansion of DAC technology. These policy alternatives vary from little efforts to reduce greenhouse gas emissions to intensive decarbonization routes that ensure the increase in global mean temperature stays under 1.5° or 2°C of the Paris accord. As climate rules become more rigorous and the carbon budget becomes more constrained, the need for zero-emission technology grows. Besides from business sectors throughout the world investing in this technology, Amazon recently announced its first direct air capture (DAC) investments as part of its Climate Pledge pledge to achieve net-zero carbon emissions by 2040.
Amazon is funding the world’s largest DAC deployment by pledging to acquire 250,000 metric tonnes of carbon removal from STRATOS, 1PointFive’s first DAC plant, over a 10-year period. This is the amount of carbon stored naturally across more than 290,000 acres of forest in the United States—roughly half the size of the state of Rhode Island.
There are now two commercially available DAC technologies, liquid and solid. The liquid solvent method employs a strongly binding hydroxide solution (NaOH or KOH) that interacts fast with CO2 from the air to create water and carbonate in the contractor. In 2022, liquid system type had the highest share in the market. This innovative method offers several advantages, including high CO2 capture efficiency, scalability, and the potential to remove CO2 from the air, making it a pivotal solution in the fight against global warming
Carbon Capture, Utilisation, and Storage (CCUS) technologies are predicted to play a significant role in assisting sustainable energy transitions across Asia as an emissions reduction strategy for fossil-fuel intensive power and industrial sectors.
Direct Air Capture (DAC) technology is projected to aid the transition by removing carbon from the atmosphere to offset leftover emissions. In May 2023, Sumitomo Corporation has announced an investment in Global Thermostat, PBC, a U.S.-based business that develops and deploys a leading technology for directly absorbing carbon dioxide from the environmenT. In connection with the investment, the firms signed a memorandum of intent to establish a new global business line for carbon capture and sequestration centred on Global Thermostat’s ground-breaking direct air capture (DAC) technology. Thus with these initiatives the global direct air carbon capture technology market will grow exponentially in the upcoming years.
Key Players in Global Direct Air Carbon Capture Technology Market
o Capture Carbon Infinity
o Carbon Engineering Ltd.
o Climeworks
o Global Thermostat
o Heirloom Carbon Technologies
o Infinitree LLC
o Mission Zero Technologies.
o Noya Inc.
o Skytree
o Soletair Power
o Sustaera Inc.
o Other Market Participants
Global Direct Air Carbon Capture Technology Market Segmentation
Global Direct Air Carbon Capture Technology Market – System Type Outlook (Revenue, USD Million, 2018 – 2031)
o Solid
o Liquid
Global Direct Air Carbon Capture Technology Market – Deployment Outlook (Revenue, USD Million, 2018 – 2031)
o Indoor
o Outdoor
Global Direct Air Carbon Capture Technology Market – End Users Outlook (Revenue, USD Million, 2018 – 2031)
o Renewable energy developers
o CO2 storage companies
o CO2 utilization companies
Global Direct Air Carbon Capture Technology Market – Regional Outlook (Revenue, USD Million, 2018 – 2031)
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
