Global Direct Air Capture Market Size To Worth USD 8936.42 Million By 2033 | CAGR Of 61.38%
Category: Chemicals & MaterialsGlobal Direct Air Capture Market Size To Worth USD 8936.42 Million By 2033
According to a research report published by Spherical Insights & Consulting, the Global Direct Air Capture Market Size is Expected to Grow from USD 74.59 Million in 2023 to USD 8936.42 Million by 2033, at a CAGR of 61.38% during the forecast period 2023-2033.
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Browse key industry insights spread across 207 pages with 100 Market data tables and figures & charts from the report on the "Global Direct Air Capture Market Size, Share, and COVID-19 Impact Analysis, By Technology (Solid, Liquid, Electrochemical, and Others), By Application (Carbon Capture & Storage, Carbon Capture, Utilization & Storage, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 - 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/direct-air-capture-market
The global direct air capture (DAC) market focuses on technologies that capture CO2 from the air through chemical or physical means. DAC systems use solid sorbents or liquid solvents to capture CO2, which can be permanently stored in the earths crust or used in industrial applications like synthetic fuels, building materials, and enhanced oil recovery (EOR). Furthermore, the direct air capture (DAC) market is expanding due to advancements in carbon utilization and storage infrastructure, creating viable pathways for CO2 capture. Emerging applications for captured carbon, such as synthetic fuels, chemicals, and materials, are gaining commercial traction and industry interest. Demand for DAC-based CO2 supply is rising as dedicated carbon storage sites and enhanced oil recovery (EOR) operations expand. However, one of the primary constraints on the direct air capture (DAC) market is the high operational cost, which stems primarily from energy-intensive processes. DAC systems require more energy to capture CO2 from the atmosphere, unlike point-source capture technologies used in industrial processes.
The liquid segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the technology, the direct air capture market is divided into solid, liquid, electrochemical, and others. Among these, the liquid segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The growth is due to its high CO2 capture efficiency, scalability, and suitability for industrial-scale processes. Liquid-phase DAC systems use chemical solvents like potassium hydroxide to capture CO2 and regenerate through a heat-powered process.
The carbon capture & storage segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the application, the direct air capture market is divided into carbon capture & storage, carbon capture, utilization & storage, and others. Among these, the carbon capture & storage segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. This dominance is driven by government regulations and corporate commitments to net-zero emissions, with a focus on permanently removing CO2 from the atmosphere. CCS is the process of capturing and storing CO2 in deep geological formations to prevent it from entering the atmosphere again.
North America is estimated to hold the largest share of the direct air capture market over the forecast period.
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North America is estimated to hold the largest share of the direct air capture market over the forecast period. A combination of technological advancements, large investments, and favorable policy regimes has facilitated North Americas DAC market. It has a solid infrastructure that supports the deployment and scalability of DAC technologies. It is also influenced by significant government funding and tax credits for decarbonization aimed at lowering emissions and meeting climate goals. The United States and Canada have launched a number of initiatives, including tax credits and grants, to encourage the development and commercialization of DAC solutions. North American businesses are increasingly investing in DAC as part of their sustainability efforts to reduce their carbon footprint.
Europe is predicted to have the fastest CAGR growth in the direct air capture market over the forecast period. The region has well-established carbon pricing mechanisms and regulatory frameworks to encourage investment in carbon-removal technologies. R&D efforts are accelerating advances in capture efficiency, cost reduction, and storage solutions. Collaboration among politicians, businesses, and technology developers is propelling market growth. Cross-border carbon storage programs and expanding CO2 pipeline networks allow for large-scale implementation.
Major key players in the direct air capture market include Climeworks, Noya PBC, Global Thermostat (Zero Carbon Systems), Carbyon, Sustaera Inc., Heirloom Carbon Technologies, Carbon Engineering ULC, Avnos, Inc., Soletair Power, CarbonCapture Inc., Skytree, Repair Carbon, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the direct air capture market based on the below-mentioned segments:
Global Direct Air Capture Market, By Technology
- Solid
- Liquid
- Electrochemical
- Others
Global Direct Air Capture Market, By Application
- Carbon Capture & Storage
- Carbon Capture
- Utilization & Storage
- Others
Global Direct Air Capture Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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