Global Ocean Carbon Removal Market Insights Forecasts to 2033

• The Global Ocean Carbon Removal Market Size was Valued at USD 545.2 Million in 2023
• The Market Size is Growing at a CAGR of 18.07% from 2023 to 2033
• The Worldwide Ocean Carbon Removal Market Size is Expected to Reach USD 2,869.6 Million by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Ocean Carbon Removal Market Size is anticipated to exceed USD 2,869.6 Million by 2033, growing at a CAGR of 18.07% from 2023 to 2033.  The global ocean carbon removal market is growing rapidly, based on increasing awareness of climate change and the demand for sustainable solutions. Technological advancements and international collaborations enhance its potential, promising exciting pathways for reducing global carbon emissions.

Market Overview

The ocean carbon removal (OCR) market uses ocean-based methods and technologies to capture and store carbon dioxide (CO2) from the atmosphere. It involves techniques such as ocean fertilization, blue carbon ecosystem restoration, direct ocean capture, and seaweed cultivation. OCR is expected to mitigate climate change by exploiting the ocean's natural ability to absorb and store large amounts of CO2 over long periods. Moreover, the ocean carbon removal (OCR) market is expanding under the influence of climate goals, investment, technological advancement, and regulatory support. OCR offers solutions for referred to as difficult-to-decarbonize industries like shipping and agriculture. Growth is powered by increasing funding from governments and private sectors, as well as corporate interest in carbon offsets and new revenue streams. As technologies improve and costs decrease, scalable OCR methods, such as seaweed farming, become more cost-effective and accelerate market development.

The NOAA Ocean Acidification Program on behalf of the National Oceanographic Partnership Program (NOPP) now announces $24.3 million in funding to bring together the academic research community, the federal science community, and the industry to advance research related to marine carbon dioxide removal. Funding supports research in expanding understanding of various aspects of marine carbon dioxide removal approaches, risks, and co-benefits. Such investments are expected to boost the market's growth even further.

Opportunities and Trends in the Global Ocean Carbon Removal Market:

Advancements in carbon capture technologies, increasing government and corporate investment, and rising demand for sustainable solutions to achieve climate goals are opportunities for the global ocean carbon removal (OCR) market. Growing large-scale seaweed farming, blue carbon restoration, and ocean-based carbon credits are trends that create new streams of revenue and innovations in carbon sequestration methods.

Report Coverage

This research report categorizes the global ocean carbon removal market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global ocean carbon removal market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global ocean carbon removal market.  

Driving Factors

The growth in the ocean carbon removal (OCR) market is supported by the urgent need to fulfil global climate goals, a growth in investments in sustainable technologies, and increasing recognition of the capability of OCR to balance the hard-to-decarbonize sectors. Advancements in ocean-based carbon capture methods, supportive government policies, and growing carbon credit markets accelerate the demand and market growth even further.

In June 2024, Equatic and Deep Sky announced plans to build North America's first commercial-scale ocean-based carbon dioxide removal facility in Quebec. This innovative plant will capture CO2 from the ocean and convert it into renewable fuel, marking a significant advancement in carbon capture technology and contributing to regional sustainability efforts.

Restraints & Challenges

The ocean carbon removal market is facing high costs, limited scalability, and technological complexities. Environmental risks, regulatory uncertainties, and lack of standardized methodologies hinder progress. Moreover, public skepticism, unclear long-term effectiveness, and competition for funding make widespread adoption and commercialization difficult.

Market Segmentation

The global ocean carbon removal market share is classified into technology and end user.

• The direct air capture segment is expected to hold the largest share of the global ocean carbon removal market during the forecast period.

Based on technology, the global ocean carbon removal market is categorized as direct air capture, biochar, enhanced mineralization, ocean alkalization, and Others. Among these, the direct air capture segment is expected to hold the largest share of the global ocean carbon removal market during the forecast period. DAC technologies, which directly capture CO2 from the atmosphere, are increasingly recognized for their scalability, especially when integrated with ocean-based approaches. While other methods, such as biochar, enhanced mineralization, and ocean alkalinization, have promise, DAC technologies are often considered the most commercially viable because of the ongoing advancements, large-scale pilot projects, and strong investment from both the private sector and governments. This puts DAC at the forefront of the ocean carbon removal space.

• The private sector segment is expected to grow at the fastest CAGR during the forecast period.      

Based on the end user, the global ocean carbon removal market is categorized into government & regulatory bodies, the private sector, research institute, and environmental organization. Among these, the private sector segment is expected to grow at the fastest CAGR during the forecast period. This is driven by the continued investment of private companies focused on reducing carbon emissions in relation to their sustainability and net-zero objectives. Many private players within the energy, tech, and industrial sectors are looking at and investing in OCR technologies to meet carbon-reduction goals and enter a newly forming carbon market. Their direct action in scaling up and commercializing OCR will strongly boost growth in this market.

Regional Segment Analysis of the Global Ocean Carbon Removal Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is projected to hold the largest share of the global ocean carbon removal market over the forecast period.

North America is projected to hold the largest share of the global ocean carbon removal market over the forecast period. The region has received substantial support from the government, especially from the U.S. Department of Energy, which funds research and technological development. Furthermore, the private sector investment in sustainable solutions and active involvement from research institutions have hastened the growth of OCR technologies. All these factors combined with a strong sustainability commitment make North America the market leader. Moreover, in November 2024, the North American startup Captura will be rolled out fully a business to capture carbon dioxide from seawater as early as 2026, a technology considered a low-cost way to reduce atmospheric CO2 concentrations.

Asia Pacific is expected to grow at the fastest CAGR growth of the global ocean carbon removal market during the forecast period. This growth is largely driven by increasing investments in sustainable technologies, government initiatives targeted at climate action, and expanding industrial bases in the region. Countries like China, Japan, and South Korea are aggressively exploring OCR technologies toward meeting their carbon reduction objectives, thus boosting market demand and advances in technology in the region.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global ocean carbon removal market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Climeworks AG
• Thermostat
• Carbon Engineering Ltd
• Mitsubishi Heavy Industries
• Cella Mineral Storage
• Arca Climate
• Carbon Clean Solutions
• Equinor Carbofex Ltd
• Carbon Cure Technologies Inc
• Blue Planet System
• Bessume Energy AB
• Others 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Key Market Developments

• In June 2024, Carbon removal firm Equatic and Canadian developer of carbon removal projects, Deep Sky, stated that engineering work has started on North America's first commercial-scale ocean-based CDR plant, which will remove 109,500 tonnes of carbon dioxide from the atmosphere while producing 3,600 tonnes of green hydrogen annually.

• In October 2022, Carbon Engineering Ltd. and Occidental Petroleum Corp. started construction on a carbon removal plant in the Permian Basin, U.S. Using direct air capture technology, it would be able to capture 500,000 tons of carbon dioxide annually from the atmosphere.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global ocean carbon removal market based on the below-mentioned segments: 

Global Ocean Carbon Removal Market, By Technology

• Direct Air Capture
• Biochar
• Enhanced Mineralization
• Ocean Alkalization
• Others

Global Ocean Carbon Removal Market, By End User

• Government & Regulatory Bodies
• Private Sector
• Research Institute
• Environmental Organization

Global Ocean Carbon Removal Market, By Regional

• 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