South Korea 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 South Korea Direct Air Capture Market Insights Forecasts 2023 - 2033

South Korea Direct Air Capture Market Insights Forecasts to 2033

• The South Korea Direct Air Capture Market Size is Growing at a 53.92% CAGR from 2023 to 2033.
• The South Korea Direct Air Capture Market Size is Expected to Reach a Significant Share By 2033.

The South Korea Direct Air Capture Market Size is Expected to Reach a Significant Share by 2033, Growing at a 53.92% CAGR from 2023 to 2033.   

Market Overview

The industry devoted to the creation, application, and commercialization of direct air capture technology which involves extracting carbon dioxide (CO2) straight from the atmosphere is known as the South Korea direct air capture (DAC) market. South Koreas dedication to carbon neutrality, strict environmental laws, and rising expenditures in carbon capture and storage (CCS) technologies are driving this industry. By capturing CO2 for permanent sequestration or repurposing in industrial applications, DAC technology is becoming more and more popular as a practical way to combat climate change. Government incentives, partnerships between commercial enterprises and research institutes to improve scalability and cost effectiveness, and developments in carbon capture technology all have an impact on the market.

Report Coverage

This research report categorizes the market for the South Korea direct air capture 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 South Korea direct air capture 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 South Korea direct air capture market.

Driving Factors

The government's commitment to carbon neutrality and strict environmental rules aiming at lowering greenhouse gas emissions are two major reasons driving the South Korean direct air capture (DAC) market. The industry is expanding as a result of rising investments in carbon capture technologies as well as financial incentives and subsidies. Direct air capture is also becoming more economically feasible due to developments in DAC technology, such as increased energy efficiency and reduced operating expenses. Adoption is also being fueled by the growing need for CO2 usage in sectors including chemicals, enhanced oil recovery, and synthetic fuels.

Restraining Factors

Large-scale deployment is difficult in the South Korean Direct Air Capture (DAC) market due to factors like high operating costs and substantial energy usage. Technical limitations and a lack of infrastructure prevent DAC systems from being widely used. Investments in this industry are further impacted by the absence of a developed carbon credit market and doubts about its long-term viability.

Market Segment

• The solid segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the technology, the South Korea direct air capture market is divided into solid, liquid, electrochemical, and others. Among these, the solid segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This popularity is due to S-DAC's efficiency in absorbing CO2 through the use of solid sorbents, which have benefits including longevity, reduced energy usage, and the possibility of sorbent regeneration. Because of these characteristics, S-DAC is an affordable and environmentally friendly carbon removal method.

• The carbon capture & storage segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe.

Based on the application, the South Korea direct air capture market is divided into carbon capture & storage, carbon capture, utilization & storage, and others. Among these, the carbon capture & storage segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe. This dominance is a result of South Korea's substantial investments in CCS infrastructure to directly lower atmospheric CO2 levels as a result of its commitment to becoming carbon neutral by 2050.  

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea direct air capture 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

• LowCarbon Co., Ltd.
• POSCO International
• Korea National Oil Corporation (KNOC)
• HD Hyundai Heavy Industries
• Capture6
• BKT
• K-Water
• 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 regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea Direct Air Capture Market based on the below-mentioned segments:

South Korea Direct Air Capture Market, By Technology

• Solid
• Liquid
• Electrochemical
• Others

South Korea Direct Air Capture Market, By Application

• Carbon Capture & Storage
• Carbon Capture
• Utilization & Storage
• Others