Overview and Scope
Smart carbon refers to carbon neutral method of energy production that utilizes renewable energy in a highly-controlled industrial environment. This can also contribute to CO2 removal, through the increased use of circular carbon, using sustainable biomass and waste.
Sizing and Forecast
The smart carbon market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $4.11 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to growing environmental awareness, government regulations on carbon emissions, rising global carbon footprint, increasing public pressure on businesses, growth in renewable energy adoption..
The smart carbon market size is expected to see rapid growth in the next few years. It will grow to $7.3 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to global commitment to carbon neutrality, increased investment in carbon capture, rise in carbon pricing mechanisms, expansion of carbon trading markets, increasing carbon disclosure requirements.. Major trends in the forecast period include integration of ai and iot in smart carbon, carbon capture and utilization (ccu), integration with iot and sensors, carbon storage and sequestration, carbon offsetting programs, carbon removal technologies..
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Segmentation & Regional Insights
The smart carbon market covered in this report is segmented –
1) By Type: Chemical Looping Combustion (CLC), Solvents and Sorbents, Bio-Energy CCS (BECCS), Direct Air Capture (DAC)
2) By Source: Oil and Gas, Power Generation, Chemicals and Petrochemicals, Cement, Iron and Steel, Other Sources
3) By Application: Urea Manufacturing, Synthetic Fuel, Chemical Production, Building Aggregates, Dry Ice, Other Applications
North America was the attractive region in the smart carbon market in 2023 The regions covered in the smart carbon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
An increase in the number of enhanced oil recovery (EOR) projects is significantly contributing to the growth of the smart carbon market going forward. Enhanced oil recovery refers to extracting remaining oil from oil reservoirs through the injection of gasses and chemicals like carbon dioxide (CO2). Oil production can be increased through EOR, by injecting CO2 into an existing oil field, EOR techniques raise the reservoir’s total pressure, forcing oil toward production wells, as a result, an increase in the number of enhanced oil recoveries increases the demand for the smart carbon market. For instance, in 2022, according to MDPI(Multidisciplinary Digital Publishing Institute), a Switzerland-based publisher of open-access scientific journals, more than 375 EOR projects were in operation, accounting for about 2% of global oil production. Therefore, an increase in the number of enhanced oil recovery (EOR) projects drives the smart carbon market.
Key Industry Players
Major companies operating in the smart carbon market report are Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde plc., A.P. Moller-Maersk Group, Mitsubishi Heavy Industries Ltd., Shell plc., Siemens AG, Sulzer Ltd., Honeywell International Inc., ExxonMobil Corporation, Trojan Battery Company LLC, Olam International, Carbon Engineering Ltd., Climeworks, Global Thermostat, Carbon Clean Solutions, Blue Planet, CarbonCure Technologies, Carbon Lighthouse, Charm Industrial, Heliogen, Verdox, Carbon Neutral, Aether Diamonds, Brightmark, Carbon Upcycling Technologies, Planetary Hydrogen, LanzaTech, Newlight Technologies, Svante Inc., Twelve, Carbon Recycling International, Ecovative Design, Solidia Technologies .
The smart carbon market report table of contents includes:
1. Executive Summary
2. Smart Carbon Market Characteristics
3. Smart Carbon Market Trends And Strategies
4. Smart Carbon Market – Macro Economic Scenario
5. Global Smart Carbon Market Size and Growth
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31. Global Smart Carbon Market Competitive Benchmarking
32. Global Smart Carbon Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Smart Carbon Market
34. Smart Carbon Market Future Outlook and Potential Analysis
35. Appendix
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