The direct air capture global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Direct Air Capture Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The direct air capture market size has grown exponentially in recent years. It will grow from $0.04 billion in 2023 to $0.07 billion in 2024 at a compound annual growth rate (CAGR) of 66.1%. The growth in the historic period can be attributed to climate change concerns, policy and regulatory support, corporate sustainability initiatives, carbon pricing mechanisms, public awareness and support, international collaboration and partnerships.
The direct air capture market size is expected to see exponential growth in the next few years. It will grow to $0.44 billion in 2028 at a compound annual growth rate (CAGR) of 59.3%. The growth in the forecast period can be attributed to net-zero emissions targets, carbon removal markets, integration with carbon utilization, climate resilience and adaptation, investor interest and financing, policy alignment and international cooperation. Major trends in the forecast period include adoption of DAC as a negative emissions technology, collaboration between DAC companies and industrial facilities, integration with carbon utilization projects, growth in demand for sustainable fuels and materials, advancements in DAC efficiency, development of scalable and modular systems, expansion of deployment in industrial sectors, innovation in DAC technology.
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Scope Of Direct Air Capture Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Direct Air Capture Market Overview
Market Drivers –
The increasing environmental concerns, such as greenhouse gas emissions, are expected to propel the growth of the direct air capture market going forward. Greenhouse gas emissions refer to the release of gases such as carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O) into the atmosphere, which trap heat and contribute to global warming. These emissions have increased primarily due to industrial activities, deforestation, transportation, and agriculture. Direct air capture technology offers a promising solution for reducing greenhouse gas emissions by capturing CO2 directly from the atmosphere. For instance, in November 2023, according to the Environmental Protection Agency (EPA), a US-based independent agency, greenhouse gas emissions in the US increased by 5% in 2021 compared to 2020. Further, in 2021, CO2 emissions from fossil fuel combustion increased by 7%, while CO2 emissions from natural gas consumption increased by more than 1%. Therefore, the increasing environmental concerns, such as greenhouse gas emissions, are driving the growth of the direct air capture market.
Market Trends –
Major companies operating in the direct air capture market are increasing their focus on introducing advanced systems, such as the hybrid direct air capture system, to gain a competitive edge in the market. A hybrid direct air capture (DAC) system refers to a technology that combines multiple approaches or techniques to capture carbon dioxide (CO2) directly from the atmosphere. For instance, in November 2023, Avnos, Inc., the US-based energy company, launched the first hybrid direct air capture system (HDAC) in partnership with Southern California Gas Company, a US-based utility company. The HDAC technology removes CO2 from the air and generates water using electricity. The pilot project aims to show how the technology can be scaled up to 1,000% from its current version. The HDAC technology is a hybrid form of direct air capture, consisting of a two-stage system that removes water vapor and then captures CO2 from the dry air stream. It compresses the CO2 for transport, storage, or utilization and condenses the water vapor into liquid water for reuse.
The direct air capture market covered in this report is segmented –
1) By Product: Absorption-Based Direct Air Capture (SDAC), Adsorption-Based Direct Air Capture (DAC), Membrane-Based Direct Air Capture (DAC), Cryogenic-Based Direct Air Capture (DAC)
2) By Scale: Pilot-Scale, Demonstration-Scale, Commercial-Scale
3) By Source: Electricity, Heat
4) By Application: Carbon Capture, And Storage (CCS), Carbon Capture, Utilization And Storage (CCUS)
5) By End- Use: Oil And Gas, Food And Beverage, Automotive, Chemicals, Healthcare, Other End-Uses
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Regional Insights –
North America was the largest region in the direct air capture market in 2023. The regions covered in the direct air capture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the direct air capture market are Mosaic Materials Inc., Sunfire GmbH, National Energy Technology Laboratory, Climeworks AG, Carbon Clean Solutions Limited, Carbon Engineering Ltd., Heirloom Carbon Technologies Inc., Oak Ridge National Laboratory, Skytree Technologies AS, CarbonCapture Inc., Immaterial Inc., Global Thermostat Inc., Spiritus Systems, Synhelion AG, Infinitree Inc., Avnos Inc., Noya PBC, RepAir LLC, MISSION ZERO TECHNOLOGIES Inc., Carbyon Inc., Sustaera Inc., Southern Green Gas Limited, Octavia Carbon, Inc., Capture6 Inc.
Table of Contents
1. Executive Summary
2. Direct Air Capture Market Report Structure
3. Direct Air Capture Market Trends And Strategies
4. Direct Air Capture Market – Macro Economic Scenario
5. Direct Air Capture Market Size And Growth
…..
27. Direct Air Capture Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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