As per the current market research conducted by the CMI Team, the global Direct Air Capture System Market size is expected to record a CAGR of 43.8% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 0.15 Billion. By 2032, the valuation is anticipated to reach USD 2.5 Billion.
Direct Air Capture System Market: Growth Factors and Dynamics
- Climate Change Mitigation: Increasing concerns about climate change and the urgent need to reduce carbon dioxide (CO2) emissions drive the DAC market. Governments, businesses, and individuals are seeking ways to mitigate the impact of global warming, boosting the demand for DAC solutions.
- Corporate Sustainability Goals: Many companies have committed to achieving carbon neutrality and sustainability targets. To meet these goals, they invest in DAC systems as a means to offset their emissions and enhance their environmental credentials.
- Advancements in Technology: Ongoing research and development efforts lead to improvements in DAC efficiency and cost reduction. These technological advancements make DAC systems more attractive and financially viable.
- Investor Interest: Increasing private and public investments in clean energy, carbon removal projects, and climate tech companies fuel the growth of the DAC market. Investors see the potential for DAC to play a crucial role in addressing climate change challenges.
- Carbon Market Development: The establishment and expansion of carbon markets, along with carbon trading mechanisms, offer opportunities for DAC projects to monetize the carbon they capture. This creates a revenue stream for DAC operations.
- Environmental Awareness: Growing public awareness of environmental issues and the role of DAC in carbon removal further boost the market. As more people understand the urgency of addressing climate change, they support initiatives that utilize DAC for carbon sequestration.
- Technological Uncertainties: While DAC technology is advancing, there are still uncertainties about its long-term performance and environmental impacts. These uncertainties can affect market growth and public acceptance.
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Direct Air Capture System Market: Partnership and Acquisitions
- In May 2023, Sumitomo Corporation announced an investment in the direct air capture technology of Global Thermostat company. The companies have signed a letter to produce and develop a new line of carbon capture and sequestration.
- In September 2022, CarbonCapture Inc, a USA climate tech company partnered with Frontier Carbon Solutions and launched a 5 Mt direct air capture and storage project – Project Bison, in Wyoming, USA. It aimed to remove five million tons of atmospheric CO2 by 2030.
- In September 2021, Occidental Petroleum launched the largest direct air capture plant facility Permian Basin. It aimed to eliminate 1 million tonnes of CO2 per year.
Direct Air Capture System Market: COVID-19 Analysis
The COVID-19 pandemic has had both positive and negative effects on the Direct Air Capture (DAC) System Market:
- Renewed Focus on Sustainability: The pandemic has underscored the importance of environmental sustainability, and many governments and businesses have incorporated green recovery initiatives into their post-pandemic strategies. This increased focus on sustainability has supported the DAC market’s growth.
- Stimulus Packages: Several countries have included funding for clean energy and carbon capture technologies in their economic recovery stimulus packages, creating new opportunities for DAC projects.
- Remote Work: The widespread adoption of remote work has led to reduced transportation and office-related emissions, making organizations more conscious of their carbon footprints and, in some cases, more open to exploring DAC solutions.
- Economic Uncertainty: The economic impact of the pandemic has caused some businesses to delay or scale back investments in DAC technology due to financial constraints.
- Supply Chain Disruptions: Disruptions in global supply chains have affected the manufacturing and deployment of DAC systems, potentially leading to project delays.
- Policy Prioritization: Some governments have had to shift their focus and resources away from climate-related initiatives to address immediate public health and economic concerns, which may slow down regulatory support for the DAC market.
List of the prominent players in the Direct Air Capture System Market:
- Climeworks AG
- Carbon Engineering Ltd.
- Global Thermostat LLC
- Carbon Engineering
- Carbon Engineering
- Carbon Clean Solutions
- Blue Planet
- Skytree
- Prometheus Fuels
- Verdox
- Swiss Direct Air Capture AG
- Carbon Engineering
- Global Research Technologies
- Infinitree
- Carbon Engineering
- Others
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