Direct Air Capture Industry worth $1,727 million by 2030

Direct Air Capture Industry worth $1,727 million by 2030

According to a research report, the global direct air capture market is estimated to grow at a CAGR 60.9% between 2023 to 2030 to reach a market size of USD 1,727 million by 2030, from an estimated USD 62 million in 2023. Direct Air Capture provides a pathway to offset emissions that cannot be entirely eliminated. Direct air capture technology is known for its unique technology which directly captures CO2 from the ambient air, which is poised to play a pivotal role in the carbon removal process. Countries across the globe are putting efforts to reduce their carbon emission to meet the net-zero emission goals. Direct Air Capture (DAC) systems exhibit adaptability in their deployment, capable of being implemented across diverse scales and geographical locations. This inherent flexibility contributes to the versatility of DAC technology, allowing for customization to suit the specific magnitude of emissions and regional needs. Moreover, Direct Air Capture (DAC) can play a vital role in mitigating historical or legacy emissions by actively extracting carbon dioxide that has accumulated in the atmosphere over an extended period. This proactive approach aids in reversing the environmental impacts associated with past emissions.

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Key Market Players

Global thermostat (US),    

Heirloom Carbon Technologies (US),    

Carbon Engineering ULC. (Canada),    

Climeworks (Switzerland),    

Skytree (Netherlands), among others...

The increasing global pressures on the environment, most notably carbon dioxide emissions are estimated to contribute nearly 76 percent of global greenhouse gas emission estimates, are a collective move toward influencing a global movement in adopting Direct Air Capture systems. In 2022, the Global Monitoring Lab in the National Oceanic and Atmospheric Administration (NOAA) announced the average atmosphere carbon dioxide grew to 417.06 parts per million "ppm", an increase of 2.13 ppm from the previous year. Governments are acting to reach net-zero emissions. More than 140 countries, several of whom are among the highest contributors to pollution (such as China, the United States, India, and the European Union), are committed to reach net-zero emissions by 2050. The strong movement toward net-zero emissions (which requires not only emissions reduction, but also active removal of CO2) provides proper conditions for the viability of Direct Air Capture (DAC) systems to be adopted and succeed.

The Carbon capture and storage, by application, is expected to be the largest segment during the forecast period

The direct air capture market segments based on phase into two segments: Carbon capture, and storage (CCS) and carbon capture, utilization, and storage (CCUS). The carbon capture, and storage is expected to be the fastest and largest growing during the forecast period. The growth is attributed by the adoption of Carbon mineralization, which involves the permanent removal of carbon dioxide by converting it into a solid mineral form, usually a carbonate, through a chemical reaction with specific rocks. Carbon capture, utilization, and storage (CCUS) are the direct air capture process used for synthetic fuels, i.e., Power-to-X. The synthetic fuels are expected to be one of the top contributors to the aviation sector, providing ~40% of the aviation fuel demand. Predictions state that by 2070, at least ~20% of CO2 absorbed from bioenergy sources or caught directly from the atmosphere will be utilized in combination with clean hydrogen to generate synthetic hydrocarbon fuels.

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North America is expected to dominate the direct air capture market

North America is poised to be the largest region of the direct air capture market forecast (2023-2030), followed by Europe. North America's primary role is firmly bolstered by clear policies and market-driven activities. The role of US Department of Energy support, particularly in regards to programs such as the The Regional Direct Air Capture (DAC) Hubs program, serves a firm basis for North America's market leader position. Under this program, US will develop four regional direct air capture hubs. Furthermore, policy frameworks have been put in place to encourage the deployment of DAC such as 45 Q tax credit and California low Carbon Fuel Standard.The regional direct air capture market is experiencing growth due to the presence of leading solution providers like Global Thermostat (US), Carbon Engineering ULC. (Canada) and Heirloom Carbon Technologies (US).

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