Direct Air Capture Market worth $1,727 million by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, Feb. 6, 2024 /PRNewswire/ -- Direct Air Capture Market is expected to reach USD 1,727 million by 2030 from USD 62 million in 2023 at a CAGR of 60.9% during the 2023–2030 period according to a new report by MarketsandMarkets™.  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. However, the risks associated with higher cost and significant energy inputs of the direct air capture technology have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.

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Direct Air Capture Market Scope:

The Solid-DAC, by technology, is expected to grow at the highest CAGR during the forecast period.

Based on technology, the Direct Air Capture Market has been split into solid-DAC (S-DAC), liquid-DAC, electrochemical-DAC and others. Solid-DAC (S-DAC) is expected to grow at the highest CAGR during the forecasted period. Solid-DAC has lower initial deployment cost due its modular and stackable design. This also allows for gradual expansion, making S-DAC adaptable to a spectrum of applications. Solid-DAC (S-DAC) eliminates the need for water in its carbon capture processes which makes it suitable for arid regions where water scarcity poses a critical concern. Hence, it is expected to hold the largest share in the technology segment of dry type transformer market.

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

This report segments the Direct Air Capture Market based on application into two segments: Carbon capture, and storage and Carbon capture, utilization, and storage. The carbon capture and storage is expected to be the largest segment during the forecast period. Carbon Capture and Storage (CCS) curtails carbon emissions by leveraging geological formations for underground storage. Furthermore, Carbon Sequestration qualifies for a 45Q tax credit, which promotes the adoption of Carbon capture, and storage.

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Europe is expected to be the second largest region in the Direct Air Capture Industry.

Europe is expected to be the second largest Direct Air Capture Market during the forecast period. The Direct Air Capture Market in Europe is primarily fueled by the significant supportive policies and ambitious climate goals. For example, The UK's Net Zero strategy recognizes a requirement for engineered carbon removals, specifically aiming for 75-81 million metric tons of CO2 through Direct Air Capture (DAC) and Bioenergy with Carbon Capture and Storage (BECC) technologies. Direct Air Capture (DAC) projects in Europe are eligible for assistance through the European Union's research and funding program.

Key Players

Some of the major players in the Direct Air Capture Companies are Climeworks (Switzerland), Carbon Engineering ULC. (Canada), Global thermostat (US), Heirloom Carbon Technologies (US), Skytree (Netherlands). The major strategies adopted by these players include new product launches, contracts, agreements, partnerships, and expansions.

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