Global Carbon Dioxide Removal Market to Reach $2.08 Billion by 2031 - Exclusive DeepTech M-A-P™ Analysis by BIS Research

New trends, such as the focus on blue carbon and microalgae as a CDR tool, expected to offer opportunities in the coming years

FREMONT, Calif., March 9, 2023 /PRNewswire/ -- BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Carbon Dioxide Removal Market - A Global and Regional Analysis. 

According to this study, the global carbon dioxide removal market was valued at $418.1 million in 2021 and is projected to reach $2.08 billion by 2031.

The following factors are responsible for the increase in demand for carbon dioxide removal (CDR):

• Favorable government policies driving the development of CDR
• Introduction of CDR launchpad
• Investments and collaboration driving the growth of carbon dioxide removal

The detailed study is a compilation of 33 market data tables and 11 figures spread across 118 pages.

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Analyst's Take on the Market Projection

According to Pooja Tanna, Lead Analyst, BIS Research, "Carbon dioxide removal technologies are expected to be the way forward for achieving net zero targets in the coming years. The increasing focus by governments across the globe toward adoption of CDR technologies and private and public funding are the major factors propelling the growth of the industry."

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Direct Air Capture to be the Leading Technology Segment in the CDR Market

The study conducted by BIS on carbon dioxide removal suggests that among different types of technology, biochar led the market in 2021. However, it is the direct air capture (DAC) technology that is expected to have the highest growth during the forecast period of 2022-2031.

There are various investments being the done toward the deployment of DAC at scale in major economies across the globe.

Major Existing Industry Leaders in the Carbon Dioxide Removal Market

The companies profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are Climeworks, Global Thermostat, Charm Industrial, Carbon Engineering, Wakefield Biochar, and more.

Recent Developments in the Global Carbon Dioxide Removal Market

• In October 2022, Carbon Engineering Ltd. and Occidental Petroleum Corp. started the construction of a carbon removal plant in the Permian Basin, U.S. The plant would have the capacity to draw 500,000 tons of carbon dioxide from the atmosphere per year using direct air capture technology.
• In October 2022, Climeworks completed the commercial operations of its first-generation technology at its world's first commercial direct air capture facility in Hinwil, Switzerland. The operation would help the company to sharpen the focus and achieve gigatons of CO₂ by 2050.
• In July 2021, Carbfix announced a partnership with Aker Carbon Capture of Norway. This partnership will help combine the companies' complementary technologies to offer the full CCS value chain in the global fight against climate change.
• In April 2021, Thermostat signed an agreement to supply DAC equipment to the Haru Oni eFuels pilot plant situated in Chile. The plant will be utilized for capturing carbon dioxide with electrolytic hydrogen for producing synthetic gasoline. The plant is designed to capture nearly 250 kilograms of CO₂ per hour.

Want to Learn More about the Latest Trends in Carbon Dioxide Removal? Speak to Our Analysts

Exclusive DeepTech MAP^™ Analysis for Advanced Materials by BIS Research:

Carbon Capture Utilization and Storage Market

About BIS Research: 

BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends, which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals. 

Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management. 

BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes. 

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