Carbon Dioxide Removal Market Size, Share, By Technology Type (Direct Air Capture, Bioenergy with Carbon Capture and Storage, Ocean-based Removal, Afforestation and Reforestation, and Others), By Business Model (Carbon Offset Programs, Government Incentives and Subsidies, Corporate Carbon Neutrality Commitments, and Private and Public Partnerships), By End-Use Application (Agriculture, Forestry, Manufacturing, Energy & Power, Transportation, and Construction), By Method of CO2 Storage (Geological Sequestration, Ocean Sequestration, Terrestrial Sequestration, Utilization and Conversion), and By Region - Trends, Analysis and Forecast till 2034

Report Code: PMI564224 | Publish Date: September 2024 | No. of Pages: 186

Carbon Dioxide Removal Market Size

Carbon Dioxide Removal Market Size

Carbon dioxide removal market size was valued at USD 1.2 Billion in 2024 and is expected to reach USD 5.61 Billion by 2034, growing at a CAGR of 18.4%.

Carbon Dioxide Removal The market for CDR is one part of broader global climate strategies; it involves active extraction and storage of carbon dioxide from the atmosphere. Some solutions in this category include nature-based options such as afforestation and reforestation, advanced technologies such as Direct Air Capture (DAC), and Bioenergy with Carbon Capture and Storage (BECCS). Indeed, global objectives such as the Paris Agreement, limiting global warming to less than 2°C and ideally to 1.5°C, will be quite impossible without CDR. Most climate models show that cuts in emissions alone are insufficient. So far, it has been the only means to offset emissions from those sectors described as hard to diminish, plus reverse the accumulation of CO2 already in the atmosphere. Market characteristics of the CDR industry are further buoyed by the increasing uptake of various core technologies that capture, store, or utilize carbon in different ways. Some advanced methods include the newly engineered Direct Air Capture systems and Bioenergy with Carbon Capture and Storage (BECCS).

In contrast, others embrace entirely nature-based solutions to enhance natural carbon sinks. Private sector interest is also rising as companies seek to meet corporate sustainability goals, voluntary carbon markets, and build demand for carbon offsets. Sectors and regions are constantly developing, so the technology is being implemented differently. North America and Europe are the leading countries in technology deployment. Areas include energy manufacturing, agriculture and forestry, transportation and construction, consumer goods, and so on, making it an area where multiple industries and markets can find applications, thus indicating the wide range of possible uses for CDR technologies.