Direct Air Carbon Capture Technology Market Size, Share, By Technology Type (Solid-DAC, Liquid-DAC, and Electrochemical-DAC), By Application (Carbon Capture and Storage (CCS), and Carbon Capture, Utilization, and Storage (CCUS)), By End- User Industry (Energy, Transportation, Industrial, Agriculture, and Others), and By Region - Trends, Analysis and Forecast till 2034

Report Code: PMI547224 | Publish Date: July 2024 | No. of Pages: 178

Direct Air Carbon Capture Technology Market Overview

Direct Air Carbon Capture Technology Market Size was valued at USD 93.1 Million in 2024 and is expected to reach USD 2046.3 Million by 2034, growing at a CAGR of 40.4%

Direct Air Carbon Capture (DAC) Technology is a cutting-edge method for extracting carbon dioxide (CO2) from the atmosphere. Direct Air Carbon Capture Technology uses devices to take CO2 from surrounding air. These devices selectively extract CO2 molecules from the atmosphere through chemical processes, allowing for subsurface storage or various industrial uses. In deep geological formations, the trapped CO2 is permanently stored or used for multiple purposes. With increased international efforts to combat climate change, the direct air carbon capture technology market has seen growth in interest and investment. DAC is becoming increasingly recognized by businesses, investors, and governments as a vital tool for reducing greenhouse gas emissions and reaching carbon neutrality.

The market for direct air carbon capture technology is being driven by the pressing need to attain net-zero emissions and combat climate change. The market is expanding due to supportive government regulations encouraging carbon capture and storage and rising corporate sustainability targets. Nevertheless, there are no limitations due to high upfront costs, restricted large-scale deployment, and the requirement for effective and sustainable energy sources to power capture systems. Despite these obstacles, there are still opportunities due to the development of CO2 utilization pathways, technological developments for less expensive capture, and possible future regulations requiring carbon removal.

Direct Air Carbon Capture Technology Market Share

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Direct Air Carbon Capture Technology Market Dynamics

Key Drivers of Target Market:

Mitigation of climate change to increase the uptake of this technology:

  • The vital need to slow down climate change is the main force behind direct air carbon capture. By actively extracting carbon dioxide (CO2) from the environment, this technology presents a viable remedy by assisting in reducing greenhouse gas emissions. Laws, rules, and financial incentives from the government greatly aid the creation and uptake of DACC technology. Governments enact policies like carbon pricing or offer grants to promote the adoption of carbon capture technologies. Achieving carbon neutrality or net-zero emissions is one of the lofty sustainability targets many Direct Air Carbon Capture Technology companies aim for. This innovation dramatically accelerates the growth of the direct air carbon capture technology market since it is a valuable tool for businesses looking to offset their carbon footprint and show that they are environmentally conscious.

Rising Technological Progress:

  • Because of continuous development and research, DAC technology is becoming more cost-effective and efficient. These technological improvements are driving market growth by making it more scalable and commercially feasible.

Restrains:

Expensive and inadequate facilities for storage of CO2:

  • Since DAC technology requires a lot of energy, it is currently expensive to develop and operate. Widespread adoption may be hampered by the cost per tonne of CO2 captured, being still much greater than that of many other carbon reduction techniques. Furthermore, the capacity to store the CO2 caught permanently is a necessary condition for the success of DAC in mitigating climate change. The infrastructure for large-scale CO2 storage currently needs to be improved in many areas, though, and this could impede the DAC market's expansion.

Opportunities:

Increasing Emphasis on Decarbonization:

  • Governments and businesses worldwide are under pressure to develop ways to cut greenhouse gas emissions in response to strict environmental legislation and ambitious climate targets. DAC technology is a valuable tool for directly extracting CO2 from the atmosphere and makes a substantial contribution to the decarbonization process.

Direct Air Carbon Capture Technology Market Segmentation

The market is segmented based on Technology Type, Application, End- User Industry, and Region.

Technology Type Insight:

  • Solid-DAC: For the duration of the projection, Solid-DAC (S-DAC) is anticipated to increase at the fastest growth rate. Solid-DAC's modular and stackable design results in a lower initial deployment cost. This enables steady expansion as well, which broadens the scope of applications for S-DAC. Since Solid-DAC (S-DAC) uses no water during its carbon capture procedures, it is appropriate for desert places where water scarcity is a serious concern.
  • Liquid-DAC: The liquid-DAC (L-DAC) segment uses liquid solutions that absorb CO2 to capture it. After that, the collected CO2 can be extracted from the fluid mixture for additional processing. L-DAC is a potentially effective capture technique, although regenerating the liquid solution for further use might need extra energy.
  • Electrochemical-DAC: CO2 from the air can be selectively collected and concentrated using electrochemical-based DAC technology. Although scaling up to industrial levels may present difficulties, these systems can more effectively separate CO2 and function at lower temperatures.

Application Insight:

  • Carbon Capture and Storage (CCS): The carbon capture and storage sector is anticipated to be the largest during the projected time. CCS reduces carbon emissions by using subterranean storage facilities provided by geological formations.
  • Carbon Capture, Utilization, and Storage (CCUS): The CO2 collected by DAC systems in CCUS applications can be used as a feedstock to make various goods, including chemicals, fuels, and building materials, which can then be stored or sequestered.

End-User Industry Insight:

  • Energy: The Direct Air Carbon Capture Technology Market share is anticipated to be dominated by the energy industry segment, which currently holds a dominant market share. This Direct Air Carbon Capture (DAC) Technology Market category, titled "Energy Industry," discusses the use of DAC technology uniquely in the energy industry. This segment aims to discuss how energy production processes, such as in power plants and other facilities, can directly capture carbon dioxide (CO2) emissions from the environment.
  • Transportation: Transportation is one of the main industries contributing to greenhouse gas emissions. DAC technology can be used to produce sustainable synthetic fuels or to capture CO2 emissions from various transportation-related sources, including ships and aeroplanes.
  • Industrial: Manufacturing chemicals, materials, and other goods that can use the captured CO2 as a feedstock is one industrial application of direct air carbon capture that lowers the businesses' overall carbon footprint.
  • Agriculture: Since direct air carbon capture systems offer a consistent supply of CO2 for greenhouse operations and other agricultural uses, they can be utilised in the agricultural sector to improve crop growth and production.
  • Others: Construction, waste management, and other R&D endeavors centered on carbon sequestration and utilization are additional end-user industries that could profit from direct air carbon capture technology.

Regional Insights

  • North America: With the support of significant technology companies, government initiatives, and an increasing focus on decarbonization, the North American Region—specifically the United States and Canada—is anticipated to grow into a sizable market for direct air carbon capture systems.
  • Asia Pacific: As these nations work to reduce their rising emissions and move towards a low-carbon economy, the direct air carbon capture market in the Asia Pacific area, which includes China, Japan, and South Korea, is projected to expand significantly.
  • Europe: Europe is a big market with big climate ambitions and a strong emphasis on sustainability. Supportive regulations and investments in renewable energy sources to power DAC systems create opportunities for market expansion in Europe.
  • Latin America: With little activity currently, Latin America is an emerging market. However, if environmental issues become more widely recognized and laws are implemented, Latin America may witness future expansion in the DAC technology industry.
  • Middle East and Africa: There are prospects in the Middle East and Africa region for adopting direct air carbon capture technology, especially in nations with sizable energy and industrial sectors that want to investigate options for carbon utilization and lower their carbon footprint.

Direct Air Carbon Capture Technology Market Report Scope:

Attribute

Details

Market Size 2024

USD 93.1 Million

Projected Market Size 2034

USD 2046.3 Million

CAGR Growth Rate

40.4%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Million & CAGR from 2024 to 2034

Market Segmentation

By Technology Type - Solid-DAC, Liquid-DAC, and Electrochemical-DAC

By Application - Carbon Capture and Storage (CCS), and Carbon Capture, Utilization, and Storage (CCUS)

By End- User Industry - Energy, Transportation, Industrial, Agriculture, and Others

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Technology Type, Application, End- User Industry, and Region:

Segmentation:

By Technology Type:

  • Solid-DAC
  • Liquid-DAC
  • Electrochemical-DAC

By Application:

  • Carbon Capture and Storage (CCS)
  • Carbon Capture, Utilization, and Storage (CCUS)

By End-User Industry:

  • Energy
  • Transportation
  • Industrial
  • Agriculture
  • Others

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Direct Air Carbon Capture Technology Market Key Players

The key players operating the Direct Air Carbon Capture Technology Market include Climeworks, Carbon Engineering ULC., Sunfire GmbH, Global thermostat, Soletair Power, Heirloom Carbon Technologies, Skytree, Synhelion, Oak Ridge National Laboratory, and Noya PBC.

Direct Air Carbon Capture Technology Market Key Players

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Direct Air Carbon Capture Technology Market Key Issues Addressed

  • In November 2023, Heirloom Carbon Technology and CarbonCure, a producer of carbon removal or carbon utilisation technology, inked a contract to capture atmospheric CO2 and permanently encase it in concrete. According to the terms of the deal, CarbonCure will permanently store CO2 that Heirloom's DAC facilities gather in adjacent concrete factories.
  • In October 2022, Carbon Capture, Inc. and Fluor Corporation signed a contract. Under the terms of this agreement, Project Bison will receive engineering and project integration services from Fluor Corporation, a renowned international engineering, procurement, and construction (EPC) company.

Direct Air Carbon Capture Technology Market Company Profile

  • Climeworks *
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Carbon Engineering ULC.
  • Sunfire GmbH
  • Global thermostat
  • Soletair Power
  • Heirloom Carbon Technologies
  • Skytree
  • Synhelion
  • Oak Ridge National Laboratory
  • Noya PBC

“*” marked represents similar segmentation in other categories in the respective section.

Direct Air Carbon Capture Technology Market Table of Contents

Research Objective and Assumption

  • Research Objectives
  • Assumptions
  • Abbreviations

Market Preview

  • Report Description
    • Market Definition and Scope
  • Executive Summary
    • Market Snippet, By Technology Type
    • Market Snippet, By Application
    • Market Snippet, By End-User Industry
    • Market Snippet, By Region
  • Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
    • Drivers
    • Restraints
    • Market Opportunities
  • Market Trends
  • Product Launch
  • Merger and Acquisitions
  • Impact Analysis
  • PEST Analysis
  • Porter’s Analysis

Market Segmentation, Technology Type, Forecast Period up to 10 Years, (USD Mn)

  • Overview
    • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Solid-DAC
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Liquid-DAC
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Electrochemical-DAC
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, Application, Forecast Period up to 10 Years, (USD Mn)

  • Overview
    • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Carbon Capture and Storage (CCS)
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Carbon Capture, Utilization, and Storage (CCUS)
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, End-User Industry, Forecast Period up to 10 Years, (USD Mn)

  • Overview
    • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Energy
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Transportation
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Industrial
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Agriculture
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Others
    • Overview
    • Market Size and Forecast (USD Mn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (USD Mn)

  • Overview
    • Market Value and Forecast (USD Mn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Regional Trends
  • North America
    • Market Size and Forecast (USD Mn), By Technology Type, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By End- User Industry, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
      • U.S
      • Canada
  • Asia Pacific
    • Market Size and Forecast (USD Mn), By Technology Type, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By End- User Industry, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
      • India
      • Japan
      • South Korea
      • China
      • Rest of Asia Pacific
  • Europe
    • Market Size and Forecast (USD Mn), By Technology Type, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By End- User Industry, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
      • UK
      • Germany
      • France
      • Russia
      • Italy
      • Rest of Europe
  • Latin America
    • Market Size and Forecast (USD Mn), By Technology Type, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By End- User Industry, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East and Africa
    • Market Size and Forecast (USD Mn), By Technology Type, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Application, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By End- User Industry, Forecast Period up to 10 Years
    • Market Size and Forecast (USD Mn), By Country, Forecast Period up to 10 Years
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East and Africa

Competitive Landscape

  • Heat Map Analysis
  • Company Profiles
    • Climeworks
    • Carbon Engineering ULC.
    • Sunfire GmbH
    • Global thermostat
    • Soletair Power
    • Heirloom Carbon Technologies
    • Skytree
    • Synhelion
    • Oak Ridge National Laboratory
    • Noya PBC

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

Direct Air Carbon Capture Technology Market was valued at USD 93.1 Million in 2024 and is expected to reach USD 2046.3 Million by 2034 growing at a CAGR of 40.4%

Direct Air Carbon Capture Technology Market is segmented by Technology Type, Application, End-User Industry, and Region.

Factors driving the market include reducing climate change to boost technological adoption and technological advancements.

Restraints of the Direct Air Carbon Capture Technology Market include expensive and insufficient infrastructure for CO2 storage as a market restraining factor.

Region segments the Direct Air Carbon Capture Technology Market into North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. North America is expected to dominate the Market.

The key players operating the Direct Air Carbon Capture Technology Market include Climeworks, Carbon Engineering ULC., Sunfire GmbH, Global thermostat, Soletair Power, Heirloom Carbon Technologies, Skytree, Synhelion, Oak Ridge National Laboratory, and Noya PBC.