Carbon Dioxide Removal Market Cleaning the Air: Opportunities and Growth in the Carbon Dioxide Removal Market

Carbon Dioxide Removal Market to reach over USD 2073.41 million by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Carbon Dioxide Removal Market Size, Share & Trends Analysis Report By Technology Type (Biochar, Direct Air Capture (DAC), Enhanced/Carbon Mineralization, Ocean Alkalinization) And Application (Finance Sector, The Technology Sector)- Market Outlook And Industry Analysis 2031"

The global carbon dioxide removal market is estimated to reach over USD 2073.41 million by 2024-2031, exhibiting a CAGR of 17.73% during the forecast period.

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2. Sentence about the DoE grant: This sentence could be its own separate paragraph. It provides a specific example to support the previous statement about carbon capture technology development.

3. Sentence about enhanced oil recovery (EOR): This sentence can be indented slightly to create another mini-paragraph. It introduces a specific technology (EOR) used for carbon capture.

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Numerous countries devote substantial resources to developing inventive alternatives, efficiently sequestering carbon from diverse origins. These groups focus on acquiring data regarding new locations for sequestered gas storage and utilization. Additionally, they are in favor of the development of many carbon capture technologies.

For example, the U.S. Department of Energy (DoE) will grant USD 11.5 million to the FLExible Carbon Capture and Storage (FLECCS) project in July 2020. The program aims to retrofit existing buildings that urgently need carbon capture and sequestration and support new natural gas power generation systems.

Growing efforts to lower the maximum amounts of carbon dioxide produced by the production and use of fossil fuels are driving the carbon capture and storage market. One technology used for carbon capture is enhanced oil recovery (EOR). More than 65% of the recoverable oil in place that was not produced during the primary and secondary phases is recovered using EOR.

List of Prominent Players in the Carbon Dioxide Removal Market:

• Carbfix hf.
• Blue Planet Systems
• Pacific Biochar Benefit Corporation
• HEIMDAL
• Charm Industrial
• Climeworks
• Global Thermostat
• Carbon Engineering Ltd.
• Arca
• Cella Mineral Storage Inc.
• Bussme Energy AB
• Carbofex Ltd.
• Oregon Biochar Solutions
• Wakefield BioChar
• Novocarbo GmbH
• Carbicrete
• Neustark Ag
• Ebb Carbon
• CarbonCure Technologies Inc.
• CarbonFree

Market Dynamics:
Drivers-
Many countries have put up stringent action plans to control climate change and reduce overall carbon emissions over the short and long term. The market size is expected to be further complemented by stringent initiatives to track and reduce greenhouse gas (GHG) emissions from power-producing plants. As an effect, the International Energy Agency (IEA) reported in February 2020 that worldwide energy-related CO2 emissions grew to 33.3 Giga-tons (G.T.) in 2019 from 32.2 GT in 2015, demonstrating an increase of more than 3.4% in just five years.

Challenges:
The growth of the carbon capture and sequestration business may be hampered by the need for significant capital expenditure to put up large-scale systems. To keep systems operating at their best, the projects also require significant annual operations expenses.

Moreover, the ability of high-capacity plants to capture many MTPA of CO2 also restricts the spread of technology across different nations. Additionally, chances for maximizing hydrocarbon output through CO2-based EOR activities have declined as a result of the sudden drop in global crude oil prices.

Regional Trends:
The North America Carbon Dioxide Removal Market is expected to register a major market share in terms of revenue and is projected to expand at a high CAGR in the near future. The growth in substantial investments made in various R&D projects and numerous high-capacity CCS units exist.

The regional expansion has also benefited from financial initiatives by local governments in the area. The introduction of new projects, inexpensive drilling for injection wells, and significant storage capacity in enormous subsurface formations are further essential aspects boosting the prognosis for the region.

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Recent Developments:

• In October 2022, Carbon Engineering Ltd. and Occidental Petroleum Corp built a carbon removal facility in the U.S. Permian Basin. The facility would be able to use direct air capture technology to remove 500,000 tons of carbon dioxide from the environment every year.

Segmentation of Carbon Dioxide Removal Market-
By Technology Type-
• Biochar
• Direct Air Capture (DAC)
• Enhanced/Carbon Mineralization
• Ocean Alkalinization
• Others
By Carbon Credit Buyer-
• Finance Sector
• Technology Sector
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.