Ocean Carbon Removal Market to Hit $1,989.6 Mn by 2031.

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

The Global Ocean Carbon Removal Market is valued at US$ 546.1 Mn in 2023, and it is expected to reach US$ 1,989.6 Mn by 2031, with a CAGR of 18.2% during the forecast period of 2024-2031.

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Ocean Carbon Removal (OCR) is a new strategy on the horizon to mitigate and reverse climate change by enhancing the ocean's natural carbon-sequestering ability and storing it in the ocean. This broad category includes enhanced biological processes, electrochemical techniques for extracting dissolved CO₂ from seawater, ocean alkalinity enhancement, and restoration of carbon-rich coastal ecosystems such as mangroves and seagrasses. The mentioned methods make use of inherent processes in the ocean to reduce levels of CO₂, which comes with some other urgent climate and ecological challenges. OCR removes carbon from the atmosphere to help alleviate the increase in temperature levels, thus restoring marine biodiversity, making it a crucial tool in the fight against climate change.

The importance of OCR lies in its scalability and benefits pertaining to climate mitigation and ecosystem restoration. The ocean currently absorbs about 30% of anthropogenic CO₂ emissions, but its potential can be stretched by several innovative technologies. Applications range from a reduction in atmospheric CO₂ to the production of carbon-negative fuels and materials, restoration of critical habitats, and biodiversity enhancement. With increasing global emissions, OCR will complement emission reduction strategies by playing a key role in helping achieve international climate targets and fostering a healthier, more resilient ocean ecosystem.

List of Prominent Players in the Ocean Carbon Removal Market:
• Climeworks AG
• Thermostat
• Carbon Engineering Ltd
• Mitsubishi Heavy Industries
• Cella Mineral Storage
• Arca Climate
• Carbon Clean Solutions
• Equinor Carbofex Ltd
• Carbon Cure Technologies Inc
• Blue Planet System
• Bessume Energy AB

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Market Dynamics:
Drivers-
The Ocean Carbon Removal (OCR) market is driven by the urgent need for climate change mitigation, advancing technologies, regulatory support, and growing investments. Increased atmospheric CO₂ levels and global warming increase the need for scalable solutions in carbon removals. Strict environmental regulations and reduction targets for emissions push companies to use OCR technologies, while innovations such as DAC, mineralization that has been advanced, and electrochemical processes make the said solutions cheaper and scalable, with the cost expected to be around $100 per ton of CO₂ removed. Further augmented by government, private entities, and carbon credit programs among others, funding induces fast growth of the OCR market with strong significance to global climate strategies.

Challenges:
The Ocean Carbon Removal (OCR) market faces challenges like environmental risks, high costs, and weak regulation. Techniques may disrupt marine ecosystems, and high implementation costs deter adoption in the absence of subsidies. Governance is fragmented, and monitoring is poor, with direct consequences on effective and safe deployment that requires strong oversight and support.

Regional Trends:
North America is leading in the OCR market with strong investment, innovative projects, and favorable policies. It is home to the key players and research institutions that are working on developing ocean afforestation, coastal restoration, and advanced carbon capture. Researches like those of NOAA are pushing studies into efficacy and risks. Organizing the collaborative efforts of governments, private companies, and academia, such as Blue Carbon, in sharing knowledge and pooling resources and in developing carbon credit systems, further enhances the drive towards OCR development, entrenching North America's leadership.

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Recent Developments:
• In Sep 2024, Mitsubishi Heavy Industries (MHI) deployed its KM CDR Process at the Ravenna Carbon Capture and Storage (CCS) project in Italy, enabling the removal of 25,000 tons of CO₂ annually. The project, led by Eni and Snam, showcases advanced post-combustion carbon capture technology.
• In Nov 2023, Arca Climate Technologies and BHP have launched an 18-month pilot at BHP's Mt Keith Nickel West mine in Australia to test Arca's carbon capture technology using mine tailings. The project aims to demonstrate effective, safe, and permanent CO₂ storage within an active mining operation.

Segmentation of Ocean Carbon Removal Market-
By Technology:
• Direct Air Capture
• Biochar
• Enhanced Mineralization
• Ocean Alkalization
• 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 Middle East and Africa

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.