Press release
Smart Carbon Market Poised for 16 % Growth, Set to Hit $8.53 Billion by 2029
Smart Carbon Market Size
The smart carbon market is experiencing significant growth, largely due to the surge in enhanced oil recovery (EOR) projects. EOR refers to the use of gases and chemicals, such as carbon dioxide (CO2), to extract residual oil from oil reservoirs. Improved oil production is achieved through EOR, which involves CO2 injection into an existing oil field, causing an increase in reservoir pressure and pushing oil towards production wells. Consequently, an uptick in enhanced oil recoveries escalates the demand for the smart carbon market. As reported by Switzerland's Multidisciplinary Digital Publishing Institute (MDPI), a publisher of open-access scientific journals, over 375 EOR projects were operational in 2022, contributing to about 2% of the global oil output. Therefore, the rise in the frequency of enhanced oil recovery (EOR) projects propels growth in the smart carbon market.
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How will the growth rate of the smart carbon market shape industry trends by 2034?
The scale of the smart carbon market has seen exponential growth in recent times. The market is projected to expand from $4.1 billion in 2024 to $4.76 billion in 2025, which signifies a compound annual growth rate (CAGR) of 16.0%. The surge observed in the historical period is primarily due to increased awareness about the environment, regulations imposed by the government to control carbon emissions, a growing global carbon footprint, escalating public anticipation from businesses, and heightened adoption of renewable energy.
In the forthcoming years, a swift expansion is projected for the smart carbon market, expected to reach a size of $8.53 billion by 2029 with a compound annual growth rate (CAGR) of 15.7%. The growth predicted during this forecast period could be due to the worldwide pledge to carbon neutrality, the increase in carbon capture investments, the rising carbon pricing mechanisms, and the development of carbon trading markets along with an upsurge in carbon disclosure obligations. Integration of artificial intelligence and the internet of things into smart carbon, carbon capture and utilization (ccu), incorporation with internet of things and sensors, carbon storage and sequestration, carbon offset initiatives, and carbon removal technologies are some major trends to watch out for during this forecast period.
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What trends are poised to drive the future success of the smart carbon market?
The escalating trend of technological innovation is prominently making waves in the smart carbon market. Major players in the smart carbon arena are putting their energy into creating new methodologies for carbon capture from the atmosphere and fossil fuel emissions. For example, Ecospray, a tech-as-a-service company based in Italy, introduced three groundbreaking carbon capture technologies in June 2022. This included the reduction of CO2 emissions using amines, calcium hydroxide, or molten carbonate fuel cells, which are proficiently utilized within different settings in the maritime sector. Crucial factors such as the ship's size and type, its voyage route, and the available space on board significantly impact the application's scope.
Which primary segments of the smart carbon market are driving growth and industry transformations?
The smart carbon market covered in this report is segmented -
1) By Type: Chemical Looping Combustion (CLC), Solvents And Sorbents, Bio-Energy CCS (BECCS), Direct Air Capture (DAC)
2) By Source: Oil And Gas, Power Generation, Chemicals And Petrochemicals, Cement, Iron And Steel, Other Sources
3) By Application: Urea Manufacturing, Synthetic Fuel, Chemical Production, Building Aggregates, Dry Ice, Other Applications
Subsegments:
1) By Chemical Looping Combustion (CLC): Oxy-fuel Combustion Systems, Integrated CLC Systems
2) By Solvents And Sorbents: Ionic Liquids, Amine-Based Solvents, Metal-Organic Frameworks (MOFs)
3) By Bio-Energy CCS (BECCS): Biomass Gasification, Bioenergy Production Technologies
4) By Direct Air Capture (DAC): Solid Sorbent Systems, Liquid Solvent Systems
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Which geographical regions are pioneering growth in the smart carbon market?
North America was the attractive region in the smart carbon market in 2024 The regions covered in the smart carbon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the smart carbon market landscape?
Major companies operating in the smart carbon market include Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde plc., A.P. Moller-Maersk Group, Mitsubishi Heavy Industries Ltd., Shell plc., Siemens AG, Sulzer Ltd., Honeywell International Inc., ExxonMobil Corporation, Carbon Engineering Ltd., Climeworks, Global Thermostat, Carbon Clean Solutions, Blue Planet, CarbonCure Technologies, Carbon Lighthouse, Charm Industrial, Heliogen, Verdox, Carbon Neutral, Aether Diamonds, Brightmark, Carbon Upcycling Technologies, Planetary Hydrogen, LanzaTech, Newlight Technologies, Svante Inc., Twelve, Carbon Recycling International, Solidia Technologies
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What Is Covered In The Smart Carbon Global Market Report?
• Market Size Forecast: Examine the smart carbon market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the smart carbon market for a structured understanding.
• Key Players Overview: Analyze major players in the smart carbon market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the smart carbon market.
• Segment Contributions: Evaluate how different segments drive overall growth in the smart carbon market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the smart carbon market.
• Industry Challenges: Identify potential risks and obstacles affecting the smart carbon market.
• Competitive Landscape: Review strategic developments in the smart carbon market, including expansions, agreements, and new product launches.
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