Overview and Scope
Direct air capture is a technology designed to remove carbon dioxide directly from the ambient air. The process typically involves passing air over chemical sorbents or liquid solvents, which selectively react with CO2, allowing other air components to pass through. Once CO2 is captured, it is stored in underground geological formations or used in products such as concrete.
Sizing and Forecast
The direct air capture market size has grown exponentially in recent years. It will grow from $0.04 billion in 2023 to $0.07 billion in 2024 at a compound annual growth rate (CAGR) of 66.1%. The growth in the historic period can be attributed to climate change concerns, policy and regulatory support, corporate sustainability initiatives, carbon pricing mechanisms, public awareness and support, international collaboration and partnerships.
The direct air capture market size is expected to see exponential growth in the next few years. It will grow to $0.44 billion in 2028 at a compound annual growth rate (CAGR) of 59.3%. The growth in the forecast period can be attributed to net-zero emissions targets, carbon removal markets, integration with carbon utilization, climate resilience and adaptation, investor interest and financing, policy alignment and international cooperation. Major trends in the forecast period include adoption of DAC as a negative emissions technology, collaboration between DAC companies and industrial facilities, integration with carbon utilization projects, growth in demand for sustainable fuels and materials, advancements in DAC efficiency, development of scalable and modular systems, expansion of deployment in industrial sectors, innovation in DAC technology.
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Segmentation & Regional Insights
The direct air capture market covered in this report is segmented –
1) By Product: Absorption-Based Direct Air Capture (SDAC), Adsorption-Based Direct Air Capture (DAC), Membrane-Based Direct Air Capture (DAC), Cryogenic-Based Direct Air Capture (DAC)
2) By Scale: Pilot-Scale, Demonstration-Scale, Commercial-Scale
3) By Source: Electricity, Heat
4) By Application: Carbon Capture, And Storage (CCS), Carbon Capture, Utilization And Storage (CCUS)
5) By End- Use: Oil And Gas, Food And Beverage, Automotive, Chemicals, Healthcare, Other End-Uses
North America was the largest region in the direct air capture market in 2023. The regions covered in the direct air capture market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing environmental concerns, such as greenhouse gas emissions, are expected to propel the growth of the direct air capture market going forward. Greenhouse gas emissions refer to the release of gases such as carbon dioxide (CO2), methane (CH4), and nitrous oxide (N2O) into the atmosphere, which trap heat and contribute to global warming. These emissions have increased primarily due to industrial activities, deforestation, transportation, and agriculture. Direct air capture technology offers a promising solution for reducing greenhouse gas emissions by capturing CO2 directly from the atmosphere. For instance, in November 2023, according to the Environmental Protection Agency (EPA), a US-based independent agency, greenhouse gas emissions in the US increased by 5% in 2021 compared to 2020. Further, in 2021, CO2 emissions from fossil fuel combustion increased by 7%, while CO2 emissions from natural gas consumption increased by more than 1%. Therefore, the increasing environmental concerns, such as greenhouse gas emissions, are driving the growth of the direct air capture market.
Key Industry Players
Major companies operating in the direct air capture market are Mosaic Materials Inc., Sunfire GmbH, National Energy Technology Laboratory, Climeworks AG, Carbon Clean Solutions Limited, Carbon Engineering Ltd., Heirloom Carbon Technologies Inc., Oak Ridge National Laboratory, Skytree Technologies AS, CarbonCapture Inc., Immaterial Inc., Global Thermostat Inc., Spiritus Systems, Synhelion AG, Infinitree Inc., Avnos Inc., Noya PBC, RepAir LLC, MISSION ZERO TECHNOLOGIES Inc., Carbyon Inc., Sustaera Inc., Southern Green Gas Limited, Octavia Carbon, Inc., Capture6 Inc.
The direct air capture market report table of contents includes:
1. Executive Summary
2. Direct Air Capture Market Characteristics
3. Direct Air Capture Market Trends And Strategies
4. Direct Air Capture Market - Macro Economic Scenario
5. Global Direct Air Capture Market Size and Growth
....
32. Global Direct Air Capture Market Competitive Benchmarking
33. Global Direct Air Capture Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Direct Air Capture Market
35. Direct Air Capture Market Future Outlook and Potential Analysis
36. Appendix
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