Carbon Dioxide Removal Market - A Global and Regional Analysis- Focus on Technology Type, Carbon Credit Buyer, and Region - Analysis and Forecast, 2022-2031
Carbon Dioxide Removal Market Overview
The global carbon dioxide removal (CDR) market was valued at $418.1 million in 2021, and it is expected to grow with a CAGR of 18.2% and reach $2,083.4 million by 2031. The growth in the carbon dioxide removal market is expected to be driven by increasingly supportive government policies and growing investment and collaboration among industry players. However, high energy costs for some technologies and lack of monitoring, reporting, and verification are some of the factors hindering the growth of the market.
Market Lifecycle Stage
The global carbon dioxide removal market is in a growing phase. New trends, such as the focus on blue carbon and microalgae as a CDR tool, are expected to offer opportunities in the coming years.
Industrial Impact
With an increased worldwide focus on reducing carbon emissions, the shift towards technologies to remove carbon dioxide from the atmosphere is increasing, thereby creating demand for CDR. The shift is more prominent in regions such as North America and Europe.
Market Segmentation
Segmentation 1: by Technology Type
Biochar
Direct Air Capture (DAC)
Enhanced/Carbon Mineralization
Ocean Alkalinization
Others
Based on technology type, biochar accounted for a 43.8% share of the global carbon dioxide removal market in 2021.
Segmentation 2: by Carbon Credit Buyer
Finance Sector
Technology Sector
Others
Based on carbon credit buyer, the technology sector accounted for 66.2% of the global carbon dioxide removal market in 2021.
Segmentation 3: by Region
North America - U.S. and Canada
Europe - Germany, Norway, Italy, and Rest-of-Europe
Asia-Pacific - Australia and Rest-of-Asia Pacific
Rest-of-the-World (RoW) - Middle East and Africa and South America
Based on regional segmentation, North America accounted for a 58.0% share of the global carbon dioxide removal market in 2021.
Recent Developments in Carbon Dioxide Removal Market
In October 2022, Carbon Engineering Ltd. and Occidental Petroleum Corp. started the construction of a carbon removal plant in the Permian Basin, U.S. The plant would have the capacity to draw 500,000 tons of carbon dioxide from the atmosphere per year using direct air capture technology.
In October 2022, Climeworks completed the commercial operations of its first-generation technology at its world’s first commercial direct air capture facility in Hinwil, Switzerland. The operation would help the company to sharpen the focus and achieve gigatons of CO2 by 2050.
In April 2021, Thermostat signed an agreement to supply DAC equipment to the Haru Oni eFuels pilot plant situated in Chile. The plant will be utilized for capturing carbon dioxide with electrolytic hydrogen for producing synthetic gasoline. The plant is designed to capture nearly 250 kilograms of CO2 per hour.
In July 2021, Carbfix announced a partnership with Aker Carbon Capture of Norway. This partnership will help combine the companies’ complementary technologies to offer the full CCS value chain in the global fight against climate change.
Demand – Drivers and Limitations
Following are the demand drivers for the global carbon dioxide removal market:
Favorable Government Policies Drive the Development of CDR
Introduction of CDR Launchpad
Investments and Collaboration Drive the Growth of Carbon Dioxide Removal
The market is expected to face some limitations too due to the following challenges:
High Cost and Energy Usage Associated with Direct Air Capture (DAC)
Lack of Proper Mechanism for Monitoring, Reporting, and Verification (MRV)
Analyst View
According to Pooja Tanna, Lead Analyst, BIS Research, “Carbon dioxide removal technologies are expected to be the way forward for achieving net zero targets in the coming years. The increasing focus by governments across the globe toward adoption of CDR technologies and private and public funding are the major factors propelling the growth of the industry.”
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of technologies available for carbon dioxide removal and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different carbon removal buyers, namely, technology sector, finance sector, and others.
Growth/Marketing Strategy: Business expansion, partnership, collaboration, and joint venture are some key strategies adopted by key players operating in the space. For instance, in October 2022, Carbon Engineering Ltd. and Occidental Petroleum Corp. started the construction of a carbon removal plant in the Permian basin, U.S. The plant would have the capacity to draw 500,000 tons of carbon dioxide from the atmosphere per year using direct air capture technology.
Competitive Strategy: Key players in the global carbon dioxide removal market analyzed and profiled in the study involve technology providers. Moreover, a detailed competitive benchmarking of the players operating in the global carbon dioxide removal market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names in this market are:
Company Type: Carbon Dioxide Removal Market
Climeworks
Global Thermostat
Charm Industrial
Carbon Engineering
Wakefield Biochar
*PDF email from publisher allows for 1-3 users, with permission to print*
- 1 Markets
- 1.1 Trends: Current and Future
- 1.1.1.1 Focus on Blue Carbon
- 1.1.1.2 Microalgae as a Significant Carbon Dioxide Removal Tool
- 1.2 Ecosystems/Ongoing Programs
- 1.2.1 Consortiums and Associations
- 1.3 Business Dynamics
- 1.3.1 Business Drivers
- 1.3.1.1 Favorable Government Policies Drive the Development of Carbon Dioxide Removal
- 1.3.1.2 Introduction of Carbon Dioxide Removal (CDR) Launchpad
- 1.3.1.3 Investments and Collaborations Drive the Growth of Carbon Dioxide Removal
- 1.3.2 Business Challenges
- 1.3.2.1 High Cost and Energy Usage Associated with Direct Air Capture (DAC)
- 1.3.2.2 Lack of Proper Mechanism for Monitoring, Reporting, and Verification (MRV)
- 1.3.3 Business Strategies
- 1.3.4 Corporate Strategies
- 1.3.5 Business Opportunity
- 1.3.5.1 Growing Demand for Carbon-Neutral Concrete
- 1.4 Start-Up Landscape
- 1.5 Comparative Analysis of CDR Technologies
- 1.6 Related Market Snapshot: Carbon Capture Utilization and Storage (CCUS)
- 2 Application
- 2.1 Carbon Dioxide Removal Market – Carbon Credit Buyers and Specifications
- 2.1.1 Technology Sector
- 2.1.2 Finance Sector
- 2.1.3 Others
- 2.2 Demand Analysis of Carbon Dioxide Removal Market (by Carbon Credit Buyer), Value and Volume Data
- 3 Products
- 3.1 Carbon Dioxide Removal Market – Technology Types and Specifications
- 3.1.1 Biochar
- 3.1.2 Direct Air Capture (DAC)
- 3.1.3 Enhanced/Carbon Mineralization
- 3.1.4 Ocean Alkalinization
- 3.1.5 Others (BECCS and Microalgae)
- 3.2 Demand Analysis of Carbon Dioxide Removal Market (by Technology Type), Value and Volume Data
- 3.3 Product Benchmarking: Growth Rate – Market Share Matrix
- 3.4 Patent Analysis
- 3.4.1 Patent Analysis (by Region)
- 3.5 Global Pricing
- 4 Region
- 4.1 North America
- 4.1.1 Market
- 4.1.1.1 Key Manufacturers/Suppliers in North America
- 4.1.1.2 Business Challenges
- 4.1.1.3 Business Drivers
- 4.1.2 Product
- 4.1.3 North America (by Country)
- 4.1.3.1 U.S.
- 4.1.3.2 Key Manufacturers/Suppliers in the U.S.
- 4.1.3.3 Market
- 4.1.3.4 Business Challenges
- 4.1.3.5 Business Drivers
- 4.1.3.6 Product
- 4.1.3.7 Canada
- 4.1.3.7.1 Key Manufacturers/Suppliers in Canada
- 4.1.3.7.2 Market
- 4.1.3.7.3 Business Challenges
- 4.1.3.8 Business Drivers
- 4.1.3.9 Product
- 4.2 Europe
- 4.2.1 Market
- 4.2.1.1 Key Manufacturers/Suppliers in Europe
- 4.2.1.2 Business Challenges
- 4.2.1.3 Business Drivers
- 4.2.2 Product
- 4.2.3 Europe (by Country)
- 4.2.3.1 Norway
- 4.2.3.1.1 Market
- 4.2.3.1.1.1 Key Manufacturers/Suppliers in Norway
- 4.2.3.1.1.2 Business Challenges
- 4.2.3.1.1.3 Business Drivers
- 4.2.3.1.2 Product
- 4.2.3.2 Germany
- 4.2.3.2.1.1 Key Manufacturers/Suppliers in Germany
- 4.2.3.2.1.2 Business Challenges
- 4.2.3.2.1.3 Business Drivers
- 4.2.3.2.2 Product
- 4.2.3.3 Italy
- 4.2.3.3.1 Market
- 4.2.3.3.1.1 Key Manufacturers/Suppliers in Italy
- 4.2.3.3.1.2 Business Challenges
- 4.2.3.3.1.3 Business Drivers
- 4.2.3.3.2 Product
- 4.2.3.4 Rest-of-Europe (RoE)
- 4.2.3.4.1 Market
- 4.2.3.4.1.1 Key Manufacturers/Suppliers in Rest-of-Europe
- 4.2.3.4.1.2 Business Challenges
- 4.2.3.4.1.3 Business Drivers
- 4.2.3.4.2 Product
- 4.3 Asia-Pacific
- 4.3.1 Market
- 4.3.1.1 Key Manufacturers/Suppliers in Asia-Pacific
- 4.3.1.2 Business Challenges
- 4.3.1.3 Business Drivers
- 4.3.2 Product
- 4.3.3 Asia-Pacific (by Country)
- 4.3.3.1 Australia
- 4.3.3.1.1 Market
- 4.3.3.1.1.1 Business Challenges
- 4.3.3.1.1.2 Business Drivers
- 4.3.3.1.2 Product
- 4.3.3.2 Rest-of-Asia-Pacific
- 4.3.3.2.1 Market
- 4.3.3.2.1.1 Business Challenges
- 4.3.3.2.1.2 Business Drivers
- 4.3.3.2.2 Product
- 4.4 Rest-of-the-World
- 4.4.1 Market
- 4.4.1.1 Key Manufacturers/Suppliers in Rest-of-the-World
- 4.4.1.2 Business Challenges
- 4.4.1.3 Business Drivers
- 4.4.2 Product
- 5 Markets - Competitive Benchmarking & Company Profiles
- 5.1 Competitive Benchmarking
- 5.1.1 Competitive Position Matrix
- 5.1.2 Product Matrix for Key Companies
- 5.1.3 Market Share Analysis
- 5.2 Company Profiles
- 5.2.1 Climeworks
- 5.2.1.1 Company Overview
- 5.2.1.1.1 Role of Climeworks in the Carbon Dioxide Removal Market
- 5.2.1.1.2 Product Portfolio
- 5.2.1.2 Business Strategies
- 5.2.1.3 Corporate Strategies
- 5.2.1.4 Analyst View
- 5.2.2 Global Thermostat
- 5.2.2.1 Company Overview
- 5.2.2.1.1 Role of Global Thermostat in the Carbon Dioxide Removal Market
- 5.2.2.1.2 Product Portfolio
- 5.2.2.2 Corporate Strategies
- 5.2.2.3 Analyst View
- 5.2.3 Carbon Engineering Ltd.
- 5.2.3.1 Company Overview
- 5.2.3.2 Role of Carbon Engineering Ltd. in the Carbon Dioxide Removal Market
- 5.2.3.2.1 Product Portfolio
- 5.2.3.3 Business Strategies
- 5.2.3.4 Corporate Strategies
- 5.2.3.5 Analyst View
- 5.2.4 Arca
- 5.2.4.1 Company Overview
- 5.2.4.1.1 Role of Arca in the Carbon Dioxide Removal Market
- 5.2.4.1.2 Product Portfolio
- 5.2.4.2 Analyst View
- 5.2.5 Cella Mineral Storage Inc.
- 5.2.5.1 Company Overview
- 5.2.5.1.1 Role of Cella Mineral Storage Inc. in the Carbon Dioxide Removal Market
- 5.2.5.1.2 Product Portfolio
- 5.2.5.2 Analyst View
- 5.2.6 Bussme Energy AB
- 5.2.6.1 Company Overview
- 5.2.6.1.1 Role of Bussme Energy AB in the Carbon Dioxide Removal Market
- 5.2.6.1.2 Product Portfolio
- 5.2.6.2 Analyst View
- 5.2.7 Carbofex Ltd.
- 5.2.7.1 Company Overview
- 5.2.7.1.1 Role of Carbofex Ltd. in the Carbon Dioxide Removal Market
- 5.2.7.1.2 Product Portfolio
- 5.2.7.2 Analyst View
- 5.2.8 Oregon Biochar Solutions
- 5.2.8.1 Company Overview
- 5.2.8.1.1 Role of Oregon Biochar Solutions in the Carbon Dioxide Removal Market
- 5.2.8.1.2 Product Portfolio
- 5.2.8.2 Analyst View
- 5.2.9 Wakefield BioChar
- 5.2.9.1 Company Overview
- 5.2.9.1.1 Role of Wakefield BioChar in the Carbon Dioxide Removal Market
- 5.2.9.1.2 Product Portfolio
- 5.2.9.2 Analyst View
- 5.2.10 Novocarbo GmbH
- 5.2.10.1 Company Overview
- 5.2.10.1.1 Role of Novocarbo GmBH in the Carbon Dioxide Removal Market
- 5.2.10.1.2 Product Portfolio
- 5.2.10.2 Analyst View
- 5.2.11 Carbicrete
- 5.2.11.1 Company Overview
- 5.2.11.1.1 Role of Carbicrete in the Carbon Dioxide Removal Market
- 5.2.11.1.2 Product Portfolio
- 5.2.11.2 Analyst View
- 5.2.12 Neustark Ag
- 5.2.12.1 Company Overview
- 5.2.12.1.1 Role of Neustark Ag in the Carbon Dioxide Removal Market
- 5.2.12.1.2 Product Portfolio
- 5.2.12.2 Analyst View
- 5.2.13 Ebb Carbon
- 5.2.13.1 Company Overview
- 5.2.13.1.1 Role of Ebb Carbon in the Carbon Dioxide Removal Market
- 5.2.13.1.2 Product Portfolio
- 5.2.13.2 Analyst View
- 5.2.14 CarbonCure Technologies Inc.
- 5.2.14.1 Company Overview
- 5.2.14.1.1 Role of CarbonCure Technologies Inc. in the Carbon Dioxide Removal Market
- 5.2.14.1.2 Product Portfolio
- 5.2.14.2 Corporate Strategies
- 5.2.14.3 Analyst View
- 5.2.15 CarbonFree
- 5.2.15.1 Company Overview
- 5.2.15.1.1 Role of CarbonFree in the Carbon Dioxide Removal Market
- 5.2.15.1.2 Product Portfolio
- 5.2.15.2 Corporate Strategies
- 5.2.15.3 Analyst View
- 5.2.16 Carbfix hf.
- 5.2.16.1 Company Overview
- 5.2.16.1.1 Role of Carbfix hf. in the Carbon Dioxide Removal Market
- 5.2.16.1.2 Product Portfolio
- 5.2.16.2 Corporate Strategies
- 5.2.16.3 Analyst View
- 5.2.17 Blue Planet Systems
- 5.2.17.1 Company Overview
- 5.2.17.1.1 Role of Blue Planet Systems in the Carbon Dioxide Removal Market
- 5.2.17.1.2 Product Portfolio
- 5.2.17.2 Corporate Strategies
- 5.2.17.3 Analyst View
- 5.2.18 Pacific Biochar Benefit Corporation
- 5.2.18.1 Company Overview
- 5.2.18.1.1 Role of Pacific Biochar Benefit Corporation in the Carbon Dioxide Removal Market
- 5.2.18.1.2 Product Portfolio
- 5.2.18.2 Business Strategies
- 5.2.18.3 Analyst View
- 5.2.19 HEIMDAL
- 5.2.19.1 Company Overview
- 5.2.19.1.1 Role of HEIMDAL in the Carbon Dioxide Removal Market
- 5.2.19.1.2 Product Portfolio
- 5.2.19.2 Analyst View
- 5.2.20 Charm Industrial
- 5.2.20.1 Company Overview
- 5.2.20.1.1 Role of Charm Industrial in the Carbon Dioxide Removal Market
- 5.2.20.1.2 Product Portfolio
- 5.2.20.2 Business Strategies
- 5.2.20.3 Corporate Strategies
- 5.2.20.4 Analyst View
- 6 Research Methodology
- 6.1 Primary Data Sources
- 6.2 Secondary Data Sources
- 6.3 Top-Down and Bottom-Up Approach
- 6.4 Assumptions and Limitations
- List of Figures
- Figure 1: Global Carbon Removal Market Snapshot, $Million, 2021, 2022, and 2031
- Figure 2: Global Carbon Removal Market (by Carbon Credit Buyer), $Million, 2021 and 2031
- Figure 3: Global Carbon Dioxide Removal Market (by Technology Type), $Million, 2021 and 2031
- Figure 4: Global Carbon Dioxide Removal Market (by Region), $Million, 2021 and 2031
- Figure 5: Global Carbon Dioxide Removal Market Coverage
- Figure 6: Global Carbon Capture Utilization and Storage Market, $Million, 2021, 2022, and 2031
- Figure 7: Year-Wise Patents Filed for Direct Air Capture, January 2019-December 2022
- Figure 8: Year-Wise Patents Filed for Other Technology (Biochar and Carbon Mineralization), January 2019-December 2022
- Figure 9: Patent Analysis (by Region), January 2019-December 2022
- Figure 10: Research Methodology
- Figure 11: Top-Down and Bottom-Up Approach
- Figure 12: Influencing Factors of the Carbon Dioxide Removal Market
- Figure 13: Assumptions and Limitations
- List of Tables
- Table 1: List of Key Start-Ups in the Ecosystem
- Table 2: Global Carbon Dioxide Removal Market (by Carbon Credit Buyer), $Million, 2021-2031
- Table 3: Global Carbon Dioxide Removal Market (by Carbon Credit Buyer), Tons, 2021-2031
- Table 4: Global Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 5: Global Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 6: Global Projection of Cost of CDR Technology, $/Ton, 2021-2031
- Table 7: Global Carbon Dioxide Removal Market (by Region), $Million, 2021-2031
- Table 8: Global Carbon Dioxide Removal Market (by Region), Thousand Tons, 2021-2031
- Table 9: North America Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 10: North America Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 11: U.S. Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 12: U.S. Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 13: Canada Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 14: Canada Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 15: Europe Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 16: Europe Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 17: Norway Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 18: Norway Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 19: Germany Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 20: Germany Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 21: Italy Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 22: Italy Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 23: Rest-of-Europe Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 24: Rest-of-Europe Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 25: Asia-Pacific Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 26: Asia-Pacific Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 27: Australia Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 28: Australia Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 29: Rest-of-Asia-Pacific Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 30: Rest-of-Asia-Pacific Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 31: Rest-of-the-World Carbon Dioxide Removal Market (by Technology Type), $Million, 2021-2031
- Table 32: Rest-of-the-World Carbon Dioxide Removal Market (by Technology Type), Thousand Tons, 2021-2031
- Table 33: Product Matrix for Key Companies
Research Assistance
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook