June 18, 2024
Boston: According to BCC Research, the Carbon Dioxide Removal (CDR) market is expected to grow at a compound annual growth rate (CAGR) of 31%, reaching a demand of $ 8.1 billion by 2028. The green energy transition is rapidly advancing to achieve global carbon neutrality, highlighting the critical role of carbon dioxide reduction and removal technologies. This market growth is driven by the need to meet global and national net-zero targets. While CDR cannot replace immediate deep emissions reductions, it is essential in all scenarios that aim to limit global warming to 2˚C or lower by 2100.
The CDR industry is in its early stages and requires extensive R&D to prove its viability. Current carbon credits and removal technologies lack scalability due to implementation variations. Policymakers can use CDR as a delaying tactic to achieve climate goals. Because of the potential of CDR, many companies are investing heavily in these technologies rather than changing their operations to reduce emissions.
Here are some key players driving the CDR market:
Climeworks: A pioneer in direct air capture and storage (DACS), Climeworks develops innovative technologies to remove CO₂ from ambient air. Their scalable solutions contribute significantly to net-zero emissions efforts.
Global Thermostat: Known for its patented carbon dioxide removal technology, Global Thermostat captures CO₂ directly from the air and converts it into useful products. Their approach combines environmental impact with economic viability.
Carbon Engineering Ltd.: This company specializes in bioenergy with carbon capture and storage (BECCS). They focus on sustainable bioenergy production while simultaneously removing CO₂ from the atmosphere.
Wakefield Biochar: Wakefield Biochar produces biochar—a carbon-rich material derived from biomass. Biochar sequesters carbon and enhances soil health, making it a valuable player in the CDR market.
Cella Mineral Storage: Cella Mineral Storage focuses on the geological storage of CO₂. By safely storing captured carbon underground, they contribute to long-term climate solutions.
ARCA (formerly Carbin Minerals): ARCA leverages natural climate solutions, such as reforestation and mangrove restoration, to sequester carbon. Their efforts contribute to a more sustainable planet.
Carbofex: Carbofex is a leader in sustainable energy solutions, they specialize in developing biochar production equipment and converting waste into biochar. This process removes CO2 from the atmosphere while generating clean energy. Carbofex's biochar is utilized in various applications, including horticulture and environmental remediation.
Bussme Energy AB: Bussme Energy AB is a pioneer in renewable energy and carbon dioxide removal, employing patented pyrolysis technology to produce biochar. This method permanently removes CO2 from the natural carbon cycle while simultaneously generating clean energy.
These companies play a key role in achieving zero emissions and fighting climate change. As the demand for CDR solutions continues to grow, their innovations will shape a more sustainable future.
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Carbon Dioxide Removals (CDR) Market( ENV069A )
Publish Date: Jan 2024
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