- Published: April 2024
- Pages: 275
- Tables: 35
- Figures: 48
- Series: Bio-economy
Carbon removal, or carbon dioxide (CO₂) removal (CDR), encompasses both natural solutions such as sequestering and storing carbon in trees and soil, and technology that extracts CO₂ directly from the atmosphere. The Global Market for Carbon Dioxide Removal (CDR) 2024-2045 report provides a comprehensive analysis of the rapidly evolving CDR industry. The report offers in-depth insights into the current state of the CDR market, key technologies, market drivers, challenges, and future growth prospects.
The report provides an overview of the main sources of carbon dioxide emissions and the role of CDR in meeting climate targets. It explores the history and evolution of carbon markets and examines the mitigation costs of various CDR technologies. The market map provides a clear picture of the CDR landscape, highlighting the key players, technologies, and market segments. A significant focus of the report is on the growing importance of CDR in voluntary carbon markets and the increasing investments in CDR technologies. The market size analysis offers valuable projections for the CDR industry, segmented by technology and region, from 2023 to 2043.
The report covers main CDR methods, including conventional land-based approaches like afforestation, reforestation, and soil carbon sequestration, as well as novel technologies such as direct air capture and storage (DACCS), bioenergy with carbon capture and storage (BECCS), enhanced weathering, and ocean-based CDR. Each technology is thoroughly examined, covering its principles, applications, key players, projects, and cost analysis.
The carbon credits market is analyzed in detail, including the types of carbon credits, corporate commitments, government support and regulations, advancements in project verification and monitoring, and the potential for blockchain technology in carbon credit trading. The report also explores the challenges and risks associated with the carbon credit market.
The company profiles section features over 130 leading companies in the CDR industry, providing valuable insights into their technologies, projects, and market strategies. Companies covered include Avnos, Banyu Carbon, Blusink, Brineworks, CarbonCure Technologies, Charm Industrial, Clairity Technology, Climeworks, EcoLocked GmbH, Ebb Carbon, Eion Carbon, Equatic, Graphyte, Greenlyte, Heirloom, Hyvegeo, Misson Zero, Noya, Octavia Carbon , Parallel Carbon, Pyro CSS GmbH, Qaptis, Ulysses Ecosystem Engineering and UNDO.
The report also includes a comprehensive SWOT analysis for each CDR technology, highlighting the strengths, weaknesses, opportunities, and threats. The future outlook for the CDR market is discussed, focusing on emerging trends, opportunities, and strategic recommendations for stakeholders. The report emphasizes the importance of supportive policies, research and development, and collaboration among industry players to accelerate the deployment of CDR technologies.
The Global Market for Carbon Dioxide Removal (CDR) 2024-2045 is an indispensable resource for businesses, investors, policymakers, and researchers seeking to understand the complex dynamics of the CDR industry. With its comprehensive analysis, detailed market insights, and strategic recommendations, this report enables stakeholders to make informed decisions and capitalize on the growing opportunities in the CDR market as the world transitions towards a low-carbon future.
1 ABBREVIATIONS 14
2 RESEARCH METHODOLOGY 16
- 2.1 Definition of Carbon Dioxide Removal 16
3 EXECUTIVE SUMMARY 17
- 3.1 Main sources of carbon dioxide emissions 17
- 3.2 CO2 as a commodity 19
- 3.3 History and evolution of carbon markets 21
- 3.4 Meeting climate targets 22
- 3.5 Mitigation costs of CDR technologies 23
- 3.6 Market map 25
- 3.7 CDR in voluntary carbon markets 29
- 3.8 CDR investments 30
- 3.9 Market size 31
4 INTRODUCTION 34
- 4.1 Conventional CDR on land 36
- 4.1.1 Wetland and peatland restoration 37
- 4.1.2 Cropland, grassland, and agroforestry 38
- 4.2 Main CDR methods 39
- 4.3 Novel CDR methods 40
- 4.4 Market drivers 43
- 4.5 Value chain 45
5 CARBON CREDITS 47
- 5.1 Description 47
- 5.2 Types of Carbon Credits 49
- 5.2.1 Voluntary Carbon Credits 49
- 5.2.2 Compliance Carbon Credits 50
- 5.3 Corporate commitments 50
- 5.4 Increasing government support and regulations 52
- 5.5 Advancements in carbon offset project verification and monitoring 53
- 5.6 Potential for blockchain technology in carbon credit trading 54
- 5.7 Prices 54
- 5.8 Buying and Selling Carbon Credits 56
- 5.8.1 Carbon credit exchanges and trading platforms 56
- 5.8.2 Over-the-counter (OTC) transactions 57
- 5.8.3 Pricing mechanisms and factors affecting carbon credit prices 58
- 5.9 Certification 58
- 5.10 Challenges and risks 59
- 5.11 Market size 61
6 BIOMASS WITH CARBON REMOVAL AND STORAGE (BICRS) 62
- 6.1 Technology overview 63
- 6.2 Feedstocks 65
- 6.3 Biomass conversion 66
- 6.4 CO₂ capture technologies 67
- 6.5 Bioenergy with carbon capture and storage (BECCS) 69
- 6.6 BECCS facilities 69
- 6.7 Cost analysis 71
- 6.8 BECCS carbon credits 71
- 6.9 Challenges 73
7 DIRECT AIR CAPTURE AND STORAGE (DACCS) 74
- 7.1 Description 74
- 7.2 Deployment 77
- 7.3 Point source carbon capture versus Direct Air Capture 78
- 7.4 Technologies 79
- 7.4.1 Solid sorbents 80
- 7.4.2 Liquid sorbents 84
- 7.4.3 Liquid solvents 85
- 7.4.4 Airflow equipment integration 86
- 7.4.5 Passive Direct Air Capture (PDAC) 86
- 7.4.6 Direct conversion 87
- 7.4.7 Co-product generation 87
- 7.4.8 Low Temperature DAC 87
- 7.4.9 Regeneration methods 88
- 7.4.10 Commercialization and plants 88
- 7.4.11 Metal-organic frameworks (MOFs) in DAC 89
- 7.5 DAC plants and projects-current and planned 90
- 7.6 Markets for DAC 96
- 7.7 Cost analysis 96
- 7.8 Challenges 102
- 7.9 SWOT analysis 103
- 7.10 Players and production 104
8 ENHANCED WEATHERING 105
- 8.1 Overview 105
- 8.1.1 Role of enhanced weathering in carbon dioxide removal 106
- 8.1.2 CO₂ mineralization 107
- 8.2 Enhanced Weathering Processes and Materials 108
- 8.3 Enhanced Weathering Applications 110
- 8.4 Trends and Opportunities 111
- 8.5 Challenges and Risks 112
- 8.6 Cost analysis 113
- 8.7 SWOT analysis 114
9 AFFORESTATION/REFORESTATION 117
- 9.1 Overview 117
- 9.2 Carbon dioxide removal methods 118
- 9.3 Projects 120
- 9.4 Trends and Opportunities 122
- 9.5 Challenges and Risks 123
- 9.6 SWOT analysis 124
10 SOIL CARBON SEQUESTRATION (SCS) 127
- 10.1 Overview 127
- 10.2 Practices 128
- 10.3 Measuring and Verifying 128
- 10.4 Trends and Opportunities 131
- 10.5 Carbon credits 132
- 10.6 Challenges and Risks 134
- 10.7 SWOT analysis 135
11 BIOCHAR 137
- 11.1 What is biochar? 138
- 11.2 Carbon sequestration 139
- 11.3 Properties of biochar 141
- 11.4 Feedstocks 143
- 11.5 Production processes 144
- 11.5.1 Sustainable production 145
- 11.5.2 Pyrolysis 146
- 11.5.2.1 Slow pyrolysis 146
- 11.5.2.2 Fast pyrolysis 148
- 11.5.3 Gasification 148
- 11.5.4 Hydrothermal carbonization (HTC) 149
- 11.5.5 Torrefaction 149
- 11.5.6 Equipment manufacturers 150
- 11.6 Biochar pricing 151
- 11.7 Biochar carbon credits 152
- 11.7.1 Overview 152
- 11.7.2 Removal and reduction credits 152
- 11.7.3 The advantage of biochar 153
- 11.7.4 Prices 153
- 11.7.5 Buyers of biochar credits 154
- 11.7.6 Competitive materials and technologies 154
- 11.8 Bio-oil based CDR 155
- 11.9 SWOT analysis 158
12 OCEAN-BASED CARBON DIOXIDE REMOVAL 160
- 12.1 Overview 160
- 12.2 CO₂ capture from seawater 161
- 12.3 Ocean fertilisation 161
- 12.4 Ocean alkalinisation 162
- 12.5 Trends and Opportunities 163
- 12.6 Ocean-based carbon credits 164
- 12.7 Cost analysis 165
- 12.8 Challenges and Risks 166
- 12.9 SWOT analysis 168
13 COMPANY PROFILES 170 (131 company profiles)
14 REFERENCES 272
List of Tables
- Table 1. Long-term marginal abatement costs of selected removal methods. 23
- Table 2. CDR investments and VC funding by company. 30
- Table 3. Main corporate buyers of carbon removeal in 2023 (t/Co2e) 35
- Table 4. Main CDR methods. 39
- Table 5. Market drivers for carbon dioxide removal (CDR). 44
- Table 6. CDR versus CCUS. 44
- Table 7. CDR Value Chain. 46
- Table 8. Carbon credit prices. 54
- Table 9. Carbon credit prices by company and technology. 56
- Table 10. CO₂ capture technologies for BECCS. 67
- Table 11. Existing and planned capacity for sequestration of biogenic carbon. 69
- Table 12. Existing facilities with capture and/or geologic sequestration of biogenic CO2. 70
- Table 13. Advantages and disadvantages of DAC. 77
- Table 14. Emerging solid sorbent materials for DAC. 82
- Table 15. Companies developing airflow equipment integration with DAC. 86
- Table 16. Companies developing Passive Direct Air Capture (PDAC) technologies. 87
- Table 17. Companies developing regeneration methods for DAC technologies. 88
- Table 18. DAC companies and technologies. 89
- Table 19. DAC technology developers and production. 91
- Table 20. DAC projects in development. 95
- Table 21. Markets for DAC. 96
- Table 22. Costs summary for DAC. 97
- Table 23. Cost estimates of DAC. 100
- Table 24. Challenges for DAC technology. 102
- Table 25. DAC companies and technologies. 104
- Table 26. Nature-based CDR approaches. 118
- Table 27. Summary of key properties of biochar. 141
- Table 28. Biochar physicochemical and morphological properties 141
- Table 29. Biochar feedstocks-source, carbon content, and characteristics. 143
- Table 30. Biochar production technologies, description, advantages and disadvantages. 145
- Table 31. Comparison of slow and fast pyrolysis for biomass. 148
- Table 32. Comparison of thermochemical processes for biochar production. 149
- Table 33. Biochar production equipment manufacturers. 150
- Table 34. Competitive materials and technologies that can also earn carbon credits. 154
- Table 35. Ocean-based CDR methods. 160
List of Figures
- Figure 1. Carbon emissions by sector. 17
- Figure 2. Overview of CCUS market 19
- Figure 3. Pathways for CO2 use. 20
- Figure 4. Carbon Dioxide Removal Market Map. 26
- Figure 5. Cost estimates for long-distance CO2 transport. 27
- Figure 6. Covering removals in international carbon market. 28
- Figure 7. Carbon dioxide removal capacity by technology (million metric tons of CO₂/year), 2020-2045. 31
- Figure 8, Carbon dioxide removal revenues by technology (billion US$), 2020-2045. 32
- Figure 9. Global purchases of CO2 removal (tonnes) 2019-2024. 33
- Figure 10. Bioenergy with carbon capture and storage (BECCS) process. 63
- Figure 11. CO2 captured from air using liquid and solid sorbent DAC plants, storage, and reuse. 75
- Figure 12. Global CO2 capture from biomass and DAC in the Net Zero Scenario. 76
- Figure 13. DAC technologies. 78
- Figure 14. Schematic of Climeworks DAC system. 79
- Figure 15. Climeworks’ first commercial direct air capture (DAC) plant, based in Hinwil, Switzerland. 80
- Figure 16. Flow diagram for solid sorbent DAC. 81
- Figure 17. Direct air capture based on high temperature liquid sorbent by Carbon Engineering. 84
- Figure 18. Global capacity of direct air capture facilities. 89
- Figure 19. Global map of DAC and CCS plants. 95
- Figure 20. Schematic of costs of DAC technologies. 97
- Figure 21. DAC cost breakdown and comparison. 98
- Figure 22. Operating costs of generic liquid and solid-based DAC systems. 100
- Figure 23. SWOT analysis: DACCS. 103
- Figure 24. SWOT analysis: enhanced weathering. 114
- Figure 25. SWOT analysis: afforestation/reforestation. 124
- Figure 26. SWOT analysis: SCS. 135
- Figure 27. Schematic of biochar production. 136
- Figure 28. Biochars from different sources, and by pyrolyzation at different temperatures. 138
- Figure 29. Compressed biochar. 142
- Figure 30. Biochar production diagram. 144
- Figure 31. Pyrolysis process and by-products in agriculture. 146
- Figure 32. SWOT analysis: Biochar for CDR. 157
- Figure 33. SWOT analysis: ocean-based CDR. 167
- Figure 34. Schematic of carbon capture solar project. 175
- Figure 35. Capchar prototype pyrolysis kiln. 184
- Figure 36. Carbon Blade system. 187
- Figure 37. CarbonCure Technology. 192
- Figure 38. Direct Air Capture Process. 194
- Figure 39. Orca facility. 200
- Figure 40. Holy Grail DAC system. 221
- Figure 41. Infinitree swing method. 225
- Figure 42. Mosaic Materials MOFs. 234
- Figure 43. Neustark modular plant. 237
- Figure 44. OCOchem’s Carbon Flux Electrolyzer. 242
- Figure 45. RepAir technology. 249
- Figure 46. Soletair Power unit. 256
- Figure 47. CALF-20 has been integrated into a rotating CO2 capture machine (left), which operates inside a CO2 plant module (right). 260
- Figure 48. Takavator. 261
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