Direct Air Carbon Capture Technology Market: Overview
Direct air carbon capture is an innovation that captures CO2 from air, and gives it in refined structure to utilize or capacity. This strategy utilizes huge fans that move encompassing air through a channel, utilizing a concoction adsorbent to create an unadulterated CO2 stream that could be put away. Direct air capture innovation has huge impact on worldwide CO2 focuses.
Direct Air Carbon Capture Technology Market: Trends & Demands
Demand for energy has been increasing rapidly. Large amount of fossil fuels is consumed in various industrial processes such as those in cement, steel, and power generation industries. Combustion of fossil fuels at such a large scale results in the emission of carbon dioxide and other greenhouse gases into the atmosphere. Increase in amount of these gases in the atmosphere has resulted in irreversible phenomenon such as climate change and depletion of ozone. According to the Paris Climate Change Agreement, removal of existing CO2 from the atmosphere is necessary. Aggressive emission reductions are imperative, and large-scale carbon removal is also required. This drives the demand of direct air carbon capture technology. On the other hand side, high cost of direct air carbon capture technology is the major factor that may hamper the market. The cost to capture one metric ton of carbon dioxide ranges from US$ 600 to US$ 800.
Direct Air Carbon Capture Technology Market: Key Segments
The global direct air carbon capture technology market can be segmented based on number of collectors, application, and region. In terms of number of collectors, the market can be bifurcated into less than 10 collectors and more than 10 collectors. The less than 10 collectors segment dominates the market, while the more than 10 collectors segment is expected to expand at a higher CAGR during the forecast period. Based on application, the market can be segregated into enhance oil recovery (EOR), industrial, agriculture, and others. The EOR segment is estimated to expand at a rapid pace during the forecast period. EOR method is broadly being adopted by oil & gas companies to extract oil and gas from mature fields. CO2 is considered to be an excellent displacing agent for EOR techniques.
Direct Air Carbon Capture Technology Market: Regional Outlook
In terms of region, the global direct air carbon capture technology market can be split into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe dominated the direct air carbon capture technology market in 2017, followed by North America. Implementation of stringent regulations regarding carbon emission is driving the market. Currently, three direct air carbon capture plants are operational in Europe.
Switzerland-based Climeworks is the first company to build the direct air carbon capture plant. The company aims to capture 1% of global CO2 emissions by 2025. In 2017, the company opened the first direct air capture plant in Zurich, Switzerland. The plant is capable of capturing 900 metric tons of carbon annually. The carbon dioxide captured was fed to a greenhouse, which boosted the growth of the plants inside it. In the same year, the company has opened second plant in collaboration with Reykjavik Energy in Iceland to capture CO2 from ambient air and store it permanently underground as minerals in basalt rock formations. In 2018, Climeworks launched its third plant in Troia, Italy. Each year, the plant is expected to capture 150 metric tons of carbon dioxide, which is expected to be converted into methane, a major component of natural gas that is used to power trucks running on green gas. CO2 capture plants are fully automated and controlled via touch screen display. They are suitable for autonomous 24/7 operations.