Carbon Dioxide Removals (CDR) Market Set to Surge to $8.1 Billion by 2028: BCC Research

The Carbon Dioxide Removals (CDR) market is all about finding ways to reduce the amount of carbon dioxide, or CO2, in the air. CO2 comes from things like cars, factories, and power plants, and too much of it can cause problems like global warming. So, the CDR market is where people are working on ways to take CO2 out of the air. This can include things like planting more trees, using special machines to capture CO2, or finding ways to store it underground. The goal is to make the air cleaner and healthier.

BOSTON, Feb. 28, 2024 /PRNewswire/ -- "According to the latest research study, the demand for Carbon Dioxide Removals (CDR) Market grow  from $370.0 million in 2022 to $8.1 billion in 2028, at a compound annual growth rate (CAGR) of 31.0% during the forecast period." 

This report looks at the Carbon Dioxide Removal (CDR) market by dividing it into different parts based on the type of technology used, the people or companies buying carbon credits, and where in the world these activities are happening. It gives a big picture of how the CDR market is doing globally and looks at what trends are happening in this area. Using information from the year 2022 as a starting point, the report guesses how the market will change from 2023 to 2028. It predicts how much money the market will make during this time and breaks it down by the types of products being used and where in the world these activities are taking place. The report also talks about who is using these CDR methods in different parts of the world and talks about any big changes or problems happening in the market. Finally, it guesses how big the global CDR market was in 2022 and how much it might grow by the year 2028.

In the EMEA region (Europe, the Middle East, and Africa), there's expected to be a big increase in using Carbon Dioxide Removal (CDR) technologies in the next few years. This area realizes how important it is to use these technologies to keep the environment healthy and wants to become self-reliant and stop adding more carbon to the air by 2050. Scientists say that to keep global warming from getting too bad, we need to remove a lot of carbon dioxide from the air. They think we might need to remove anywhere from 100 to 1000 billion metric tons of carbon dioxide throughout this century. Right now, there are already 27 special plants around the world that can take out a tiny bit of carbon dioxide from the air each year, and more than 130 other plants like these are being built or planned.

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Key Drivers of Carbon Dioxide Removals (CDR) Market:

1. Establishment of CDR Mission- The establishment of a CDR (Carbon Dioxide Removal) Mission means that a group or organization has decided to focus on finding ways to remove carbon dioxide from the air. This is important because too much carbon dioxide in the air can cause problems like global warming. So, the mission is like a special project where people work together to figure out the best ways to take carbon dioxide out of the air. They might try things like planting more trees, using special machines to capture carbon dioxide, or finding ways to store it underground. The goal of the CDR Mission is to make the air cleaner and healthier for everyone by reducing the amount of carbon dioxide in it.
2. Government Funding for CDR Projects- Government Funding for CDR Projects means that the government is giving money to support projects that aim to remove carbon dioxide from the air. This is important because too much carbon dioxide can cause problems like climate change. So, the government gives money to help scientists and companies develop new ways to capture and store carbon dioxide. This funding helps these projects get off the ground and helps to make the air cleaner and healthier for everyone.

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Report Synopsis        

Segmentation Analysis

By Technology Type Segmentation Analysis: Technology Type refers to different methods used to remove carbon dioxide from the air to help fight climate change. Some of these methods include Biochar, which turns organic materials like wood into a special kind of charcoal that can trap carbon dioxide when buried in soil. Enhanced Mineralization uses certain minerals to help rocks absorb carbon dioxide more quickly. Direct Air Capture (DAC) uses machines to suck carbon dioxide directly from the air. Bioenergy with Carbon Capture and Storage (BECCS) involves growing plants, burning them for energy, and then storing the carbon dioxide produced underground. Ocean Alkalinization adds substances to the ocean to help it absorb more carbon dioxide. Other methods include wetland restoration, ocean fertilization, artificial upwelling, artificial downwelling, and blue carbon management, all aiming to reduce the amount of carbon dioxide in the air and help the environment.

By Carbon Credit Buyers: Carbon Credit Buyers are the people or groups who purchase carbon credits as part of efforts to reduce their carbon footprint and support initiatives that help combat climate change. The Finance Sector includes banks, investment firms, and other financial institutions that buy carbon credits as part of their sustainability strategies or to meet regulatory requirements. The Technology Sector involves companies that buy carbon credits to offset their emissions from operations, manufacturing, or product development. Others, like the Oil & Gas (O&G), cement, textile, metals & mining industries, also purchase carbon credits to compensate for their carbon emissions and demonstrate their commitment to environmental responsibility. These buyers play a crucial role in supporting projects that reduce carbon emissions and contribute to a more sustainable future.

this report on the carbon dioxide removals (CDR) market provides comprehensive insights and analysis, addressing the following key questions:

1.  What is the projected market size and growth rate of the market?

The market is projected to grow from $370.0 million in 2022 to $8.1 billion in 2028 at a compound annual growth rate (CAGR) of 31.0% during the forecast period.

2.  What are the key factors driving the growth of the market?

Increasing focus on rapidly increasing carbon dioxide emissions, establishment of CDR mission, and government funding to support CDR projects are key factors driving the market.

3.  What segments are covered in the market?

The segments covered in the market are technology type and carbon credit buyers. The technology type segmentation includes biochar, enhanced mineralization, direct air capture (DAC), bioenergy with carbon capture & storage (BECCS), ocean alkalinization, and Others. The carbon credit buyer segmentation includes the finance sector, technology sector, and others.

4.  Which segment will dominate the market by the end of 2028?

The biochar segment will dominate the market by the end of 2028.

5.  Which region will dominate the market by the end of 2028?

The market has been classified into four regions, namely Asia-Pacific, South America, EMEA, and North America. North America holds the highest market share in the market due to the presence of leading market players, robust technology infrastructure, a surge in demand for carbon dioxide removal technologies, and increasing initiatives by market players to increase carbon removal and capture capacity in the region.

Some of the Key Market Players Are:

• ARCA (FORMERLY CARBIN MINERALS)
• BUSSME ENERGY AB
• CARBOFEX
• CARBON ENGINEERING LTD.
• CELLA MINERAL STORAGE
• CLIMEWORKS AG
• GLOBAL THERMOSTAT
• WAKEFIELD BIOCHAR    

Browse More Related Reports:

Global Biochar Market: The Global Biochar Market is all about a special type of charcoal called biochar that's made from things like wood chips, agricultural waste, or other organic materials. This biochar is used to help improve soil health and capture carbon dioxide from the air. Farmers and gardeners use biochar to enrich their soil, making it better for growing plants and crops. It also helps to reduce the amount of carbon dioxide in the atmosphere, which can help fight climate change. The market for biochar is growing as more people become interested in finding eco-friendly ways to improve soil quality and reduce carbon emissions.

Biofuels: Global Markets: is about the worldwide market for renewable fuels made from plants and organic materials. It covers how these fuels are produced, sold, and used around the world. The report looks at factors like government policies, technological advancements, and environmental concerns that affect the growth of the biofuels market.

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