As per Inkwood Research, the Global Carbon Dioxide Removals (CDR) Market is projected to register a CAGR of 29.95% in terms of revenue during the forecasting period of 2024-2032.
Carbon dioxide removals (CDR) encompass a range of technologies, practices, and natural mechanisms designed to actively extract carbon dioxide (CO2) from the atmosphere and store it in diverse forms. These methods aim to combat climate change by diminishing the concentration of CO2, a major greenhouse gas, in the atmosphere.
Government Funding for CDR Initiatives to Amplify Global Market Growth
Government funding for carbon dioxide removal (CDR) initiatives is poised to significantly amplify the growth of the global market for carbon dioxide removals. With increasing recognition of the urgent need to combat climate change, governments worldwide are allocating substantial resources to support research, development, and deployment of CDR technologies. This funding not only accelerates innovation but also encourages collaboration between public and private sectors, ultimately driving the scalability and accessibility of CDR solutions on a global scale.
Direct Air Capture: Fastest-Growing Technology Type
Direct air capture (DAC) involves extracting carbon dioxide directly from the atmosphere instead of capturing it at the point of emission. The captured CO2 can then be either stored in deep geological formations or used in various industrial applications. DAC is notably among the most expensive carbon dioxide removal (CDR) technologies, primarily due to the lower concentration of CO2 in ambient air compared to emissions from specific sources such as power plants or cement factories.
North America to be the Major Region During the Forecast Years
The North American region takes center stage in driving the growth of the global carbon dioxide removal market, propelled by key market players, strong technological foundations, and increasing demand for carbon dioxide removal technologies.
Furthermore, the surge in initiatives by market participants to bolster carbon removal and capture capabilities in the region serves to further bolster market expansion. Some of the major players operating in the global market are Bussme Energy AB, Carbofex, Carbon Clean Solutions Limited, etc.
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