Global Direct Air Capture Systems (DACS) Market Size/Share Will Grow Over USD 3,745.43 Million By 2032, With 58.1% CAGR: Polaris Market Research
Polaris Market Research & Consulting LLP
9 min read
Polaris Market Research & Consulting LLP
The global Direct Air Capture Systems Market size and share is currently valued at USD 60.66 million in 2023. It is anticipated to generate an estimated revenue of USD 3,745.43 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 58.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032. The global key market companies are Avnos, Inc., Capture6, Carbon Capture Inc., Carbon Collect Limited, Carbon Engineering Ulc, Carbyon, Climeworks, Global Thermostat, Heirloom Carbon Technologies and others.
New York, NY, Feb. 19, 2024 (GLOBE NEWSWIRE) -- The latest research report [115+] pages with 360-degree visibility, titled “Direct Air Capture Systems Market Share, Size, Trends, Industry Analysis Report, By Technology (Electrochemical DAC, Liquid DAC, and Solid DAC); By Source; By Application; By Region; Segment Forecast, 2024- 2032" published by Polaris Market Research in its research repository.
The global direct air capture systems (DACS) market size and share is currently valued at USD 60.66 million in 2023. It is anticipated to generate an estimated revenue of USD 3,745.43 million by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 58.1% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024-2032.
Market Definition
What is a Direct Air Capture System (DACS)? How Big is Direct Air Capture Systems (DACS) Market Size & Share?
Direct air capture refers to technology refers to a technology that pulls out carbon dioxide (CO2) directly from the atmosphere. In direct air capture, the CO2 is extracted using chemical or physical processes and then sequestered in a carbon pool. It involves passing the air over chemicals, which selectively react with and trap carbon dioxide. That way, the other components of air get to pass through easily. Modern direct air capture systems typically employ solid sorbents or liquid solvents.
After capturing carbon dioxide from the air, heat is used to release it from the solvent or sorbent. By doing so, the regeneration of the solvent or sorbent for another capture cycle takes place. Some direct air capture systems make use of electrochemical processes for removing carbon dioxide, significantly reducing energy requirements and costs. The rising global concerns about climate change and the growing need to lower carbon dioxide levels in the air are supporting the direct air capture systems market growth.
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Direct Air Capture Systems (DACS) Market Key Companies
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Key Highlights of the Report
Increasing emphasis on achieving global net zero emissions and rising public awareness about the climate crisis are the primary factors driving the direct air capture systems market demand.
The market for direct air capture systems is primarily segmented by technology, source, application, and region.
Asia Pacific is projected to witness the fastest CAGR over the forecast period.
Market Developments
Growth Drivers:
Rising focus on achieving net zero emissions: Several nations globally are signing agreements like the Paris Agreement and making commitments to achieve the goal of net-zero emissions by half or the later part of this century. These agreements set a framework for coordinated action on the climate crisis issue and fuel the adoption of tools such as direct air capture systems. Besides, investments in carbon removal technologies by leading organizations to achieve carbon neutrality across their operations are impacting the direct air capture systems market size favorably.
Increased public awareness: In recent times, public awareness about climate change and the need for urgent action has increased. This has resulted in governments, businesses, and institutions placing great emphasis on prioritizing their carbon reduction efforts. With increased public concern over climate change, there is greater support for policies and initiatives that aim to achieve net-zero emissions.
Industry Trends:
Collaboration efforts: Organizations are increasingly recognizing the value of internal and external collaboration. Within organizations, fluid, team-based approaches are replacing the traditional operational structures. The modern workforce employed by direct air capture systems market key players involves individuals from diverse backgrounds who come together to solve challenging problems. Beyond organizations, the collaboration efforts extend to partnerships with other firms, universities, and even competitors. The collaborative environment promotes a culture of openness and drives innovations in the industry.
Restraints:
Significant energy consumption: One of the challenges associated with the direct air capture (DAC) processes is its substantial energy consumption. Most DAC technologies make use of energy-intensive processes for removing carbon from the air. The utilization of large-scale systems not only increases operational costs but also leads to sustainability concerns. This is especially true if the energy used is from non-renewable sources.
The Electrochemical Segment Accounted for the Largest Market Share
Based on technology analysis, the electrochemical segment accounted for the largest direct air capture systems market share. Several factors are driving the segment’s growth in the industry. Electrochemical DAC has the capability to achieve high efficiency and scalability. This makes it a promising approach to pulling out carbon dioxide from the air. In addition, innovations and advances in electrochemical processes and materials can further boost the adoption of electrochemical direct air capture systems.
The Carbon Capture, Utilization, and Storage (CCUS) Segment is Anticipated to Grow Rapidly
The CCUS segment is projected to witness the fastest CAGR over the forecast period. This is because, along with capturing carbon emissions, CCUS also finds productive applications for the captured carbon. With CCUS, the captured carbon can be repurposed for applications like improved oil recovery, synthetic fuel production, or industrial processes. The utilization aspect of CCUS can lead to increased investment and adoption of carbon control technology. In addition, CCUS projects usually have access to revenue streams from products generated through carbon utilization, thereby offsetting the costs associated with carbon capture and storage.
North America: North America dominates the direct air capture systems market. The region’s dominance in the industry can be attributed to several factors, including robust technological advancements and significant investments from public and private entities. Besides, North America is highly dedicated to combating climate change. The region is experiencing a surge in the development and usage of direct air capture systems, supported by favorable governmental initiatives, heightened awareness about capturing carbon, and the presence of a well-established entrepreneurial system.
Asia Pacific: The Asia Pacific region is anticipated to grow at the fastest rate in the direct air capture systems market. APAC’s robust growth is being driven by several factors, including a growing economy, rising industrialization, and heightened awareness about environmental sustainability. Several nations in the Asia Pacific are making substantial investments in clean technologies, such as DAC, to cater to the increased population and industrial needs. The increased emphasis on using innovative methods to lower carbon emissions positions APAC as a pivotal growth center in the industry.
What is the current size and forecast value of the industry?
Ans: The market for direct air capture systems was valued at USD 60.66 million in 2023 and is projected to reach USD 3,745.43 million by 2032.
At what CAGR is the market projected to grow?
Ans: The industry is projected to exhibit a robust compound annual growth rate (CAGR) of 58.1%.
Which region contributes notably towards the direct air capture systems market sales?
Ans: North America dominates the direct air capture systems industry in terms of market sales.
Who are the top players in the industry?
Ans: Avnos, Inc., Carbon Collect Limited, Global Thermostat, Heirloom Carbon Technologies, Infinitree Llc, and Prometheus Fuels are the key players in the industry.
Polaris Market Research has segmented the direct air capture systems market report based on technology, source, application, and region
By Technology Outlook
Electrochemical DAC
Liquid DAC
Solid DAC
By Source Outlook
Electricity
Heat
By Application Outlook
Carbon capture, and storage (CCS)
Carbon capture, utilization, and storage (CCUS)
By Region Outlook
North America (U.S., Canada)
Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea, Australia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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