New IDTechEx Report Explores Carbon Dioxide Removal Market Potential
Oct 10, 2022 Dr Hydra Rodrigues
The Carbon Dioxide Removal (CDR) sector has experienced growing corporate interest and swift development, with record investments over the past year in technologies that draw carbon dioxide (CO₂) from the atmosphere. The new IDTechEx report, "Carbon Dioxide Removal (CDR) Markets 2023-2040: Technologies, Players, and Forecasts", analyzes the nascent CDR market, discussing the limitations and potential of Negative Emissions Technologies (NETs) to address climate change.
CDR comes into the climate picture to address two key aspects that emissions reduction technologies such as renewable energy cannot: (1) the already high CO₂ accumulation in the atmosphere and in the oceans, and (2) the restoration of anthropogenically disrupted ecosystems, particularly their ability to act as carbon sinks. Endorsed by the latest IPCC report, carbon removals have been recognized as essential to a decarbonization portfolio that meets the Paris Agreement goals, although questions remain on the quantity needed and the most cost-effective options.
Shedding light on such questions, the latest IDTechEx report explores the diverse array of approaches to carbon removal being developed, from nature-based to engineered solutions, the latter including Direct Air Carbon Capture and Storage (DACCS) and Bioenergy with Carbon Capture and Storage (BECCS). The natural CDR solutions evaluated in the report include land-based CDR (afforestation/reforestation, biochar, bio-oil, and soil carbon sequestration), mineralization-based CDR (enhanced rock weathering, carbonation of mineral wastes, and oxide looping), and ocean-based CDR (enhanced ocean alkalinity, ocean fertilization, macroalgae, ocean direct capture, artificial upwelling/downwelling, and coastal blue carbon).
IDTechEx's new report contains an in-depth analysis of CDR technologies and their latest advancements, as well as business models, policy framework, and potential adoption drivers and barriers. IDTechEx's analysis suggests that, with the proper incentives, the global Carbon Dioxide Removal capacity can exceed the gigatonne scale of CO₂ removal by 2040, with multiple approaches that are modest today gaining significant market share in the coming years.
IDTechEx forecasts expansion and diversification in the CDR market. Source: IDTechEx - "Carbon Dioxide Removal (CDR) Markets 2023-2040: Technologies, Players, and Forecasts"
The report assesses the role of CDR approaches in offsetting carbon-intensive anthropogenic activities. As part of an emerging field, CDR solutions still require significant research, development, and demonstration to ensure CO₂ is removed effectively, affordably, durably, and at scale. Despite being an early-stage market, CDR is expected to make a dent in global warming mitigation in the decades to come. This sense of urgency has brought dynamism and investments to the sector, with multiple companies, research institutes, and policymakers collaborating to advance the technologies and the conditions for market consolidation.
IDTechEx's report "Carbon Dioxide Removal (CDR) Markets 2023-2040: Technologies, Players, and Forecasts" contains the following information:
Technology and market analysis
- Data and context on each type of NET.
- Analysis of the challenges and opportunities in the nascent CDR market.
- State of the art and innovation in the field.
- Detailed overview of CDR technologies: land-based, mineralization-based, ocean-based, and engineered methods for removing carbon dioxide (CO₂).
- Market potential of CDR carbon offsets.
- Key strategies for scaling long-term CDR technologies.
- The economics of scaling up CDR operations.
- Assessment of requirements (infrastructure, energy, supply chain, etc) for CDR market uptake.
- Climate benefit potential of main CDR solutions.
- Benchmarking based on factors such as technology readiness level (TRL), cost, and scale potential.
- Key regulations and policies influencing the CDR market.
Player analysis and trends
- Primary information from key CDR-related companies.
- Analysis of CDR players latest developments, observing projects announced, funding, trends, and partnerships.
Market forecasts and analysis
- Granular market forecasts until 2040 for both engineered and nature-based CDR solutions, subdivided in seven technological areas.
For a detailed analysis of the CDR market, including profiles of the main players, technology benchmarking studies, and granular market forecast until 2040 of seven NET categories, please refer to IDTechEx's report "Carbon Dioxide Removal (CDR) Markets 2023-2040: Technologies, Players, and Forecasts".
Sample pages are available for this new IDTechEx report, please do contact us at research@IDTechEx.com if you would like to receive these.
For the full portfolio of Green Technology research available from IDTechEx please visit www.IDTechEx.com/Research/GreenTech.
Upcoming Free-to-Attend Webinar
Dr Rodrigues will be presenting a webinar on the topic on Wednesday 26 October 2022 - Carbon Dioxide Removal: Natural and Engineered Solutions to Reverse Climate Change.
This webinar will explore the ever-broadening range of CDR solutions currently being researched, developed, and deployed, discussing their market trends and potential. From engineered to nature-based solutions, the key drivers and obstacles influencing the scaling up of these technologies will be addressed.
Questions addressed in this webinar include:
- What are the options for Carbon Dioxide Removal and how effective are they?
- What is the current state of the CDR market?
- What are the key drivers and hurdles for CDR market growth?
- What does the future hold for the CDR market?
Click here to find out more and register your place on one of our three sessions.