CO2 Removal Devices Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030

The global market value of the CO2 removal devices market was valued at USD 704.4 million in 2022, and a CAGR of 8.9% is expected during the forecast period. Increasing investment and funding in the market is driving growth in the market significantly. Technological advancements in the market are propelling the growth in the market significantly. Growing recognition of CDR’s significance in combating climate change is driving growth in the market significantly. Increasing global awareness and concern about climate change is driving the demand for technologies that remove carbon dioxide from the atmosphere.

Governments and organizations are setting ambitious net-zero carbon emission targets, creating a strong push for CDR solutions. Many governments are implementing stringent regulations to reduce greenhouse gas emissions, which includes incentives for companies to adopt carbon capture and removal technologies. Policies like carbon taxes, emission trading systems, and subsidies for clean technology boost the demand for CDR devices.

Growth Drivers

Improvements in technologies such as direct air capture, bioenergy with carbon capture and storage, and other innovative solutions are making CDR devices more efficient, cost-effective, and scalable. Large corporations, particularly in sectors like energy, manufacturing, and the industrial sector, are increasingly adopting CDR technologies as part of their sustainability initiatives. This trend is driven by the desire to improve corporate environmental responsibility and comply with emissions regulations.

Growing emissions from the public and private sectors are helping scale the deployment of CDR technologies. Government venture capital firms and private investors are funding research, development, and commercialization of these solutions. Expansion of carbon credit markets, where companies trade carbon offsets, is fostering demand for technologies that generate these credits through CO2 removal. Growing public concern about environmental issues and the demand for cleaner technologies is driving governments and corporations to invest in CDR solutions. Increased awareness of CO2 on climate is driving growth in the market significantly.

Segmentation

Application

·         Finance

·         Technology

End-User

·         Hospitals

·         Ambulatory Surgical Centers

·         Clinics

·         Others

Technology Type

·         Biochar

·         Direct Air Capture

·         Enhanced Mineralization

Regional Outlook

·         Asia Pacific

·         North America

·         Latin America

·         Europe

·         Middle East and Africa

CO2 Removal Devices Market End-User Segmentation

On the basis of the end-user, the CO2 removal devices market is segmented into hospitals, ambulatory surgical centers, clinics, and others. Hospitals are the leading segment in the CO2 removal device market due to the fact that Hospitals handle a large number of critically ill patients, especially those with respiratory conditions such as acute respiratory distress syndrome, COPD, and those undergoing surgery.

These patients often require advanced respiratory supports, making hospitals the primary users of CO2 removal devices. Hospitals are equipped with specialized staff and infrastructure, including respiratory therapists, pulmonologists, and critical care physicians, who effectively operate and monitor CO2 removal devices. During certain surgical procedures, CO2 removal is critical, especially in cardiac surgery and procedures that compromise lung function. These devices require special knowledge to be operated and patient monitoring. Hospitals have the necessary trained personnel, including respiratory therapists and nurses, who manage the equipment and respond to complications.

As the global incidence of respiratory diseases rises, hospitals see more patients with compromised lung function. This trend has increased the demand for CO2 removal devices in hospitals. Hospitals are typically the first to adopt medical technologies. As CO2 removal devices become more advanced, hospitals are more likely to implement them due to their resources and focus on providing cutting-edge care. Hospitals often have access to government or insurance reimbursement for expensive medical treatments, including the use of high-cost CO2 removal systems, which is driving growth in the market.

Regional Outlook

On the basis of the regions, the CO2 removal devices market is segmented into 5 parts: Asia Pacific, North America, Latin America, the Middle East and Africa, and Europe. North America is the leading market segment and is expected to dominate the market during the forecast period due to increasing regulation to reduce carbon emissions, corporate commitments to carbon neutrality, and government investment in carbon capture infrastructure.

In North America, DAC technology is strong, with major players like Clime works and Carbon Engineering advancing DAC solutions. Due to favorable policies, North America is also a key region for carbon capture and storage. CCS solutions dominate in European countries like Germany, Italy, France, Russia, Turkey, Sweden, Norway, Denmark, and Belgium. Norway’s Northern Lights project and the UK’s CCS project are pivotal here. DAC technologies are also emerging but are at a slightly slower pace compared to North America.

In the Asia-Pacific region, the focus is on solutions in industries like steel and cement, where heavy emissions reduction is required. China, Japan, and Australia are leading the market significantly. Overall, CCS solutions are currently the leading segment globally due to their scale and industrial applications. However, DAC technologies are gaining significant traction, particularly in North America. The presence of key players in North America and Europe is driving growth in the market significantly. The expansion of the carbon credit market is witnessing significant growth in the market. Increasing awareness among the people about the CO2 removal devices market is significantly driving the growth in the market.

Increasing numbers of patients with chronic respiratory diseases, lung cancer, asthma, and others are increasing drastically in many countries like China, Japan, India, South Korea, and Vietnam. Increasing urbanization and industrialization is driving growth in the market. Several countries in the Asia-Pacific region are rapidly expanding their healthcare infrastructure with the establishment of more advanced hospitals and specialized care centers.

Increasing urbanization and industrialization is the key cause behind the increasing number of patients who are getting admitted into the ICU and emergency. Increasing healthcare budgets in countries of the Asia-Pacific region is leading to better access to advanced medical devices. Countries like India, Thailand, and Singapore are promoting medical tourism. High-quality care at competitive prices is available for international patients. Hospitals in these regions are equipped with specialized staff and infrastructure, including respiratory therapists, pulmonologists, and critical care physicians, who effectively operate and monitor CO2 removal devices.

Key Players

·         Carbon Engineering Ltd.

·         Climeworks AG

·         CarbonCure Technologies Inc

·         Global Thermostat LLC

·         ExxonMobil

·         Carbon Clean Solutions Ltd.

·         Blue Planet

·         Project Vesta

·         Solidia Technologies

·         KlimaDao

·         Verdox

·         Plan A

·         SkyTree

·         Swiss Direct Air Capture AG

·         Running Tide Technologies

·         Other Players