As global carbon emissions continue to rise, the effects of climate change are increasingly felt through more severe storms, wildfires and flooding. The need to reduce greenhouse gas (GHG) emissions — such as through investing in energy efficiency, deploying solar panels and reducing deforestation, among others — is critical. At the same time, the latest climate science indicates that such efforts will not be enough to keep temperature rise below 1.5-2 degrees C (2.7-3.6 degrees F), which would prevent the worst impacts of climate change.
While efforts to reduce GHG emissions should always take priority, meeting climate goals will also require carbon dioxide removal (CDR) — systems that remove carbon directly from the air — likely at the billion-tonne scale by midcentury. The precise amount needed will depend on how fast the world curbs emissions. Carbon removal can take numerous forms, including natural and technological solutions that accelerate current carbon dioxide removal rates.
Direct air capture (DAC) is gaining traction as a promising carbon removal approach that will likely be a necessary part of a larger carbon removal portfolio. According to our latest research, the global Direct Air Capture (DAC or DACCS) market size is estimated to reach 14.37 K MT in 2021, and it will reach 940 million MT in 2050, growing at CAGR of 46.57% between 2021 and 2050.
Direct Air Capture (DAC or DACCS) market is still in its infancy, at present projects are only in Europe and North America. But it is expected to enter other regions after 2024, when the large plant of Carbon Engineering in Squamish is completed. Due to the high technology barrier, there are only a few companies engaged in the industry, including Carbon Engineering, ClimeWorks, Global Thermostat presently. In the future, with the carbon emissions control, more investor will enter into the field.
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