PUBLISHER: Grand View Research | PRODUCT CODE: 1575174
PUBLISHER: Grand View Research | PRODUCT CODE: 1575174
The global direct air capture market size was estimated at USD 61.0 million in 2023 and expected to grow at a CAGR of 61.0% from 2024 to 2030. The primary driver for the direct air capture (DAC) market growth is the increasing global awareness and urgency to mitigate climate change. Governments, industries, and organizations worldwide recognize the pressing need to reduce atmospheric CO2 levels, one of the leading contributors to global warming. With the goals of the Paris Agreement aiming for net-zero emissions by mid-century, DAC technology offers a viable solution by capturing CO2 directly from the air, which can then be stored or reused, significantly helping to offset carbon emissions.
Governments around the world are implementing policies to support DAC technologies as part of broader decarbonization strategies. For example, carbon pricing mechanisms, such as carbon taxes and cap-and-trade programs, make DAC an attractive option for industries seeking to offset emissions. Additionally, subsidies and grants are being introduced to encourage research, development, and scaling of DAC technologies. In the United States, for instance, tax credits such as the 45Q incentive are encouraging companies to invest in DAC as part of their carbon management plans.
Global Direct Air Capture Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented direct air capture market report based on technology, application, and region: