PUBLISHER: The Business Research Company | PRODUCT CODE: 1664708
PUBLISHER: The Business Research Company | PRODUCT CODE: 1664708
Smart carbon denotes a carbon-neutral method employed in energy production, utilizing renewable energy within a highly regulated industrial setting. This method also contributes to CO2 removal by increasing the utilization of circular carbon through sustainable biomass and waste.
The primary types of smart carbons encompass Chemical Looping Combustion (CLC), solvents and sorbents, Bio-energy Carbon Capture and Storage (BECCS), and Direct Air Capture (DAC). Chemical Looping Combustion (CLC) is a concept that prevents direct interaction between fuel and air, transferring oxygen from the combustion air to the fuel via a metal oxide oxygen carrier. Sources for smart carbon applications include oil and gas, power generation, chemical and petrochemical industries, cement, iron and steel sectors, among others. These are used for various purposes such as urea manufacturing, synthetic fuel production, chemical manufacturing, building aggregates, dry ice production, and more.
The smart carbon market research report is one of a series of new reports from The Business Research Company that provides smart carbon market statistics, including smart carbon industry global market size, regional shares, competitors with a smart carbon market share, detailed smart carbon market segments, market trends, and opportunities, and any further data you may need to thrive in the smart carbon industry. This smart carbon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The smart carbon market size has grown rapidly in recent years. It will grow from $4.1 billion in 2024 to $4.76 billion in 2025 at a compound annual growth rate (CAGR) of 16.0%. The growth in the historic period can be attributed to growing environmental awareness, government regulations on carbon emissions, rising global carbon footprint, increasing public pressure on businesses, growth in renewable energy adoption.
The smart carbon market size is expected to see rapid growth in the next few years. It will grow to $8.53 billion in 2029 at a compound annual growth rate (CAGR) of 15.7%. The growth in the forecast period can be attributed to global commitment to carbon neutrality, increased investment in carbon capture, rise in carbon pricing mechanisms, expansion of carbon trading markets, increasing carbon disclosure requirements. Major trends in the forecast period include integration of ai and iot in smart carbon, carbon capture and utilization (ccu), integration with iot and sensors, carbon storage and sequestration, carbon offsetting programs, carbon removal technologies.
The notable increase in the number of enhanced oil recovery (EOR) projects is a significant driver contributing to the growth of the smart carbon market. Enhanced oil recovery involves the extraction of remaining oil from reservoirs through the injection of gases and chemicals, including carbon dioxide (CO2). By injecting CO2 into existing oil fields, EOR techniques raise the reservoir's total pressure, facilitating the movement of oil toward production wells. This increased adoption of EOR projects globally, as reported by MDPI in 2022, with over 375 projects in operation accounting for approximately 2% of global oil production, leads to heightened demand for solutions within the smart carbon market.
The increasing number of smart cities is expected to drive the growth of the smart carbon market in the coming years. Smart cities are defined as administrative areas that utilize information and communication technology (ICT) to enhance operational efficiency and provide improved infrastructure for their residents. These cities can significantly reduce carbon emissions and promote green, sustainable development. For example, in April 2024, Bloomberg Philanthropies selected 25 U.S. cities to participate in its $200 million Bloomberg American Sustainable Cities initiative. This program aims to help cities leverage federal funding to develop low-carbon and resilient communities, thereby enhancing their efforts to lower carbon emissions and improve infrastructure. Additionally, the Indian government has allocated ₹ 8,000 crore ($973 million) for the Smart Cities Mission, according to Budget Estimates (BEs). Thus, the rise in smart city projects worldwide is propelling the smart carbon market.
Technological advancement stands out as a key trend gaining popularity in the smart carbon market. Leading companies in the industry are actively focused on developing innovative technologies for capturing carbon from the atmosphere and fossil fuel emissions. For example, in June 2022, Ecospray, an Italy-based technology-as-a-service company, introduced three cutting-edge carbon capture technologies. These technologies involve the reduction of CO2 emissions through the use of amines, calcium hydroxide, or molten carbonate fuel cells, each tailored for different applications in the maritime industry. The emphasis on technological innovation underscores the commitment of major players to advance solutions for carbon capture and drive the evolution of the smart carbon market.
Major companies in the smart carbon market are concentrating on developing technologically advanced solutions, such as digital tools to optimize carbon capture and management processes, enhance emissions tracking, and improve sustainability reporting. These digital tools, which include software applications designed to boost productivity and streamline operations across various industries, feature technologies like mobile apps, cloud services, and data analytics platforms, enabling users to work more efficiently. For example, in February 2022, StormGeo, a Norway-based technology company, launched a smart Carbon Intensity Indicator (CII) Dashboard aimed at assisting ship operators in efficiently calculating, reporting, and enhancing their fleet's CII rankings. The CII Dashboard allows for effective calculation and monitoring of carbon intensity indicator ratings to ensure compliance with International Maritime Organization (IMO) regulations. It also provides predictive insights to help anticipate future challenges related to CII ratings and supports operational optimization by simulating different strategies to improve CII performance.
In December 2022, the Bank of Montreal (BMO), a Canada-based finance company, acquired Radicle Group Inc. for an undisclosed amount. This acquisition positions BMO to effectively manage risk and scale the technologies required to achieve climate targets. Radicle Group Inc., based in Canada, specializes in providing technological solutions to businesses for the reduction of carbon emissions. This strategic acquisition reinforces BMO's commitment to advancing sustainable practices and leveraging technology to address climate-related challenges. It also underscores the significance of incorporating innovative technological solutions, such as those offered by Radicle Group Inc., in the financial sector's efforts to contribute to a lower-carbon economy.
Major companies operating in the smart carbon market include Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde plc., A.P. Moller-Maersk Group, Mitsubishi Heavy Industries Ltd., Shell plc., Siemens AG, Sulzer Ltd., Honeywell International Inc., ExxonMobil Corporation, Carbon Engineering Ltd., Climeworks, Global Thermostat, Carbon Clean Solutions, Blue Planet, CarbonCure Technologies, Carbon Lighthouse, Charm Industrial, Heliogen, Verdox, Carbon Neutral, Aether Diamonds, Brightmark, Carbon Upcycling Technologies, Planetary Hydrogen, LanzaTech, Newlight Technologies, Svante Inc., Twelve, Carbon Recycling International, Solidia Technologies
North America was the attractive region in the smart carbon market in 2024 The regions covered in the smart carbon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the smart carbon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The smart carbon market includes revenues earned by entities through carbon capture and storage (CCS), clean electricity, and circular carbon. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Smart Carbon Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on smart carbon market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for smart carbon ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The smart carbon market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.