The Ocean Carbon Removal Market Size is valued at USD 546.1 Mn in 2023 and is predicted to reach USD 1,989.6 Mn by the year 2031 at an 18.2% CAGR during the forecast period for 2024-2031.
Ocean Carbon Removal (OCR) refers to a range of innovative methods and technologies designed to enhance the ocean's natural ability to absorb and store atmospheric CO₂, addressing the urgent need for large-scale carbon sequestration. These include DOC-direct ocean capture (direct seawater electrochemical removal of dissolved CO₂), marine algal cultivation (macroalgae absorb CO₂ during photosynthesis and can provide biofuels as well as other products), and ocean alkalinity enhancement (addition of alkaline substances into seawater to enhance its ability to absorb more CO₂). These methods would tap into the natural role the ocean has played-the largest carbon sink on Earth-to provide scalable solutions to address climate change impacts while fixing problems like ocean acidification.
The applications of OCR technologies vary from climate mitigation, such as helping to achieve set international climate targets by extracting CO₂ from the atmosphere, to restoring ocean health by lowering acidity for more robust marine ecosystems like coral reefs. Captured CO₂ can also assist industrial uses, such as the generation of synthetic fuels or neutralization of waste. Projecting to remove 100–1000 gigatons of CO₂ during this century, IPCC: the future application of OCR stands as a veritable complement to traditional emission reduction strategies, enormously harnessing the ocean's vast potential for carbon sequestration.
Competitive Landscape
Some of the Key Players in Ocean Carbon Removal Market:
- Climeworks AG
- Thermostat
- Carbon Engineering Ltd
- Mitsubishi Heavy Industries
- Cella Mineral Storage
- Arca Climate
- Carbon Clean Solutions
- Equinor Carbofex Ltd
- Carbon Cure Technologies Inc
- Blue Planet System
- Bessume Energy AB
Market Segmentation:
The Ocean Carbon Removal market is segmented by technology. By technology the market is segmented into direct air capture, biochar, enhanced mineralization, ocean alkalization, others.
Direct Air Capture (DAC) is Expected to Drive the Ocean Carbon Removal Market
Direct Air Capture (DAC) is a key driver in the Ocean Carbon Removal (OCR) market, integrating innovative technologies with oceanic systems to enhance carbon dioxide (CO₂) sequestration. Recent developments of direct air capture include adaptation of atmospheric capture techniques for dissolved CO₂ in seawater utilizing electrochemical processes for removal. Although historically expensive, technologies are reducing DAC costs to a level of $100 per ton, making it easier to deploy on the open ocean while not competing for land. Increased regulatory support and investment, in addition to companies like Global Thermostat and Captura, is picking up its pace of adoption. Moreover, DAC enhances oceanic carbon storage, complementing natural processes by alleviating ocean acidification while delivering a vital, multi-faceted solution for climate mitigation.
Regionally, North America Led the Ocean Carbon Removal Market.
Ocean Carbon Removal market is led by North America and the United States, mainly because of large investments in this region, innovative strategies by the companies, and a somewhat conducive regulatory environment. The U.S. Department of Energy has been extremely prompt in investing large funds, such as the $36 million in marine carbon dioxide removal projects. The region is home to key players like Brilliant Planet, Captura, and Ebb Carbon, besides research hubs and academic collaborations that drive the innovation of technology. Favorable regulations and climate action policies push the industries towards carbon removal solutions. These factors ultimately help North America move ahead as a leader in OCR advancements while accelerating growth in its market.
Ocean Carbon Removal Market Report Scope
Report Attribute |
Specifications |
Market Size Value In 2023 |
USD 546.1 Mn |
Revenue Forecast In 2031 |
USD 1,989.6 Mn |
Growth Rate CAGR |
CAGR of 18.2% from 2024 to 2031 |
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
Historic Year |
2019 to 2023 |
Forecast Year |
2024-2031 |
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
Segments Covered |
By Technology and By Region |
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia |
Competitive Landscape |
Climeworks AG, Thermostat, Carbon Engineering Ltd, Mitsubishi Heavy Industries, Cella Mineral Storage, Arca Climate, Carbon Clean Solutions, Equinor Carbofex Ltd, Carbon Cure Technologies Inc, Blue Planet System, Bessume Energy AB |
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |