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Ocean Carbon Removal Market

Ocean Carbon Removal Market Size, Share & Trends Analysis Distribution by Technology (Direct Air Capture, Biochar, Enhanced Mineralization, Ocean Alkalization, Others) and Segment Forecasts, 2024-2031

Report ID : 2903 | Published : 2024-11-28 | Pages: 169 | Format: PDF/EXCEL

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.

carbon removal

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.

Chapter 1.          Methodology and Scope

1.1.        Research Methodology

1.2.        Research Scope & Assumptions

Chapter 2.          Executive Summary

Chapter 3.          Global Ocean Carbon Removal Market Snapshot

Chapter 4.          Global Ocean Carbon Removal Market Variables, Trends & Scope

4.1.        Market Segmentation & Scope

4.2.        Drivers

4.3.        Challenges

4.4.        Trends

4.5.        Investment and Funding Analysis

4.6.        Porter's Five Forces Analysis

4.7.        Incremental Opportunity Analysis (US$ MN), 2024-2031

4.8.        Global Ocean Carbon Removal Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031

4.9.        Competitive Landscape & Market Share Analysis, By Key Player (2023)

4.10.     Use/impact of AI on Ocean Carbon Removal Industry Trends

Chapter 5.          Ocean Carbon Removal Market Segmentation 1: By Technology, Estimates & Trend Analysis

5.1.        Market Share by Technology, 2023 & 2031

5.2.        Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Technology:

5.2.1.    Direct Air Capture

5.2.2.    Biochar

5.2.3.    Enhanced Mineralization

5.2.4.    Ocean Alkalization

5.2.5.    Others

Chapter 6.          Ocean Carbon Removal Market Segmentation 2: Regional Estimates & Trend Analysis

6.1.        Global Ocean Carbon Removal Market, Regional Snapshot 2023 & 2031

6.2.        North America

6.2.1.    North America Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

6.2.1.1. US

6.2.1.2. Canada

6.2.2.    North America Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031

6.3.        Europe

6.3.1.    Europe Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

6.3.1.1. Germany

6.3.1.2. U.K.

6.3.1.3. France

6.3.1.4. Italy

6.3.1.5. Spain

6.3.1.6. Rest of Europe

6.3.2.    Europe Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031

6.4.        Asia Pacific

6.4.1.    Asia Pacific Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

6.4.1.1. India

6.4.1.2. China

6.4.1.3. Japan

6.4.1.4. Australia

6.4.1.5. South Korea

6.4.1.6. Hong Kong

6.4.1.7. Southeast Asia

6.4.1.8. Rest of Asia Pacific

6.4.2.    Asia Pacific Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031

6.5.        Latin America

6.5.1.    Latin America Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Country, 2024-2031

6.5.1.1. Brazil

6.5.1.2. Mexico

6.5.1.3. Rest of Latin America

6.5.2.    Latin America Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031

6.6.        Middle East & Africa

6.6.1.    Middle East & Africa Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by country, 2024-2031

6.6.1.1. GCC Countries

6.6.1.2. Israel

6.6.1.3. South Africa

6.6.1.4. Rest of Middle East and Africa

6.6.2.    Middle East & Africa Ocean Carbon Removal Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2024-2031

Chapter 7.          Competitive Landscape

7.1.        Major Mergers and Acquisitions/Strategic Alliances

7.2.        Company Profiles

 

7.2.1.    Climeworks AG

7.2.1.1. Business Overview

7.2.1.2. Key Product/Service Offerings

7.2.1.3. Financial Performance

7.2.1.4. Geographical Presence

7.2.1.5. Recent Developments with Business Strategy

7.2.2.    Thermostat

7.2.3.    Carbon Engineering Ltd

7.2.4.    Mitsubishi Heavy Industries

7.2.5.    Cella Mineral Storage

7.2.6.    Arca Climate

7.2.7.    Carbon Clean Solutions

7.2.8.    Equinor Carbofex Ltd

7.2.9.    Carbon Cure Technologies Inc

7.2.10.  Blue Planet System

7.2.11.  Bessume Energy AB

7.2.12.  Other Prominent Players

Segmentation of Ocean Carbon Removal Market -

Ocean Carbon Removal Market by Technology -

  • Direct Air Capture
  • Biochar
  • Enhanced Mineralization
  • Ocean Alkalization
  • Others

carbon removal

Ocean Carbon Removal Market by Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

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Frequently Asked Questions

How big is the Ocean Carbon Removal Market Size?

The Ocean Carbon Removal Market is expected to grow at an 18.2% CAGR during the forecast period for 2024-2031.

Climeworks AG, Thermostat, Carbon Engineering Ltd, Mitsubishi Heavy Industries, Cella Mineral Storage, Arca Climate, Carbon Clean Solutions, Equinor C

Technology is the key segments of the Ocean Carbon Removal Market.

North American region is leading the Ocean Carbon Removal Market.

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