According to a new study by MarkNtel Advisors, the Global Direct Air Carbon Capture Technology Market is likely to attain a significant CAGR during the forecast period, i.e., 2021-26. The increasing government inclination to curb rapidly emerging carbon emissions due to burgeoning climate changes & global warming is the prime aspect likely to drive the market in the forecast period.
The research report “Global Direct Air Carbon Capture Technology Market Analysis, 2021” further states that robust industrialization in developing countries, soaring investments for R&D in DAC (Direct Air Carbon) capture technology, and burgeoning inclination toward low or zero-carbon energy sources are also likely to fuel the demand for DAC capture technology in the forecast period.
Severe Impact of Covid-19 on Global Direct Air Carbon Capture Technology Market
• Due to the outbreak of Covid-19 in the initial months of the last year, the global economy got massively impacted, which led to the declining production of DAC capture technology.
• Imposition of stringent lockdowns & movement restrictions by the government to curb the virus transmission resulted in the shutdown of several companies, supply chain disruptions, and a temporary halt in industrial operations.
• Hence, the drop in industrial activities due to the global crisis is a critical aspect severely impacting the Global Direct Air Carbon Capture Technology Market since the advent of the pandemic.
Less than 10 Collectors Dominate the Global Direct Air Carbon Capture Technology Market
Based on Collectors, the Global Direct Air Carbon Capture Technology Market bifurcates into:
1. Less than 10 collectors
2. More than 10 collectors
• The Less than 10 collectors segment dominates the global market.
• Whereas the More than 10 collectors segment is likely to grow at a considerable CAGR during 2021-26
Europe to Acquire Largest Share of Global Direct Air Carbon Capture Technology Market
Region-wise, the Global Direct Air Carbon Capture Technology Market bifurcates into:
1. North America
3. Asia Pacific
4. Latin America
5. Middle East & Africa
Of them all, Europe dominated the market in the previous year. It is likely to continue its dominance during the forecast period, too, most prominently due to the strict norms regarding carbon emissions implemented in the region.
Key Market Competitors:
The leading players with a considerable share of the Global Direct Air Carbon Capture Technology market are BASF SE, JSP Corporation, Armacell International S.A., Dow Chemical Company, Borealis AG, Woodbridge Foam Partner, INEOS Styrenics, British Vita Foams Plc. etc.
Critical Questions Answered in the Study:
1. What are the current and future trends of the Direct Air Carbon Capture Technology industry?
2. How has the market been evolving in terms of end-user demand and application areas?
3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Direct Air Carbon Capture Technology industry?
5. What are the customer orientation, purchase behavior, and expectations from the Direct Air Carbon Capture Technology firms across various regions?
1. By Collectors (Less than 10 collectors, More than 10 collectors)
2. By Applications (Enhance oil recovery (EOR), Industrial, Agriculture, Others)
3. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
4. By Country (US, Canada, Mexico, Brazil, Argentina, The UK, Germany, France, Spain, Italy, India, Australia, China, Japan, South Korea, South Africa, UAE, Saudi Arabia)
5. By Company (BASF SE, JSP Corporation, Armacell International S.A., Dow Chemical Company, Borealis AG, Woodbridge Foam Partner, INEOS Styrenics, British Vita Foams Plc., etc.)