Smart Carbon Market Analysis 2024 – Estimated Market Size And Key Drivers

The Smart Carbon by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Smart Carbon, The smart carbon market size has grown rapidly in recent years. It will grow from $3.54 billion in 2023 to $4.11 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%.  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 $7.3 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%.  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.

An increase in the number of enhanced oil recovery (EOR) projects is significantly contributing to the growth of the smart carbon market going forward. Enhanced oil recovery refers to extracting remaining oil from oil reservoirs through the injection of gasses and chemicals like carbon dioxide (CO2). Oil production can be increased through EOR, by injecting CO2 into an existing oil field, EOR techniques raise the reservoir’s total pressure, forcing oil toward production wells, as a result, an increase in the number of enhanced oil recoveries increases the demand for the smart carbon market. For instance, in 2022, according to MDPI(Multidisciplinary Digital Publishing Institute), a Switzerland-based publisher of open-access scientific journals, more than 375 EOR projects were in operation, accounting for about 2% of global oil production. Therefore, an increase in the number of enhanced oil recovery (EOR) projects drives the smart carbon market.

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The smart carbon market covered in this report is segmented –
1) By Type: Chemical Looping Combustion (CLC), Solvents and Sorbents, Bio-Energy CCS (BECCS), Direct Air Capture (DAC)
2) By Source: Oil and Gas, Power Generation, Chemicals and Petrochemicals, Cement, Iron and Steel, Other Sources
3) By Application: Urea Manufacturing, Synthetic Fuel, Chemical Production, Building Aggregates, Dry Ice, Other Applications

Top Major Players:

• Aker Solutions ASA
• Dakota Gasification Company
• Equinor ASA
• Fluor Corporation
• Linde plc.

North America was the attractive region in the smart carbon market in 2023.

Technological advancement is the key trend gaining popularity in the smart carbon market. Major companies operating in the smart carbon market are focusing on developing new technologies to capture carbon from the atmosphere and from fossil fuel emissions. For instance, in June 2022, Ecospray, an Italy-based technology-as-a-service company, launched three innovative carbon capture technologies that include the reduction of CO2 emissions through the use of amines, calcium hydroxide, or molten carbonate fuel cells. These are implemented in different contexts for the maritime industry. Factors such as the size and type of ship, the route it sails, and the space available on board have a major effect on the scope of the application.

The smart carbon market report table of contents includes:
1. Executive Summary
2. Smart Carbon Market Characteristics
3. Global Smart Carbon Market Trends And Strategies
4. Smart Carbon Market – Macro Economic Scenario
5. Global Smart Carbon Market Size and Growth
…….
26. Global Smart Carbon Market Competitive Benchmarking
27. Global Smart Carbon Market Competitive Dashboard
28. Key Mergers and Acquisitions Smart Carbon Market
29. Smart Carbon Market Future Outlook and Potential Analysis
30. Appendix

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