The global onboard carbon capture system market size was USD 924 Million in 2022 and is expected to register a revenue CAGR of 8.3 % during the forecast period, according to latest analysis by Emergen Research. Onboard Carbon Capture (OCC) system is a new technology that combines energy efficiency and alternative fuels to create a circular solution for lowering maritime CO2 emissions. According to the United Nations Conference on Trade and Development (UNCTAD), the worldwide maritime industry is largely reliant on fossil fuels, emitting around 1.2 gigatons of carbon dioxide equivalents (CO2e) and accounting for about 3% of global Greenhouse Gas (GHG) emissions. Worldwide, marine and shipping companies are widely implementing Onboard Carbon Capture (OCC) systems in order to cut down on greenhouse gas emissions by half by 2050. Commercial and defense aircraft producers are looking for long-term solutions to achieve decarbonization of the aviation industry. Onboard Carbon Capture (OCC) systems play a critical role in achieving global needs in energy and climate goals. The International Air Transport Association (IATA) issued a resolution in October 2021 to achieve net-zero carbon emissions from their operations by 2050. However, rising manufacturing costs, process management, and the likelihood of carbon dioxide (CO2) leakage are key factors impeding market growth. OCC systems include use of a variety of equipment, technologies, and process management processes. Complex techniques and process management requires significant investment in process equipment, which is hindering growth of the market.
The report also offers estimations and predictions about the market segment and sub-segments exhibiting promising growth in the forecast timeline. The report also provides deeper insights into the technological advancements, industrial landscape, and emerging product and technological developments in the Onboard Carbon Capture System market. It offers fruitful insights into the business sphere to help businesses capitalize on the lucrative growth opportunities.
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Competitive Terrain:
The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Onboard Carbon Capture System market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic.
The leading market contenders listed in the report are:
Alfa Laval AB, Gaztransport Technigaz SA (GTT), MAN Energy Solutions, Wrtsil Corporation, Panasia Co,Ltd, Aker Carbon Capture ASA, BASF SE, Samsung Heavy Industries (SHI) Co., Ltd., Carbon Engineering Ltd., Saudi Arabian Oil Co. (Aramco), LanzaTech, Inc., VICI AG International, CO2 Capsol AS and others
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Emergen Research has segmented the global Onboard Carbon Capture System market on the basis of type, application, end-use, and region:
Segments Covered in this report are:
Technology Outlook (Revenue, USD Million; 2019-2032)
- Pre-combustion
- Post combustion
- Oxy combustion
Service Outlook (Revenue, USD Million; 2019-2032)
- Capture
- Storage
- Transportation
- Utilization
Application Outlook (Revenue, USD Million; 2019-2032)
- Ships and maritime
- Aircraft
- Vehicle
- Power generation
- Manufacturing
- Others
The various regions analyzed in the report include:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Objectives of the Report:
- Analysis and estimation of the Onboard Carbon Capture System Market size and share for the projected period of 2022-2030
- Extensive analysis of the key players of the market by SWOT analysis and Porters Five Forces analysis to impart a clear understanding of the competitive landscape
- Study of current and emerging trends, restraints, drivers, opportunities, challenges, growth prospects, and risks of the global Onboard Carbon Capture System Market
- Analysis of the growth prospects for the stakeholders and investors through the study of the promising segments
- Strategic recommendations to the established players and new entrants to capitalize on the emerging growth opportunities
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