Smart Carbon Global Market Report 2024

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 historical growth in smart carbon solutions during the past period can be credited to several factors. These include the escalating environmental awareness among the populace, stringent government regulations aimed at reducing carbon emissions, the steady increase in the global carbon footprint, mounting public pressure on businesses to adopt eco-friendly practices, and the rising adoption of renewable energy sources. These factors collectively contributed to the expansion and development of smart carbon initiatives.

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%. Anticipated growth in the forthcoming period is expected to result from several key factors. These include the worldwide dedication to achieving carbon neutrality, amplified investment in carbon capture technologies, a surge in the implementation of carbon pricing mechanisms, the expansion of carbon trading markets, and the rising demand for enhanced carbon disclosure requirements. Key trends projected for this period encompass the integration of Artificial Intelligence (AI) and Internet of Things (IoT) technologies in smart carbon solutions, the development of Carbon Capture and Utilization (CCU) methods, integration with IoT and sensor applications, advancements in carbon storage and sequestration techniques, the proliferation of carbon offsetting programs, and the innovation and implementation of carbon removal technologies to mitigate environmental impact.

The notable increase in the number of enhanced oil recovery (EOR) projects is a significant driver contributing to the growth of the smart carbon market. Enhanced oil recovery involves the extraction of remaining oil from reservoirs through the injection of gases and chemicals, including carbon dioxide (CO2). By injecting CO2 into existing oil fields, EOR techniques raise the reservoir's total pressure, facilitating the movement of oil toward production wells. This increased adoption of EOR projects globally, as reported by MDPI in 2022, with over 375 projects in operation accounting for approximately 2% of global oil production, leads to heightened demand for solutions within the smart carbon market.

The burgeoning development of smart cities is poised to fuel the growth of the smart carbon market. Smart cities leverage information and communication technology (ICT) to enhance operational efficiency and provide advanced infrastructure for residents, ultimately contributing to reduced carbon emissions and sustainable development. Notably, in November 2021, the federal government allocated $500 million for accelerating its smart city initiative in the Investment and Jobs Act, indicating a commitment to increasing the number of smart cities. The Indian government's allocation of $868 million for smart city development in Financial Year 21-22 further emphasizes the global momentum toward smart city projects. This surge in smart city initiatives worldwide becomes a driving force for the smart carbon market.

Technological advancement stands out as a key trend gaining popularity in the smart carbon market. Leading companies in the industry are actively focused on developing innovative technologies for capturing carbon from the atmosphere and fossil fuel emissions. For example, in June 2022, Ecospray, an Italy-based technology-as-a-service company, introduced three cutting-edge carbon capture technologies. These technologies involve the reduction of CO2 emissions through the use of amines, calcium hydroxide, or molten carbonate fuel cells, each tailored for different applications in the maritime industry. The emphasis on technological innovation underscores the commitment of major players to advance solutions for carbon capture and drive the evolution of the smart carbon market.

Prominent companies within the smart carbon market are directing their efforts towards developing innovative products, with a particular focus on smart carbon management platforms. A Smart Carbon Management Platform (SCMP) is a software platform designed to assist businesses in monitoring, managing, and minimizing their carbon footprint. In a notable example, Olam International, a Singapore-based agri-business, unveiled GreenPass1 in November 2021, representing an end-to-end smart carbon management platform. Distinguished by its unique feature as a digital platform developed in-house by Olam, GreenPass1 leverages the company's extensive expertise and capabilities in sustainability, digitization, and business incubation accumulated over the years. The platform aims to empower businesses to better assess and control their carbon emissions across operations and supply chains, encompassing Scope 3 emissions.

In December 2022, the Bank of Montreal (BMO), a Canada-based finance company, acquired Radicle Group Inc. for an undisclosed amount. This acquisition positions BMO to effectively manage risk and scale the technologies required to achieve climate targets. Radicle Group Inc., based in Canada, specializes in providing technological solutions to businesses for the reduction of carbon emissions. This strategic acquisition reinforces BMO's commitment to advancing sustainable practices and leveraging technology to address climate-related challenges. It also underscores the significance of incorporating innovative technological solutions, such as those offered by Radicle Group Inc., in the financial sector's efforts to contribute to a lower-carbon economy.

Major companies operating in the smart carbon market report are Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde plc., A.P. Moller-Maersk Group, Mitsubishi Heavy Industries Ltd., Shell plc., Siemens AG, Sulzer Ltd., Honeywell International Inc., ExxonMobil Corporation, Trojan Battery Company LLC, Olam International, Carbon Engineering Ltd., Climeworks, Global Thermostat, Carbon Clean Solutions, Blue Planet, CarbonCure Technologies, Carbon Lighthouse, Charm Industrial, Heliogen, Verdox, Carbon Neutral, Aether Diamonds, Brightmark, Carbon Upcycling Technologies, Planetary Hydrogen, LanzaTech, Newlight Technologies, Svante Inc., Twelve, Carbon Recycling International, Ecovative Design, Solidia Technologies.

North America was the attractive region in the smart carbon market in 2023 The regions covered in the smart carbon market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the smart carbon market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of smart carbons encompass Chemical Looping Combustion (CLC), solvents and sorbents, Bio-energy Carbon Capture and Storage (BECCS), and Direct Air Capture (DAC). Chemical Looping Combustion (CLC) is a concept that prevents direct interaction between fuel and air, transferring oxygen from the combustion air to the fuel via a metal oxide oxygen carrier. Sources for smart carbon applications include oil and gas, power generation, chemical and petrochemical industries, cement, iron and steel sectors, among others. These are used for various purposes such as urea manufacturing, synthetic fuel production, chemical manufacturing, building aggregates, dry ice production, and more.

The smart carbon market research report is one of a series of new reports that provides smart carbon market statistics, including smart carbon industry global market size, regional shares, competitors with a smart carbon market share, detailed smart carbon market segments, market trends, and opportunities, and any further data you may need to thrive in the smart carbon industry. This smart carbon market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.