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 offers insightful information about the market dynamics of the Onboard Carbon Capture System market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Onboard Carbon Capture System market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Onboard Carbon Capture System market. It puts examines drivers and restraints of the Onboard Carbon Capture System market and analyzes their impact on the industry throughout the forecast period.
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Key Players operating in the industry are:
Alfa Laval AB, Gaztransport & Technigaz SA (GTT), MAN Energy Solutions, Wärtsilä 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
Radical Features of the Onboard Carbon Capture System Market Report:
- The report encompasses Onboard Carbon Capture System market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- Supply chain analysis along with technological advancements offered in the report
- The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Onboard Carbon Capture System industry
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Segmentation:
- 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
Regional Analysis Covers:
- 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)
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