Co2 Dosing Systems Market Share, Size, Trends, Industry Analysis Report, By Type (Natural Gas C02 Generators, Propane C02 Generators, and Multi-Fuel Infrared C02 Generators); By Application; By Region; Segment Forecast, 2023 - 2032
- Published Date:Jul-2023
- Pages: 119
- Format: PDF
- Report ID: PM3678
- Base Year: 2022
- Historical Data: 2019-2021
The global C02 dosing systems market was valued at USD 1.30 billion in 2022 and is expected to grow at a CAGR of 5.2% during the forecast period.
The significant rise in the demand for fresh vegetables and fruits and surge in the consumer awareness regarding the food safety and quality coupled with the growing use of these systems in various floriculture applications and high technological advancements being introduced by key players, are escalating the demand and growth of the global market.
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In addition, extensively growing use of C02 dosing systems for carbonation in the beverage industry including breweries, wineries, and soft drink manufacturers and these systems are being employed in various industrial applications such as oil and gas recovery, chemical processing, and metal fabrication, leading to higher demand for advanced and innovated systems developed by major players.
- For instance, in April 2022, The Indian Institute of Technology, Guwahati, announced that they have partnered with NTPC, mainly to design and develop energy-efficient plant for C02 capture from the power plants. The mentioner projects will benefit the oil, natural gas, biogas industries, and petroleum refineries and will also support and strengthen the United Nations Sustainable Development Goals.
Moreover, the significant expansion of hydroponics and vertical farming across the world due to their space-efficient nature and reduced water usage compared to other traditional agriculture practices and continuously surging R&D investments mainly aimed to further improve system efficiency, automation, and integration with other agricultural technologies, is likely to have a positive impact on the market and creates huge growth potential for the companies operating in the market.
The outbreak of the COVID-19 pandemic has both positively and negatively impacted the growth of the market. The rapid spread of the deadly coronavirus led to increased focus on food security and demand for indoor farming, which resulted in higher investments in advanced agricultural technologies including C02 dosing systems. However, the pandemic led to disruptions in global supply chains, as several measures like lockdowns, travel restrictions, and temporary closures of factories impacted the availability and delivery of equipment, causing delays and challenges for market players.
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The rapid increase in global population and number of food consumers across the globe drives the industry.
The rapid increase in global population and number of food consumers across the globe leading to higher food demand and putting pressure on major companies to adopt enhanced and improved agricultural techniques and practices, thereby fueling the adoption of C02 dosing systems as it plays very crucial role in enhancing photosynthesis and plant growth, resulting in increased crop yield and better productivity, which are among the major factors propelling the C02 dosing systems market growth at rapid pace.
Furthermore, the drastically growing shift towards sustainable agricultural practices particularly driven by several concerns about food security, resource scarcity, and environmental impact and prevalence about the ability of C02 dosing systems to offer a sustainable solution by optimizing C02 usage, reducing greenhouse gas emissions, and enhancing crop productivity, is further likely to create favorable market growth opportunity in the near future.
The market is primarily segmented based on type, application, and region.
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By Type Analysis
Natural gas C02 generators segment accounted for the largest market share in 2022
The natural gas C02 generators segment accounted for highest share in 2022, and is expected to maintain its dominance throughout the anticipated period. The growth of the segment market can be largely attributed to its ability to achieve higher energy efficiency compared to other fuel types, while offering consistent and reliable performance and also allowing precise control of carbon dioxide levels in numerous applications. With the increased environmental awareness and stricter regulations on greenhouse gas emissions, that have led industries to seek cleaner and more sustainable alternatives like natural gas CO2 generators, as it produces lower carbon dioxide emissions compared to fossil fuel-based generators, making them more environmentally friendly and boosting their adoption across several industries globally.
The propane C02 generators segment is anticipated to grow at significant growth rate over the coming years, mainly attributable to widespread use of these generators to enrich the atmosphere with carbon dioxide in numerous applications including gardening, horticulture, and agriculture. Additionally, these types of generators offer higher flexibility in terms of installation and scalability and can be easily integrated into existing greenhouse or indoor gardening systems, which in turn, driving the demand and growth of the segment market over the coming years.
By Application Analysis
Greenhouse segment held the significant market revenue share in 2022
The greenhouse segment held the maximum market share in terms of revenue in 2022, which is mainly driven by continuous growth in the demand for greenhouse cultivation and rising focus on crop productivity and yield along with the growing focus of government authorities on promoting sustainable agriculture and reducing carbon emissions. The growing prevalence regarding the numerous benefits and advantages of controlled environment agriculture such as reduced water usage, protection against weather conditions, and fewer pests and diseases, is pushing the market growth forward at exponential pace.
The commercial growers’ segment is likely to grow at fastest growth rate during the projected period, on account of continuously increasing demand for high-quality and consistent crops production, focus on maximizing the crop productivity, and significant expansion of greenhouse and indoor farming practices. In addition, commercial growers are increasingly recognizing the importance of resource efficiency in agriculture and these systems contribute to resource optimization by improving the efficiency of CO2 usage, reducing wastage, and minimizing carbon emissions, thereby propelling the market growth.
North America region dominated the global market in 2022
North America region dominated the global market, mainly due to increased number of people being aware regarding the impacts of climate change and importance of reducing carbon emissions coupled with the surging emphasis on sustainability and environmental consciousness across the region. The region is home to several major greenhouse operators including commercial growers, research institutions, and vertical farming companies, who are increasingly adopting C02 dosing systems particularly to optimize their operations and generate new revenue opportunities, leading to significant market growth especially in countries like US and Canada.
The Asia Pacific region is anticipated to be the fastest growing region with a healthy CAGR over the next coming years, owing to rapidly increasing investments in agriculture and horticulture sector in order to improve the food security and economic growth coupled with the presence of encompasses diverse climates including tropical and subtropical regions that are extremely suited for greenhouse cultivation.
Key Market Players & Competitive Insights
Key players in the market are constantly upgrading their technologies to stay ahead of the competition and to ensure efficiency, integrity, and safety. These players focus on partnership, product upgrades, and collaboration to gain a competitive edge over their peers and capture a significant market share.
Some of the major players operating in the global market include:
- Air Liquide
- Air Products and Chemicals
- ASCO Carbon Dioxide
- Blueprint Controllers
- Carbon Clean Solutions
- Chart Industries
- Fluence Corporation
- GGS Structures
- Industrial Gas Solutions
- Johnson Gas Appliance
- Messer Group
- Pentair Plc
- Praxair Inc.
- Titan Controls
- Tomco2 Systems
- Van Dijk Heating
- In June 2022, Shell announced that the company is developing large vessels which can easily carry more carbon dioxide for very longer distances under the company plans to expand their carbon capture storage business across the globe. The company will build two new ships capable of carrying around 7,500 cubic meters of C02 and can travel over longer distances compared to previous models available.
- In March 2022, Occidental Petroleum announced about its plan to expand and advance its clean energy transition business and will also spend around USD 800 million to USD 1 billion on a facility in order to remove the carbon dioxide from the air. The company is focusing on building a profitable business offering services and technologies, which pull carbon dioxide out from the air.
C02 Dosing Systems Market Report Scope
Market size value in 2023
USD 1.36 billion
Revenue forecast in 2032
USD 2.15 billion
5.2% from 2023 – 2032
2019 – 2021
2023 – 2032
Revenue in USD billion and CAGR from 2023 to 2032
By Type, By Application, By Region
North America, Europe, Asia Pacific, Latin America; Middle East & Africa
Report customization as per your requirements with respect to countries, region and segmentation.
The global Co2 dosing systems market size is expected to reach USD 2.15 billion by 2032.
Key players in the Co2 dosing systems market are Air Liquide, Air Products and Chemicals, ASCO Carbon Dioxide, Blueprint Controllers, Carbon Clean Solutions, Chart Industries.
North America contribute notably towards the global Co2 dosing systems market.
The global Co2 dosing systems market is expected to grow at a CAGR of 5.2% during the forecast period.
The Co2 dosing systems market report covering key segments are type, application, and region.