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Market Snapshot: Precision Agriculture

Market Snapshot: Precision Agriculture

Agriculture, in its most general sense, is the science and art of cultivating plants and livestock, and is credited with shifting civilization from hunter gatherers to permanent settlements. Today, the agricultural landscape is increasingly complex as society looks for new, more efficient, and environmentally sound ways to address the water-food-energy nexus. The USDA reports that within agriculture, the greatest technology push has been in precision agriculture (also known as site-specific management or smart agriculture) where sensing, information technologies, and mechanical systems enable crop and livestock management.

Major factors contributing to the growth of the smart agriculture market include the increasing adoption of advanced technologies in various agriculture applications such as precision farming, smart green house, livestock monitoring, and fish farm monitoring. Changing weather patterns due to increasing global warming have impelled the adoption of advanced farming technologies to enhance farm productivity and crop yield. Farmers or growers across the globe are increasingly adopting advanced farming devices and equipment such as steering and guidance, sensors, yield monitors, display devices, and farm management software. MarketsandMarkets reports that the global precision farming market is forecast to grow from $9.7 billion in 2023 to $21.9 billion by 2031 growing at a CAGR of 10.7% from 2023 to 2031.

While there are many factors driving growth in this space, the high cost of technologies, and limited exposure among farmers who would utilize them is seen as restraining the market. Furthermore, smart agriculture requires high initial investment, efficient farming tools, and skilled and knowledgeable farmers or growers. The USDA notes that despite the push toward integrating smart or precision techniques, acceptance by the agricultural community has been hesitant and weak, although most producers admit they will have to adopt these technologies eventually. Specific and recent trends in this area are addressed in the 2023 paper from USDA titled, Precision Agriculture in the Digital Era: Recent Adoption on U.S. Farms.

Key players in the precision farming market include Deere & Company (John Deere) (U.S.), Trimble Inc. (U.S.), AGCO Corporation (U.S.), AgJunction LLC (U.S.), Raven Industries, Inc. (U.S.), AG Leader Technology (US), Teejet Technologies (U.S.), Topcon (U.S.), Taranis (Israel), AgEagle Aerial Systems Inc (U.S.), ec2ce (Spain), Descartes Labs, Inc. (U.S.), Granular Inc. (U.S.), Hexagon AB (Brazil), Climate LLC (U.S.), and CropX Inc. (Israel). The leading players in this market have leveraged merger & acquisition, partnership, collaboration, and product launch strategies to grow in the global precision farming market.

The International Conference for On-Farm Precision Experimentation will be taking place in 2024 along with several other events happening in 2023 and 2024.

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Market Snapshot: Biomass & Biofuels

Biomass is unique in that it can be converted directly into liquid fuels, called biofuels to help meet transportation fuel needs. The two most common types of biofuels in use today are ethanol and biodiesel, these are also known as “drop-in” fuels, meaning they can serve as petroleum substitutes in existing refineries, tanks, pipelines, pumps, vehicles, and smaller engines.

While almost two-thirds of biofuel demand growth will occur in emerging economies, primarily India, Brazil and Indonesia biofuel demand is forecast to rise by 6% or 5,700 million liters between 2022 and 2024 in advanced economies with the majority of the increase happening in the United States and Europe. Biomass According to BCC Research, the global liquid biofuels market should reach $153.8 billion by 2024 from $136.2 billion in 2019 at a compound annual growth rate (CAGR) of 2.2% for the forecast period of 2019 to 2024. The following sections break this broader market down into the markets for ethanol and biodiesel.

Ethanol is an alcohol most commonly made by fermenting any biomass high in carbohydrates through a process similar to beer brewing, but it can also be produced by a process called gasification, which uses high temperatures and a low-oxygen environment to convert biomass into synthesis gas, a mixture of hydrogen and carbon monoxide. The resulting synthesis gas (syngas) can then be chemically converted into ethanol and other fuels. Typically, ethanol is used as a blending agent with gasoline to increase octane and cut down carbon monoxide and other smog-causing emissions. MarketsandMarkets reports that the global bioethanol market is projected to grow from $33.7 billion in 2020 to $64.8 billion by 2025, at a CAGR of 14.0%, from 2020 to 2025. Demand for bioethanol is driven by the mandatory use of bioethanol fuel blends in many countries to reduce greenhouse gas (GHG) emissions and increase the fuel efficiency of the vehicles.

In terms of the different fuel blends, the E10 segment is projected to be the largest market for bioethanol given that Europe countries and across other regions have mandated the use E10 fuel blends in vehicles to lower the GHGs emission rate. Additionally, a small percentage of bioethanol can be mixed with the pure gasoline to prepare bioethanol blends, which burn more efficiently and produce zero carbon emission.  As a result, the use of bioethanol fuel blends is mandated in many countries around the world. Based on these factors, transportation is projected to be the largest end-use segment of the bioethanol market in terms of value and volume.

Biodiesel, the other biofuel, is made by combining alcohol with vegetable oil, animal fat, or recycled cooking grease, and can be used as an additive to reduce vehicle emissions or in its pure form as a renewable alternative fuel for diesel engines. Although the pace of research interest had slowed, research into the production of liquid transportation fuels from microscopic algae, or microalgae, is on the upswing at NREL. MarketsandMarkets reports that the biorefinery market size is estimated to be $210.3 billion by 2027 up from $141.8 billion in 2022 growing at a CAGR of 8.2% during the forecast period.

Oil crops such as rapeseed, palm, or soybean are the largest source of biodiesel, which makes it a sustainable alternative compared to conventional diesel. Furthermore, biodiesel meets both the biomass-based diesel and overall advanced biofuel requirement of the Renewable Fuel Standard – it also meets specifications created by the American Society of Testing and Materials (ASTM) for legal diesel motor fuel (ASTM D975) and the definition for biodiesel itself (ASTM D6751). Pure biodiesel is referred as B100 (100% biodiesel) but is rarely used given that existing diesel engines may not be suitable for pure biodiesel. Therefore, just like with ethanol, blends are used that have a certain proportion of biodiesel mixed with fossil diesel. Most of the current diesel engines are capable of handling biodiesel blended fuels. – the most common blends currently in use are B5 (up to 5% biodiesel) and B20 (6% to 20% biodiesel).

In June 2023 the USDA announced plans to invest up to $500 million from the Inflation Reduction Act to increase the availability of domestic biofuels and give Americans additional cleaner fuel options at the pump. Also in June of 2023 the EPA announced a final rule to establish biofuel volume requirements and associated percentage standards for cellulosic biofuel, biomass-based diesel (BBD), advanced biofuel, and total renewable fuel for 2023–2025. DOE has also announced several sources of funding for biofuels in 2023.

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Market Snapshot: Wildfire Protection

From air quality alerts to the loss of natural habitats and homes, the threat and impact of wildfires has become increasingly concerning in many parts of the United States. Approximately 85% of wildfires in the United States are caused by humans, whether it is from unattended campfires, arson, or equipment malfunctions – these events are costly and dangerous. Since 2000 an annual average of 70,025 wildfires have burned an annual average of 7.0 million acres, which is more than double the average annual acreage burned in the 1990s.

In 2022, 52% of the nationwide acreage burned by wildfires was on federal lands for which the federal government is responsible. The U.S. Department of Agriculture Forest Service (FS) carries out wildfire management and response across the National Forest System (NFS), and the Department of the Interior (DOI) manages wildfire response for national parks, wildlife refuges and preserves, other public lands, and reservations. As of June 1, 2023, approximately 18,300 wildfires have impacted over 511,000 acres within the U.S. this year. 

To address the wildfire crisis the Forest Service launched a comprehensive 10-year strategy in January 2022 focused on the communities most likely to be immediately impacted. The strategy, called “Confronting the Wildfire Crisis: A Strategy for Protecting Communities and Improving Resilience in America’s Forests,” combines congressional funding with scientific research and planning to create a national effort designed to increase the scale and pace of forest health treatments over the next decade. The Forest Service plans to work with states, Tribes and other partners to addresses wildfire risks to critical infrastructure, protect communities, and make forests more resilient through this strategy.

While wildfires are not the only fire-related threat, Grandview Research reports that the global fire protection system market size was valued at $77.88 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2023 to 2030 – this market is not limited to wildfire, protection and includes myriad sources and systems. With a focus on wildfire prevention and management, the Institute for Defense & Government Advancement (IDGA) published a report covering spending and technology trends in this area. According to IDGA the wildfire prevention and management industry is pivoting from procurement to leasing of helicopters, aircraft and ground vehicles, to leasing with the Forest Service expected to spend $2.4 billion on leasing helicopters for wildfire purposes alone. Additionally, digital technologies such as artificial intelligence (AI), machine learning (ML), deep learning (DL) and robotics are playing a key role in the early detection of wildfires.

In March 2023 the U.S. Department of Agriculture’s Forest Service announced an investment of $197 million in 100 project proposals benefiting 22 states and seven tribes, as part of the Community Wildfire Defense Grant program, which is funded by the Bipartisan Infrastructure Law. Additionally, the Forest Service and other federal, tribal, state, and local partners  developed and are implementing a National Cohesive Wildland Fire Management Strategy that has three key components: Resilient Landscapes, Fire Adapted Communities, and Safe and Effective Wildfire Response. Other sources of potential funding for innovators includes the USDA Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) solicitations for qualified businesses.

To learn more about this area and more, several upcoming conferences and events may offer opportunities to interact with others working in this area, and discover more about the wildfire and wildland prevention space. The 2024 NFPA Conference & Expo® will be held in Orlando, Florida next June, and the International Association of Fire Chiefs is hosting several events in 2024.

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Market Snapshot: Hypersonic Weapons

Operating in extreme environments presents many technical challenges. When these environments include the demands of hypersonic flight in the upper atmosphere, the challenges are even greater. The Congressional Research Service reports that the U.S. Department of Defense (DoD) is pursuing two types of hypersonic weapons technologies: boost-glide systems that place a maneuverable glide vehicle atop a ballistic missile or rocket booster, and cruise missiles that would use high-speed, air-breathing engines to travel to hypersonic speeds.

A leading difference between missiles armed with hypersonic glide vehicles (HGVs) and missiles armed with ballistic reentry vehicles is their ability to maneuver and change course after they are released from their rocket boosters. Furthermore, hypersonic vehicles operating in the upper atmosphere are subject to extreme speeds, these may exceed Mach 5, which is five times the speed of sound. These vehicles may also experience temperatures of over 1,000 degrees Celsius, oxidation from the atmosphere and tremendous aerodynamic shear loads. In addition to materials and coatings able to withstand these extreme environments, these platforms will necessitate flight control systems that are able to make rapid adjustments in response to the surrounding and rapidly changing flight conditions.

Despite these challenges, analysts report that the hypersonic missile market is expected to be valued at $130.50 million by 2028 at a compound annual growth rate (CAGR) of 2% during the forecast period (2023-2028). Deloitte notes that in the United States, annual unclassified defense spending requests for hypersonic technology have grown at a 26% CAGR since 2014 and already total more than $2.6 billion. This annual domestic spending is expected to grow to $5 billion by 2025 while the international hypersonic market was predicted to grow at a CAGR of 7.23% between 2018 and 2022. Furthermore, the hypersonic market has received more than $328 million in venture capital investment since 2015.

The development of hypersonic platforms and enabling technologies is being carried out by groups including prime contractors, government and universities, and small businesses. The leading prime contractors appear to be Lockheed Martin and Raytheon. Raytheon’s Hypersonic Air-breathing Weapon Concept (HACM) leverages Northrop Grumman scramjet propulsion system with the team reportedly on schedule to deliver a system to the Air Force, which has said it plans for the missile to be operational by fiscal year 2027. Lockheed Martin is partnering with the U.S. Navy to integrate hypersonic strike capability onto surface ships with the Conventional Prompt Strike (CPS) weapon system that will be integrated onto ZUMWALT-class guided missile destroyers (DDGs). The CPS is a hypersonic boost-glide weapon system that enables long range missile flight at speeds greater than Mach 5, with high survivability. Additionally, the Missile Defense Agency (MDA) is developing systems to counter hypersonic missiles with its Glide Phase Interceptor, which is a missile designed to shoot down a hypersonic weapon in the middle (or glide phase) of its flight.

In terms of research and development activities for enabling capabilities, researchers at the Johns Hopkins Applied Physics Laboratory (APL) are developing coatings that can stand up to the extreme environments of hypersonic flight in the upper atmosphere. The University of Texas at San Antonio is working on Pressure-Sensitive Paint Measurements of a Hypersonic Vehicle in support of NASA’s ULI Full Airframe System Technology (FAST), and the University of Virginia is also working on advanced hypersonic materials. To learn more about research and innovation in hypersonics there are several conferences happening in 2023 and 2024 –  the 5th Annual Hypersonic Weapons Summit takes place in September and 3rd National Summit on Hypersonic Weapons Systems is happening in April 2024.

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Market Snapshot: Digital Twins

As technology increases in complexity, companies need a way to test a product before it exists in the real world. A digital twin is a virtual representation of a real-world object or process, used to simulate how something will function in the real world—a digital prototype. It’s a computer program that replicates the performance of an equipment, system, person, or process in real-time. However, unlike a simulation, a digital twin is a virtual environment designed around a two-way flow of information. The output of which can be significantly improved with the use of machine learning, artificial intelligence, and big data.

According to MarketsandMarkets, the global digital twin market is projected to reach $73.5 billion by 2027, up from $4.5 billion in 2021, which is a Compound Annual Growth Rate (CAGR) of 60.6%. The North American region is projected to lead the market as most of the digital twin providers are located in that region. Industries that benefit from this technology include aerospace, automotive, and biomedical among others. It is also useful in military, aeronautical, and maritime applications. Key players include General Electric, Microsoft, Amazon, and IBM. American aerospace companies, like Lockheed Martin and Boeing, also heavily invest in the technology for their R&D.

Major companies and research institutes, as well as start-ups, are getting involved in digital twin technology for various applications. Recently, researchers at Harvard and NTT Research announced a three-year joint effort to advance cardiac care using a cardiovascular bio digital twin model. Other researchers are working to create a digital twin of the immune system. There are also some environmental applications underway. Lockheed Martin and NVIDIA will build an AI-driven Earth Observations Digital Twin for the National Oceanic and Atmospheric Administration (NOAA). In Sweden, ClimateView has released an upgrade to its ClimateOS, which is essentially a digital twin for a city. The start-up’s SaaS platform will help planners effectively model efforts towards city decarbonization as countries transition to a net zero future.

Michael Grieves will speak at the IOT Solutions World Congress in early 2023. Grieves is generally recognized as the creator of the digital twin concept. Other events in 2023 include the Digital Twin Consortium’s free public forum, New York Build Expo’s event in March, and a conference for Oil & Gas Operations at the end of the year.

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Market Snapshot: Autonomous & Semi-Autonomous Vehicles

While we might not be the ones physically driving our cars in the future, rapid advancements in enabling technologies are already driving the automotive industry towards autonomous and semi-autonomous vehicle systems. For example, radar, vision and lidar sensors; the expanding capacity and capability of microcontrollers; faster-responding actuators and controllers; and the promise of machine learning via complex, artificial-intelligence driven software are all moving driverless vehicles ahead. The National Highway Traffic Safety Administration (NHTSA) reports that the continuing goal of automotive technology is to deliver increasing safety benefits and Automated Driving Systems (ADS) where fully automated cars and trucks will drive us, instead of us driving them. Enabling technologies have been incrementally introduced and accepted ranging from cruise control to lane assist technology.

According to MarketsandMarkets, in terms of volume, the number of semiautonomous cars was estimated to be 20.3 million units in 2021 and is expected to reach 62.4 million units by 2030, at a CAGR of 13.3%. Additionally, there are approximately 1,400 self-driving cars in the U.S. – these differ from semiautonomous that include only one or more autonomous features such as RADAR, LIDAR, cameras or ultrasonic sensors. When quantified from a revenue perspective, Allied Market Research reports that global autonomous vehicle market size is forecast to be valued at $76.13 billion in 2020, and is projected to reach $2,161.79 billion by 2030, at a CAGR of 40.1% from 2021 to 2030.

While sensors play many roles in the automotive market, autonomous and semi-autonomous vehicles are a driving force in their use. These vehicles combine sensors and software to control, navigate, and drive the vehicle, and use LiDAR and RADAR sensors for its operation. The majority of self-driving systems create and maintain an internal map of their surroundings, based on a wide array of sensors. BCC Research reports that the global market for automotive sensors should grow from $25.9 billion in 2020 to $78.9 billion by 2025, at a CAGR of 13.4% from 2020 to 2025.

Regionally speaking, by 2030, Asia Pacific is estimated to account for the largest market share of the semi-autonomous vehicles market, followed by Europe and North America. With respect to the North American region, semi-autonomous vehicles volumes have increases in recent years, with OEMs catering not only to the domestic demand but also to the overseas demand. Moreover, in 2025 the region is likely to lead the autonomous vehicles market in terms of volume followed by Europe and Asia Pacific, as key technology innovators such as Google, Microsoft, and Delphi automotive are significantly investing in and testing the technology to commercialize the same.

However, barriers in this market include the lack of infrastructure to support autonomous cars in developing nations, concerns regarding cyber security and safety of the personal data of the users, and consumers’ hesitation to accept fully autonomous cars are some of the restraints that might hinder the growth of autonomous and semi-autonomous vehicles. Frost & Sullivan reports that while technology development and the lack of a robust regulatory framework are the greatest obstacles in this market today, the need to understand consumer demand and the use of data for generating revenues will be the key challenge to address for OEMs in the future. To achieve this, analysts believe that OEMs will need to focus on developing flexible, autonomous platforms capable of providing multiple vehicle types for specific use cases to be successful in the future.

To address these future needs several groups have put together roadmaps, in 2021 the U.S. Department of Transportation (USDOT) developed the Automated Vehicles Comprehensive Plan to advance the Department’s work to prioritize safety while preparing for the future of transportation following the 2020 publication of the USDOT and the White House Office of Science and Technology Policy  Ensuring American Leadership in Automated Vehicle Technologies: Automated Vehicles 4.0 (AV 4.0). Energy use and savings is also a key factor in any discussion of autonomous vehicles, as such Sandia National Laboratory formed a working group of academic, government and commercial partners, including engineers from the University of Michigan, Carnegie Mellon University, Arm, Hewlett Packard Enterprise, Intel Corp. and the U.S. Council for Automotive Research. The group identified four areas seen as critical to energy-efficient computing in automated vehicles, including computer chips, sensors, system architecture, and algorithms, all of which need to be considered when trying to improve computational energy efficiency. The group’s The Energy Efficient Computing R&D Roadmap Outline for Automated Vehicles  identifies areas of R&D necessary to attain the high computational performance with low power consumption that will be required to achieve automated driving in retail vehicles.

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Market Snapshot: Agricultural Decarbonization

The agricultural sector contributes nearly 10 percent of carbon emissions in the United States, which is helping to drive the development of technologies for a cleaner agricultural sector. Technologies of interest include converting biomass into cost-effective, low carbon biofuels and bioproducts, irrigation modernization and opportunities for hydropower, advanced waste reduction and utilization technologies, and soil carbon storage technologies. The need to reduce livestock associated emissions and farm waste are driving government and private funding for new research and technology development to ease carbon emissions. The Office of Energy Efficiency and Renewable Energy’s budget request includes $24 million for bioenergy solutions for decarbonizing agriculture, $13 million for healthy forest management, sustainable agriculture and biogenic carbon drawdown, and $10 million for organic waste management.  

MarketsandMarkets reports that the Regenerative Agriculture Market was valued at $8.7 billion in 2022 and is expected to grow to $16.8 billion by 2027. Regenerative farming is a technique to help increase biodiversity and make the soil more resilient to the effects of climate change. Regenerative farming techniques are also useful in removing carbon from the atmosphere to store it underground. One of the drivers of the market is the increased funding from different organizations and government agencies to lower the carbon footprint from the agricultural industry. However, a lack of knowledge of these regenerative techniques among farmers is a restraint to growth in this market. One of the largest contributors to greenhouse gases from the agricultural sector is cattle. One cow can produce as much as 220 pounds of methane per year. Scientists are working on ways to mitigate this problem by adding seaweed to the cows’ diet to improve digestion and reduce emissions. Frost & Sullivan explores the opportunities for growth in decarbonizing agriculture. The agricultural and food industries are tied closely together, and Frost & Sullivan provides the greenhouse gas emission reduction strategies of stakeholders across the food and beverage value chain. The top 20 players in the market are classified based on their GHG emission reduction targets.

The U.S. Department of Agriculture is investing in climate-smart farmers, ranchers, and forest landowners. The $1 billion investment will finance projects that create a market for climate-smart technologies and techniques for the agricultural industry. The USDA’s National Institute of Food and Agriculture has a Sustainable Agriculture Programs sector that offers competitive grants for sustainable agriculture practices that foster profitable farms that are environmentally sustainable and enhance the farmers’ quality of life and that of their communities. The USDA also funds the Sustainable Agriculture Research and Education (SARE) program which provides competitive grants to advance agricultural innovation in promoting techniques for environmental stewardship.

The U.S. Department of Agriculture has published a progress report on smart agriculture and forestry in May 2021. The report explored feedback originally requested on the efforts to conserve natural resources and address climate change and develops strategies for partnering with landowners, farmers, and Tribes. In August of 2021, USDA also published an action plan for climate adaptation and resilience. The plan outlines how the USDA will provide information, tools, and resources to its partners to address the challenges associated with climate change especially for farmers, ranchers, forest landowners, and resource managers.

Agricultural conferences in 2023 are listed below:

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Market Snapshot: Produced Water Management

Oil and gas drilling currently yield a lot of waste, including produced water. However, new technological solutions could potentially transform produced water into a resource. Produced water is the byproduct of oil and gas extraction, which, depending on the chemistry of  the underground rock formations containing the trapped petroleum, can be 10 times more saline than seawater. It can also contain varying amounts of oil residue, debris, bacteria, and naturally occurring radioactive materials (NORM). However, with technological advancements, produced water could become a resource. It has the potential to be reused in drilling operations, which would lessen the industry’s dependence on freshwater for oil and gas exploration. If successfully treated, produced water could be used to replenish groundwater aquifers where water is scarce.

As drilling increases so does the generated volume of produced water, and in some cases an increase in earthquakes. In 2017, the total U.S. volume of produced water was 24,392,000,000 bbl (23,816,000,000 bbl generated by onshore wells and 576,000,000 bbl for offshore wells). The state which contributed 41% of the national total was Texas. Other states with high produced water volumes included California, Oklahoma, Wyoming, and Kansas. More recently, in 2021, the Produced Water Consortium estimated the quantity of produced water in the Permian Basin alone was approximately 170 billion gallons per year. For more information, the U.S. Geological Survey maintains a helpful database of produced water compositions across the United States.

With so much volume, what happens to produced water? Presently, the cost of disposing produced water ranges from $0.40-$1.00/bbl, and the treatment costs range from $2.55 to $10 per barrel. The market for produced water treatment is forecast to reach $14.86 billion by 2030, up from $9.10 billion in 2021, which is a Compound Annual Growth Rate (CAGR) of 5.2%. The produced water treatment market has three main drivers, which are the increase in oil and gas drilling, the depletion of freshwater sources, and the rising population. Bringing the market discussion back to Texas, there is significant market potential in the Lonestar state. In the Permian Basin alone, there is approximately a $12 billion market for the disposal and treatment of produced water.

Key players in the produced water treatment market include Siemens Energy AG (Germany), Schlumberger Limited (France), CETCO Energy Services Company LLC (U.S.), TechnipFMC plc (U.K.), Halliburton (U.S), Ovivo (Canada), Enviro-Tech Systems (U.S.), Suez S.A. (France), and Sulzer (Switzerland).

Finding environmentally friendly ways of reusing and disposing of produced water is a technical challenge that innovative technology could potentially address. One challenge is the presence of NORM. According to the EPA, many states with oil and gas production facilities are currently creating their own NORM regulations. The U.S. Department of Energy (DOE) recently sought low-cost water treatment technologies to recycle produced water. Among the ways that produced water could potentially be reused, DOE listed power generation, vehicle and equipment washing, fire control, and even non-edible crop irrigation.  Other initiatives include the National Energy Technology Laboratory (NETL) collaboration with the Lawrence Berkeley National Laboratory (LBNL). Their $5 million initiative seeks a framework for the beneficial reuse and positive environmental impact of produced water, called PARETO (Produced Water Application for Beneficial Reuse, Environmental Impact and Treatment Optimization). Moreover, a recently published model seeks to increase sustainability by incorporating the reuse of treated produced water in agriculture and a constructed wetland, as well as aquaculture production, and biogas and compost production.

To learn more about the future of produced water, take a look at the upcoming Produced Water Society Annual Seminar hosted by the Produced Water Society. A prominent feature is networking opportunities with produced water experts to discuss the existing solutions as well as technological innovations to ensure sustainable oil and gas production. The Produced Water Society Annual Seminar is currently accepting abstracts.

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Market Snapshot: Blue Economy

Approximately 71 percent of the Earth’s surface is covered by water, 96.5 percent resides in the oceans. The ocean’s resources provide countries with a myriad of economic opportunities—in fact over 3 billion people rely on the ocean for their livelihood. It makes up a significant portion of the Blue Economy. The World Bank defines the blue economy as “the sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystems.”

The global blue economy is valued at $2.5 trillion annually, and is projected to double in size by 2030 when compared to 2010 figures. Numerous industries are included in the blue economy such as offshore renewable energy, maritime transport, sustainable seafood, and oceanographic research. Fisheries and aquaculture, provide about 260 million jobs and contribute approximately $100 billion per year to the global economy. The blue economy also has a positive impact on climate change by supporting green energy with various forms of offshore renewable energy.

In the U.S., NOAA reports that the American blue economy contributed approximately $373 billion to the nation’s gross domestic product and supported 2.3 million jobs in 2018. In June 2022, the White House announced its first-ever Ocean Climate Action Plan, with recommended steps to improve the conditions of the ocean. More recently, the concept of the New Blue Economy has been introduced, which improves upon the traditional blue economy by harnessing the power of big data.

Innovative technologies that can drive the blue economy have caught the attention of various U.S. agencies and national labs. NOAA, for example released its Blue Economy Strategic Plan (2021-2025), which focuses on five sectors: marine transportation, ocean exploration, seafood competitiveness, tourism and recreation, and coastal resilience. The DOE National Renewable Energy Laboratory (NREL) is interested in exploring the blue economy as it relates to marine energy, and sees many potential market opportunities in desalination, isolated power systems, aquaculture, and more.

Interested in learning more? A variety of conferences focusing on either the ocean economy or blue economy will be held in 2023. In February, Portugal will host the 10th annual World Ocean Summit & Expo. Then in March, Duke University will hold its second-annual Blue Economy Summit. Also, the annual Our Ocean conference, which began as a U.S. Department of the State initiative, will take place in Panama in March.

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Market Snapshot: Direct Air Capture and Conversion of Carbon Dioxide to Chemical Products

The pursuit of technologies that can reduce the amount of carbon dioxide in the atmosphere is becoming more crucial. Findings from the Sixth Assessment of the Intergovernmental Panel on Climate Change (IPCC), show that as of 2020, there can only be an additional 500 gigatons (Gt) of CO2 emitted to have a chance of preventing warming from exceeding 1.5o C. Therefore, industries such as the chemical industry, which produce widespread carbon dioxide emissions are being charged with finding new ways to limit the carbon footprint of the industry. One potential solution is direct air capture (DAC), which involves carbon-neutral or negative methods for producing commodity chemicals. DAC systems are a potentially viable option to be combined with conversion to green commodity chemicals.

According to MarketsandMarkets, the carbon capture, utilization, and storage market size is $2.4 billion in 2022 and is predicted to reach $4.9 billion by 2027 with a compound annual growth rate (CAGR) of 15.1%. The increase in the number of environmental regulations is driving the need for carbon capture technologies. One of the major challenges of storage technologies is the possible leakage of CO2, which can cause contamination of water and acidification of soils, as well as leakage through wells. Frost & Sullivan also provides market information for carbon capture technologies and their short term applications including coal-fired power plants, cement manufacturing, iron and steel, and chemical production. Direct air capture systems will help to have a larger impact on decarbonization strategies long term.

The Institute for Global Sustainability at Boston University published a market scan for direct air carbon capture and storage. The cost estimates for Direct Air Carbon Capture and Storage (DACCS) systems range from 100-1,000 $/tCO2 captured depending on the technological readiness and scale of deployment. The needs of direct air capture technologies include a verification system for the amount of CO2 that is permanently stored, and an accounting framework for the net reduction in atmospheric C02. However, it cannot be used as a substitute for emissions reduction, and it needs to be incorporated into regulatory schemes for emissions reduction compliance while not exacerbating energy and environmental inequities in marginalized communities. There is currently no city or municipality using direct air capture as a part of their climate action plan, but new federal initiatives could accelerate the use of direct air technologies. Additionally, the Inflation Reduction Act specifies credits of $180/metric ton for DACCS projects using geological storage.

The U.S. Department of Energy (DOE) is supporting regional direct air capture hubs to remove carbon from the atmosphere. The four large-scale hubs will involve carbon dioxide removal projects including the widespread deployment of direct air capture technologies. The DOE’s Office of Fossil Energy and Carbon Management (FECM) is investing in research of DAC technologies and helping bring them to market. More than $1 billion has been invested by government agencies and private investors for these technologies and over $350 million has been invested in the National Carbon Capture Center where scientists are working on developing DAC systems. The office also provides an interactive diagram for carbon management provisions which provides funding opportunities and fact sheets for the different subsections of carbon management, that can be accessed here.

Some of the upcoming conferences on carbon in 2023 are listed below with links to the events included.