Carbon Capture And Storage Market Key Trends, Size, Outlook, Overview 2024-2033

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Overview and Scope

Carbon capture and storage (CCS) refers to the process of capturing, transferring, and preserving emissions of greenhouse gases from power plants using fossil fuels, energy-intensive businesses, and gas reserves by injecting the collected greenhouse gases back into the earth. It is a method of lowering carbon emissions that might be crucial in combating global warming.

Sizing and Forecast

The carbon capture and storage market size has grown rapidly in recent years. It will grow from $5.43 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 14.8%. The growth in the historic period can be attributed to environmental regulations and policy support, growing concerns about climate change, investments in clean energy, industry transition and decarbonization, corporate sustainability initiatives.

The carbon capture and storage market size is expected to see rapid growth in the next few years. It will grow to $10.79 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to government funding and incentives, increasing carbon pricing initiatives, rapid industrialization in developing regions, global commitments to net-zero target, collaborative industry initiatives. Major trends in the forecast period include technological innovation and cost reduction, advancements in ccs technology, investment and funding landscape, government policies and regulations, public and corporate perception.

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Segmentation & Regional Insights

The carbon capture and storage market covered in this report is segmented –

1) By Product: Pre-Combustion, Industrial Process, Post Combustion, Oxy-Combustion

2) By Service: Capture, Transportation, Utilization, Storage

3) By End-Use Industry: Oil And Gas, Coal And Biomass Power Plant, Iron And Steel, Chemicals, Other End-Use Industries

North America was the largest region in the carbon capture and storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global carbon capture and storage market report during the forecast period. The regions covered in the carbon capture and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth

The growing global carbon dioxide emissions are expected to propel the growth of the carbon capture and storage market going forward. Carbon dioxide emissions, often known as CO2 emissions, are those caused by the combustion of fossil fuels and the production of cement. They also include gas flaring and carbon dioxide created during the use of fuels that are solid, liquid, or gaseous. Increasing carbon dioxide emissions increases the market for carbon capture and storage, which is used as a method to lower carbon emissions by separating, treating, and transporting a stream of carbon dioxide (CO2) from industrial sources to a site for long-term storage. For instance, in March 2022, according to the International Energy Agency, a France-based independent intergovernmental organization that offers research, statistics, and policy recommendations for the whole global energy sector, carbon dioxide emissions increased by 6% to reach 36.3 billion tons in 2021, a record high compared to previous years. In 2021, coal contributed more than 40% of the increase in overall CO2 emissions worldwide, which peaked at 15.3 billion metric tons. Therefore, growing global carbon dioxide emissions are driving the carbon capture and storage market.

Key Industry Players

Major companies operating in the carbon capture and storage market report are Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde PLC, Mitsubishi Heavy Industries Ltd., Shell PLC, Siemens AG, Sulzer Ltd., NRG Energy Inc., General Electric Company, Maersk, Japan CCS Co. Ltd., Halliburton Company, ExxonMobil Corporation, Schlumberger Limited, Honeywell International Inc., Occidental Petroleum Corporation, Air Liquide S.A., Baker Hughes Company, LanzaTech, Royal Dutch Shell, Calix Limited, Carbon America, Carbon Clean, CarbonFree, Carbon8 Systems, Chart Industries, Capsol Technologies AS, Global Thermostat

The carbon capture and storage market report table of contents includes: