Overview and Scope
Carbon capture and storage (CCS) technology is designed to mitigate greenhouse gas emissions, particularly carbon dioxide (CO2), from industrial processes and power generation. The goals of CCS technology are to prevent CO2 from entering the atmosphere, thereby reducing its contribution to climate change, and to enable the continued use of fossil fuels while minimizing their environmental impact.
Sizing and Forecast
The carbon capture and storage technology market size has grown rapidly in recent years. It will grow from $2.85 billion in 2023 to $3.26 billion in 2024 at a compound annual growth rate (CAGR) of 14.2%. The growth in the historic period can be attributed to government regulations, strengthened climate targets, presence of numerous high-capacity CCS plants.
The carbon capture and storage technology market size is expected to see rapid growth in the next few years. It will grow to $5.58 billion in 2028 at a compound annual growth rate (CAGR) of 14.4%. The growth in the forecast period can be attributed to rising demand for CO2 for EOR activities in the oil & gas industry, environmental impact and sustainability, growing demand from industrial sectors. Major trends in the forecast period include technological advancements, technology for achieving deep decarbonization, deployment of gas injection EOR techniques, advancement of shale gas technology, growth of commercial-scale CCS plants.
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Segmentation & Regional Insights
The carbon capture and storage technology market covered in this report is segmented –
1) By Type: Carbon Capture And Storage (CCS), Carbon Capture And Utilization (CCU)
2) By Technology: Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion
3) By Application: Industrial Facilities, Power Plant, Other Applications
North America was the largest region in the carbon capture and storage technology market in 2023. Europe is expected to be the fastest growing region in the market. The regions covered in the carbon capture and storage technology 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 demand for cleaner energy is expected to propel the growth of the carbon capture and storage technology market going forward. Cleaner energy refers to sources and technologies with lower greenhouse gas emissions and environmental impacts compared to traditional fossil fuels. Growing demand for cleaner energy is fueled by environmental concerns, emissions regulations, and a push for sustainable, renewable sources to combat climate change and secure a healthier future. Cleaner energy often uses carbon capture and storage (CCS) technology to trap carbon dioxide from energy generation and industry, cutting emissions and environmental impact. For instance, in December 2021, according to the Refinitiv Lipper data published by Thomson Reuters Corporation, a Canada-based information services company, a record $649 billion flowed into ESG-focused funds globally in 2021, up from $542 billion in 2020. Additionally, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, annual clean energy investment is predicted to expand to surpass USD 1.7 trillion in 2023, up from the 2022 figure of 1.6 trillion. Therefore, the growing demand for cleaner energy is driving the growth of the carbon capture and storage technology market.
Key Industry Players
Major companies operating in the carbon capture and storage technology market are Shell plc, Chevron Corporation, Microsoft Corporation, Tencent Holdings Limited, Siemens AG, Occidental Petroleum Corporation, Schneider Electric SE, Honeywell International Inc., Mitsubishi Heavy Industries Ltd., ABB Ltd., Schlumberger NV, Bechtel Corporation, Aker Solutions ASA, NET Power Inc., LanzaTech Global Inc., Carbon Engineering Ltd., Climeworks AG, Carbon Clean Solutions Pvt. Ltd., Global Thermostat PBC, C-Capture Limited, ION Clean Energy, Svante Inc
The carbon capture and storage technology market report table of contents includes:
1. Executive Summary
2. Carbon Capture And Storage Technology Market Characteristics
3. Carbon Capture And Storage Technology Market Trends And Strategies
4. Carbon Capture And Storage Technology Market – Macro Economic Scenario
5. Global Carbon Capture And Storage Technology Market Size and Growth
…..
32. Global Carbon Capture And Storage Technology Market Competitive Benchmarking
33. Global Carbon Capture And Storage Technology Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Carbon Capture And Storage Technology Market
35. Carbon Capture And Storage Technology Market Future Outlook and Potential Analysis
36. Appendix
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