Carbon Capture and Storage Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Technology (Pre-combustion, Post-combustion, and Oxy-fuel Combustion), By Service (Capture, Transportation, Utilization, and Storage), By Industry (Power Generation, Industrial Processes, Oil & Gas), and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The global carbon capture and storage market was valued at USD 3,275.6 Million in 2022 and is anticipated to reach a value of USD 14,067.6 Million by 2030 expanding at a CAGR of 20.5% between 2023 and 2030.

Carbon capture and storage is an innovative technology used for reducing carbon emissions from large industrial sources. Carbon capture and storage involves capturing carbon dioxide (CO2) produced by power generation or industrial activity, transporting it, and then storing it in a suitable deep underground location. Carbon capture and storage can help to prevent global warming by the removal of carbon dioxide directly or indirectly from the atmosphere. CCS can be used to reduce emissions from various sources, including power plants, industrial processes such as steel and cement production, or from the burning of fossil fuels in the electricity generation. This process is a very supportive way for the mitigation and stabilization of atmospheric greenhouse gas concentrations. Power generation is the largest carbon emitter in the entire energy sector. Carbon capture and storage are important for addressing the challenges of climate change. The increase in awareness of greenhouse gas emissions drives the demand for carbon capture and storage. The captured carbon dioxide is utilized to create new products or energy sources. Carbon capture and storage play a very significant role in mitigating climate change and reducing greenhouse gas emissions.

Carbon Capture and Storage Market Major Driving Forces

Stringent Government Regulations: Many governments around the world implement various laws and regulations to reduce greenhouse carbon emissions and global warming. In addition, governments across the world taking various initiatives to encourage the adoption of carbon capture and storage technologies.

Climate Change Mitigation: Climate change has become a major concern for the world. It has majorly affected the lives of animals, people, and the environment all over the world. Hence changing climate conditions is affecting many weather in every region across the globe which driving the demand for carbon capture and storage.

Increasing Demand for Power Generation: Power generation is the largest source of emission of carbon dioxide. Increasing adoption of carbon capture and storage technologies such as pre-combustion, post-combustion and oxy-fuel combustion in power generation plants, is a major driving factor of the market.

Growing Demand for CO2-EOR Techniques: Carbon dioxide is highly used in the oil industry for enhanced oil recovery. The CO2 is inserted into an oilfield to extract the remaining crude oil, as the crude oil and CO2 combine, triggering it to swell and drop its viscosity. Which increases the overall pressure of the oil reservoir and forces the oil toward production wells.

Carbon Capture and Storage Market Key Opportunities

High Pollution Levels: Many regions across the world face high pollution levels, which presents an ideal growth opportunity for the carbon capture and storage market. Rising air pollution levels owing to rapid industrialization are expected to boost in demand for carbon capture and storage technologies.

Technological Advancements:

The continuous research and development in carbon capture and storage technologies to make it more efficient, cost-effective, and reliable. Advancements in capture technology such as chemical absorption, membrane separation, and other technologies are anticipated to create opportunities for market growth.

Growing Public Awareness:

Growing public awareness of climate change and the reduction of greenhouse gas emissions presents an opportunity for businesses and governments to take action on it by investing in carbon capture and storage solutions.

Carbon Capture and Storage Market Key Trends

·         Owing to strict environmental standards and laws, the need for carbon capture and storage is also increasing

·         Growing need for carbon capture and storage solutions to address climate change and reduce greenhouse gas emissions

·         Governments across the world implementing various laws and initiatives for adoption of carbon capture and storage technologies

·         Rising demand for power generation on a global scale for reducing amounts of CO2 released into the atmosphere

·         Continuous technological advancements in carbon capture and storage technologies to make it more efficient, cost-effective, and reliable

·         Growing public awareness of climate change lead businesses and governments to adopt carbon capture and storage solutions

·         Growing Demand for natural gas as environmental awareness increases owing to strict regulatory standards and laws

Region-wise Market Insights

North America accounted for the largest market share at 39.2% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 23.7% between 2023 and 2030.

In North America, the demand is driven by a strong presence of leading end-use industries, a growing demand for clean technologies, and rising adoption of CO2-EOR techniques. In addition, North America has a huge number of carbon capture and storage projects in the world. However, North America is expected to remain at a dominating position in the forecast period due to the increasing implementation of technology majorly in the United States and Canada.  In Europe, the market growth is driven by stringent environmental regulations, increasing investment in research and development, and expansion of renewable energy sources. In Asia-Pacific, the market is characterized by rapid industrialization, rising air pollution levels, and government support. Furthermore, the growth is attributed to rising government focus on controlling industrial emissions from steel, cement, and chemical industries. The major countries such as China, India, and Japan are key players in this region with significant investment in research and development.   The Middle East and Africa have been witnessing a significant demand for carbon capture and storage technologies for CO2-EOR projects. Furthermore, the demand in this region is driven by increasing climate change concerns and the adoption of carbon capture and storage solutions in the oil and gas industry.

Market Competition Landscape

The global carbon capture and storage market is characterized by a growing number of players. These key players are increasingly spending on research and development to expand their product portfolio. Major market players in the carbon capture and storage market engage in strategies to strengthen their position in the market. These strategies include new product launches, agreements, mergers and acquisitions, and collaboration with other organizations to meet evolving consumer preferences. Furthermore, these leading players are highly investing in technological advancements to make carbon capture and storage more efficient, and cost-effective to expand and survive in the competitive market environment.

Key players in the global carbon capture and storage market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         Royal Dutch Shell plc

·         Halliburton Company

·         Aker Solutions

·         Exxon Mobil Corporation.

·         Fluor Corporation

·         Siemens Energy

·         Linde plc

·         Schlumberger Limited

·         Statoil ASA

·         Chevron Corporation

·         Sulzer Ltd.

·         General Electric