Carbon Capture and Storage Market Analysis by Technology, Application, End-use Industry – Global Forecast 2031

High investments in the development of carbon capture and storage infrastructure and growing emphasis on sustainability are slated to bolster market growth. Imposition of stringent regulatory mandates to curb emissions will also favor carbon capture and storage adoption in the future. The market value stood at USD 2.16 Billion in 2022 and is expected to grow from USD 2.44 Billion in 2023 to reach USD 6.47 Billion by the end of 2031.

Power Generation Sub-segment to Dominate the End-use Industry Segment

Growing demand for energy around the world and a rising number of energy generation plants are allowing this segment to hold a dominant stance. High emissions produced by power generation plants and the imposition of stringent regulations to curb emissions from these facilities are estimated to bolster the demand for carbon capture and storage across the forecast period. Moreover, the commitment of power generation providers towards sustainability will also bolster carbon capture and storage market growth in the future.

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North America Dominates the Global Carbon Capture and Storage Demand with the United States Bringing in Most Revenue

The North American region is expected to spearhead the global carbon capture and storage market growth over the coming years. High investments in the development of novel carbon capture technologies and facilities in this region are projected to bolster market growth. Canada is a key country in this region owing to its commitment to achieving net-zero emissions by the end of 2050. Supportive regulatory framework for carbon capture and storage adoption is also helping the United States lead revenue generation in the North American region. High emphasis on sustainability and adoption of corporate social responsibility (CSR) programs by businesses are also helping the United States stay abreast in the carbon capture and storage market. Adoption of enhanced oil recovery (EOR) technologies in the oil & gas industry of this region is also slated to create new opportunities for carbon capture and storage companies in the long run.

The global carbon capture and storage market has leading companies such as Aker Solutions, Alstom SA, Carbon Clean Solutions Limited, Carbon Engineering Ltd., Chevron Corporation, C-Capture Ltd., General Electric Company, Halliburton Company, Hitachi Ltd., Mitsubishi Heavy Industries Ltd., Royal Dutch Shell plc, and Schlumberger Limited among others.

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Integration with Hydrogen and Renewable Energy Production

Carbon capture and storage providers can focus on integrating their offerings with renewable energy production to maximize adoption around the world. An increasing number of renewable energy generation plants around the world will offer new opportunities for carbon capture and storage companies going forward. Moreover, carbon capture and storage providers can also collaborate and partner with hydrogen production to enable carbon utilization. Hydrogen generated from captured carbon is known as blue hydrogen and growing use of hydrogen for power generation and fuel cells is slated to create new opportunities for carbon capture and storage companies.

To know more about the global carbon capture and storage market refer to this latest market research report offered by Skyquest.

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