USD 2.16 billion
Report ID:
SQMIG20B2001 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
94 |
Figures:
76
Global Carbon Capture and Storage Market size was valued at around USD 2.16 billion in 2022 and is expected to rise from USD 2.44 billion in 2023 to reach a value of USD 6.47 billion by 2031, at a CAGR of 12.9% during the forecast period (2024–2031).
The development of Carbon Capture & Storage (CCS) technology is a result of growing concern about the damaging effects of carbon emissions on the environment. Due to the possibility of carbon capture and storage technology to serve as a large-scale solution for attaining the high CO2 emission reduction objectives and climate management goals, numerous governments are promoting the implementation of technology through pilot projects across diverse industries.
The utilization of gas injection Enhanced Oil Recovery (EOR) techniques is expected to increase as offshore oil and gas exploration and production operations are predicted to increase with technological advancements. Crude oil extraction involves the use of carbon dioxide. The maturing and depleting oil reservoirs will be the driving force behind the deployment of gas injection EOR techniques for both onshore and offshore wells. Due to the rising demand for CO2 for EOR activities in the oil & gas industry, the market for CCS is therefore projected to rise throughout the course of the forecast period. Due to the presence of numerous high-capacity CCS plants in this area coupled with the growing use of CO2 in EOR processes, the market is predicted to witness significant growth during the forecast period.
In contrast to other regions, the demand in the region is anticipated to expand quickly due to large-scale development initiatives of carbon capture, utilization, and storage. According to the American Council, the FUTURE Act was introduced under the 45Q section of the bill to provide incentives for capturing the carbon dioxide produced by industrial and power sources for use in EOR. The acronym stands for "Furthering Capital Carbon Capture, Utilization, Technology, Underground Storage, and Reduced Emissions." The market for CCUS is expected to grow slowly in the country due to the advancement of shale gas technology and the current administration's lack of interest in carbon capture, increasing North America's market share in the carbon capture and storage industry.
US Carbon Capture and Storage Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.16 billion
Largest Segment
Post-combustion
Fastest Growth
Pre-combustion
Growth Rate
12.9% CAGR
To get more reports on the above market click here to Buy The Report
The global carbon capture and storage market is segmented based on technology, application, end-use industry, and region. Based on technology, the market is segmented into pre-combustion, post-combustion, oxy-combustion, and others. Based on application, the market is segmented into enhanced oil recovery (EOR), industrial applications, agriculture, and others. Based on end-use industry, the market is segmented into power generation, oil & gas, chemicals & petrochemicals, iron & steel, and others. Based on region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Technology
In 2023, post-combustion technology has emerged as the dominating segment with an estimated share of 61.9% within the global carbon capture and storage market. This post-combustion technology is the widely preferred option for retrofitting existing power plants and it has the ability to recover CO2 at a rate up to 800 tonnes/day. This technology helps take the CO2 emissions from the flue gases produced during the combustion of fossil fuels in power plants or industrial facilities. Post-Combustion technology market dominance is further strengthened by regulatory pressure to reduce greenhouse gas emissions which leads to addition of CCS solutions across industries not just in some countries but in the whole world. Showing the promising future of post-combustion capture processes and increased investment in research and development, this segment is expected to hold its top position in the CCS market for a long time ahead.
Pre-combustion technology segment is experiencing the fastest growth in recent years. It is driven by the fact that it offers a very effective way of substantially reducing CO2 emissions from several industrial processes. Pre-combustion carbon capture allows the removal of CO2 from a gas mixture before combustion takes place. Operators typically apply this carbon capture in integrated gasification combined cycle (IGCC) power plants. Due to advancement in its process and technique, it is getting adopted in various industries such as power plants that will mainly attribute its dominance in coming years.
Analysis by End-Use Industry
In 2023, the power generation segment had the highest revenue share owing to their high uses in electricity production. Power facilities that burn coal are the main sources of carbon dioxide emissions. Power stations are now subject to regulations, making the use of CCS facilities necessary to reduce carbon emissions to the permitted levels. To possibly allow the ongoing use of coal resources for electricity generation while reducing CO2 emissions, these technologies must be adopted. These reasons are expected to cause the use of CCS technology in the power generation sector to increase throughout the course of the forecast period.
On the other hand, the chemicals and petrochemicals segment has emerged as the fastest-growing segment by end-use industry within the global carbon capture and storage market. This trend is driven by intensifying mandatory demands and private businesses' commitment to lowering carbon emissions within the chemical manufacturing process. As people are more aware of the contribution of chemical manufacturing industries to environmental deterioration, companies are starting to introduce CCS technology which aims at capturing and storing CO2 emissions from the operations.
To get detailed analysis on other segments, Request For Free Sample Report
North America held the largest revenue share in 2023, thus accounting for around 36.69% of the total revenue. This is attributable to the increased oil and gas industry demand and stringent government regulations to reduce carbon emissions. According to the global CCS institute, there are more than 24 facilities worldwide capturing CO2. Of these, 12 can be found in the US. Large industrial base and friendly regulatory structure North America is major player in global CCS sector. Installed capacity and project development determine the North American market leadership in global carbon capture and storage.
Asia Pacific is forecasted to see the highest accelerated growth rate regarding CCS market globally. The requesting market increasingly becomes industry, cities and energy demands in the countries such as China, India and South Korea, the utilization of CCS technology is growing more and requires for the range of carbon emission reduction. Governments with a range of carbon pricing mechanisms and clean energy targets drive investment in CCS technology, those that are power sector, industry and refinery driven. The CCS market in the Asia Pacific region is experiencing tremendous expansion in terms of CCS capacity and projects, resulting in the area becoming a stimulator for the overall development of the CCS market across the globe in the foreseeable future.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Carbon Capture and Storage Market Drivers
Growing Demand for Cleaner Energy
Government Regulations and Incentives
Carbon Capture and Storage Market Restraints
Lack of Infrastructure
Request Free Customization of this report to help us to meet your business objectives.
The carbon capture and storage (CCS) market is highly competitive in nature, owing to the presence of several established players and new entrants competing to offer innovative solutions. The competitive landscape in the CCS market is characterized by mergers and acquisitions, partnerships, and collaborations among key players, as well as a focus on research and development of new technologies. Many of the key players in the market are multinational companies with significant resources and expertise in the energy sector, and they are using their scale and capabilities to drive innovation and growth in the CCS market.
Carbon Capture and Storage Market Top Player’s Company Profiles
Carbon Capture and Storage Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Carbon Capture and Storage market is the development of Carbon Capture & Storage (CCS) technology as a result of growing worries about the damaging effects of carbon emissions on the environment. Due to the possibility of carbon capture and storage technology to serve as a large-scale solution for attaining the high CO2 emission reduction objectives and climate management goals, numerous governments are promoting the implementation of technology through pilot projects across diverse industries.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.16 billion |
Market size value in 2031 | USD 6.47 billion |
Growth Rate | 12.9% |
Base year | 2023 |
Forecast period | 2024–2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Carbon Capture and Storage Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Carbon Capture and Storage Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Carbon Capture and Storage Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Carbon Capture and Storage Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONWant to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Product ID: SQMIG20B2001