Global Carbon Capture and Storage Market

Global Carbon Capture and Storage Market Size, Share, Growth Analysis, By Technology(Pre-combustion, Post-combustion), By Application(Enhanced Oil Recovery (EOR), Industrial Applications), By End-Use Industry(Power Generation, Oil & Gas) - Industry Forecast 2024-2031

Report ID: SQMIG20B2001 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 94 | Figures: 76

Global Carbon Capture and Storage Market News

  • In September 2023, ADNOC announced to develop a new carbon capture project in the Middle East and North Africa (MENA) region. The pioneering Habshan carbon capture, utilization and storage (CCUS) project will have the capacity to capture and permanently store 1.5 million tonnes per annum (MMtpa) of carbon dioxide (CO2) within geological formations deep underground.  
  • In February 2023, Weyerhaeuser Company and Lapis Energy LP announced the execution of an exclusive exploration agreement for subsurface carbon dioxide sequestration in Arkansas, Louisiana, and Mississippi. The agreement covers 187,500 acres of subsurface rights owned by Weyerhaeuser and spans five potential sequestration sites, including two locations previously identified by Weyerhaeuser as prospective opportunities for carbon capture and sequestration (CCS) development.
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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 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. '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', 'Schlumberger Limited', 'Siemens AG', 'Statoil ASA', 'Total S.A.', 'Woodside Energy Ltd.', 'ExxonMobil Corporation', 'Air Products and Chemicals, Inc.', 'Shell Canada Energy', 'SaskPower International Inc.'

There is a growing demand for cleaner energy sources, and carbon capture and storage can help reduce the emissions from fossil fuel-based energy generation.

Increasing investment in research and development: As demand for CCS solutions grows, many companies are investing heavily in research and development of new technologies to improve the efficiency and cost-effectiveness of carbon capture and storage.

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.

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Global Carbon Capture and Storage Market

Product ID: SQMIG20B2001

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