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

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.