Carbon Sequestration Services Market Size, Share, Growth Analysis, By Capture Technology(Pre-Combustion, Industrial Process), By Application(Power Generation, Oil & Gas) - Industry Forecast 2024-2031

Carbon Sequestration Services Market size was valued at USD 3.10 Billion in 2021 and is expected to grow from USD 3.30 Billion in 2022 to USD 5.09 Billion by 2030, at a CAGR of 6.4% during the forecast period (2023-2030).

A few major firms and a few small- and medium-sized regional players are currently constituting the market scenario. Many businesses have a very high penetration rate in their primary industry to create the world's first storage facility that can take CO2 from multiple industrial sources. A CO2 receiving port, an offshore pipeline, CO2 injection, and CO2 storage are all parts of the project, also known as The Northern Lights project. Such initiatives taken by players will help them establish a brand position in the future market competition. 'Archer Daniels Midland Company (USA)', 'Aker Solutions ASA (Norway)', 'Carbon Clean Solutions Limited (United Kingdom)', 'Chevron Corporation (USA)', 'Eni S.p.A. (Italy)', 'ExxonMobil Corporation (USA)', 'General Electric Company (USA)', 'Halliburton Company (USA)', 'Hitachi, Ltd. (Japan)', 'Japan CCS Co., Ltd. (Japan)', 'Mitsubishi Heavy Industries, Ltd. (Japan)', 'National Carbon Capture Center (USA)', 'NRG Energy, Inc. (USA)', 'Schlumberger Limited (USA)', 'Shell (Netherlands)', 'Statoil ASA (Norway)', 'Total S.A. (France)', 'Woodside Petroleum Ltd. (Australia)', 'Carbon Engineering Ltd. (Canada)', 'Climeworks AG (Switzerland)', 'Thermostat LLC (USA)', 'Solidia Technologies, Inc. (USA)'

One of the main drivers of the carbon sequestration services market is the increasing focus on reducing greenhouse gas emissions and mitigating climate change impacts. Governments around the world are implementing regulations and policies to promote the use of carbon capture and storage technologies, and this is creating a favorable market environment for companies operating in this space.

There is a growing focus on carbon removal technologies, which aim to remove carbon dioxide from the atmosphere rather than simply reducing emissions. This includes technologies such as direct air capture and carbon mineralization, and is creating new opportunities for companies operating in the carbon sequestration services market.

On account of the rising demand from the oil and gas industry and strict government requirements to cut carbon emissions, North America accounted for the greatest market share, i.e., 36.69% in 2022. For the forecast term, this tendency is anticipated to hold. The largest regional market share belongs to Canada. The Weyburn and Midale oil fields hosted Cenovus Energy's pioneer CCS project, which went into operation in 2000. The carbon capture technique used in this study was pre-combustion.