Press Releases

Carbon Capture & Storage Market Projected to Expand at 24.0% CAGR Through 2030

The Global Carbon Capture & Storage Market size is valued at USD 4.3 billion in 2024 and is projected to reach USD 12.9 billion in 2030. Along with this, the market is estimated to grow at a CAGR of around 24.0% during the forecast period. Rising emissions across the globe are contributing to the high demand for effective CO₂ mitigation solutions, thereby driving the growth of the market. Overall CO₂ emissions have grown significantly on account of increasing reliance on fossil fuels for energy generation. Growing energy needs amid the expansion of the industrial sector, automobile sales, etc., further enhance fuel consumption and, correspondingly, CO₂ emissions.

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Strategic Takeaways from the Report:

• Market Sizing and Forecasting
• Regulatory and Policy Influence
• Competitive Trends and M&A Activity
• Innovation Drivers and Disruptive Technologies
• Investment Hotspots and Emerging Niches
• Geographical Dynamics and Trade Flows

Carbon Capture & Storage Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Capture Technology

• Post Combustion Capture- Market Size & Forecast 2019-2030, USD Million
• Pre-Combustion Capture- Market Size & Forecast 2019-2030, USD Million
• Oxyfuel Technology- Market Size & Forecast 2019-2030, USD Million
• Chemical Looping Combustion- Market Size & Forecast 2019-2030, USD Million

Out of them all, the pre-combustion capture segment holds a considerable market share in the Global Carbon Capture & Storage Market. The market growth imputes the high efficiency and low cost associated with the pre-combustion capture technology, making it suitable for large-scale industrial facilities and power generation plants. The pre-combustion process enables CO₂ separation and capture at a concentration and pressure level higher than in post-combustion, making it more feasible and less energy-intensive to capture.

By Storage Technology

• Geological Storage- Market Size & Forecast 2019-2030, USD Million
  • Depleted Oil and Gas Reservoirs- Market Size & Forecast 2019-2030, USD Million
  • Un-mineable Coal Bed Storage- Market Size & Forecast 2019-2030, USD Million
  • Saline Aquifers - Market Size & Forecast 2019-2030, USD Million
• Deep Ocean Storage- Market Size & Forecast 2019-2030, USD Million

By End User

• Biofuels- Market Size & Forecast 2019-2030, USD Million
• Food and Beverage- Market Size & Forecast 2019-2030, USD Million
• Pulp and Paper- Market Size & Forecast 2019-2030, USD Million
• Cement and Concrete- Market Size & Forecast 2019-2030, USD Million
• Iron and Steel- Market Size & Forecast 2019-2030, USD Million
• Textiles- Market Size & Forecast 2019-2030, USD Million
• Oil and Gas- Market Size & Forecast 2019-2030, USD Million
• Power Generation- Market Size & Forecast 2019-2030, USD Million
• Others (Chemicals, Fertilizers, etc.) - Market Size & Forecast 2019-2030, USD Million

Based on end-users, the oil and gas sector has held a leading share of the market due to the continuous rise in CO2 emission from the sector that requires carbon capture technologies. The already existing infrastructure of the sector in terms of pipelines and storage facilities is very much suitable for the deployment of CCS technologies, bringing down the costs and complexities for setting up new infrastructure. 

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific.

Out of all these, North America is expected to hold a significant market share during the forecast period. The region's growth can be attributed to the increasing government initiatives for CCS facilities and mounting government efforts towards net zero emission. The government bodies in the US and Canada have substantially contributed to the surging adoption of CCS systems through their investments in CCS technology and infrastructure development. 

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Proliferating Government Funding for Carbon Capture & Storage Plants Augmenting Market Growth – Governments and Non-Profit Organizations associated with climatic goals worldwide provide huge investments, finances, and support for carbon capture and storage technologies combating climate change and reducing GHG emissions. To reach the net-zero targets many countries have enacted policies, grants, and subsidies to accelerate the development and deployment of CCS technologies. Through direct funding, tax breaks, and regulatory environments, governments are significantly decreasing private firms' financial risks and encouraging innovation in the field of carbon emission mitigation. For Instance,

• In 2024, The European Union has selected 13 large-scale carbon capture and storage projects to provide financial support from its Innovation Fund for decarbonizing technologies.
• Till December 2023, the Government of Canada had invested around USD 2.2 billion in CCS subsidies. The global subsidies for CCS infrastructure were valued at around USD20 billion in the same timeframe

These increasing taxes, incentives, and subsidies offered by various governments in their specific countries, are creating a fertile ground for establishing carbon capture and storage plants. With the government providing financial support, the adoption of these systems is expected to surge significantly in the upcoming years, thereby creating opportunities in the Global Carbon Capture & Storage Market.

Carbon Capture & Storage Market Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Carbon Capture & Storage Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

• Shell Plc
• Halliburton Company
• Schlumberger Limited
• Aker Solutions
• Equinor ASA
• Chevron Corporation
• Carbon Engineering ULC
• Fluor Corporation
• Exxon Mobil Corporation
• Linde Plc
• Mitsubishi Heavy Industries Ltd.
• JGC Holdings Corporation
• TotalEnergies SE
• Honeywell International Inc.
• Climeworks

Their activities include partnerships, product launches, and geographic expansions.

Carbon Capture & Storage Industry Prime Challenge

High Operational and Maintenance Expenditure Associated with CCS Plants to Impede Market Growth– The CCS plants need a large amount of power to capture, compress, transport, and store CO₂ which increases overall operational costs. The high amount of energy required for CCS plants poses a significant parasitic load on the power plants, which incurs a substantial cost to the end user and lowers the overall efficiency. Additionally, the specialized equipment and machinery required to capture and store the large amount of generated CO₂ further pose cost burdens on end users.

In addition, another cost-intensive process is the transportation of CO₂ to storage sites, usually through pipelines, especially in projects far from locations with suitable geology for storage. These high costs are very challenging for industries with thin profit margins, where added expenditure by CCS can render projects economically not viable without significant government subsidies or carbon pricing mechanisms to help offset the costs. In other words, high operational and maintenance costs are related to financial risks that may lessen investment and result in the retardation of the large-scale deployment of CCS projects, impeding growth in the market.

Frequently Asked Questions (FAQs):

• What industries are most impacted by this market?
• How is technology reshaping operations and offerings?
• Which competitors dominate the landscape?
• What risks could disrupt market expansion?
• How should businesses respond to demand fluctuations?

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