Carbon Capture and Storage

Global Carbon Capture and Storage Market to Reach US$7.7 Billion by 2030

The global market for Carbon Capture and Storage estimated at US$4.2 Billion in the year 2024, is expected to reach US$7.7 Billion by 2030, growing at a CAGR of 10.7% over the analysis period 2024-2030. Pre-Combustion Technology, one of the segments analyzed in the report, is expected to record a 10.4% CAGR and reach US$5.2 Billion by the end of the analysis period. Growth in the Post Combustion Technology segment is estimated at 12.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.3 Billion While China is Forecast to Grow at 12.2% CAGR

The Carbon Capture and Storage market in the U.S. is estimated at US$1.3 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$745.4 Million by the year 2030 trailing a CAGR of 12.2% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 8.8% and 11.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.2% CAGR.

Global Carbon Capture and Storage Market - Key Trends & Drivers Summarized

Why Is Carbon Capture and Storage (CCS) Crucial for Climate Mitigation?

Carbon Capture and Storage (CCS) is a critical technology for mitigating climate change by reducing greenhouse gas emissions from industrial processes and power generation. CCS involves capturing carbon dioxide (CO2) emissions at their source, transporting them to a storage site, and securely storing them underground in geological formations. This process prevents CO2 from entering the atmosphere, thereby reducing the impact of fossil fuel combustion on global warming. CCS is particularly important for industries that are difficult to decarbonize, such as cement, steel, and chemical production. The technology plays a vital role in achieving net-zero emissions targets and supporting global climate goals.

What Are the Challenges and Innovations in Carbon Capture and Storage?

The deployment of CCS faces several challenges, including high costs, energy requirements, and the need for suitable storage sites. Capturing CO2 from industrial processes and power plants requires significant energy input, which can reduce the overall efficiency of these operations. Additionally, the transportation and storage of captured CO2 require robust infrastructure and careful monitoring to ensure safety and prevent leaks. Innovations in CCS technology are addressing these challenges by improving capture efficiency, reducing costs, and enhancing storage security. Advanced capture methods, such as chemical looping and membrane separation, are increasing the efficiency of CO2 capture. Innovations in storage monitoring, using seismic imaging and other techniques, are ensuring the long-term safety and integrity of storage sites.

How Is Technology Enhancing the Effectiveness of Carbon Capture and Storage?

Technological advancements are enhancing the effectiveness and feasibility of CCS. Improved capture technologies, such as post-combustion, pre-combustion, and oxy-fuel combustion, are increasing the efficiency and scalability of CO2 capture. Developments in transportation infrastructure, including pipelines and ships, are facilitating the safe and cost-effective movement of captured CO2 to storage sites. Advanced monitoring and verification technologies are ensuring the secure storage of CO2, providing confidence in the long-term stability of geological formations. Additionally, the integration of CCS with renewable energy sources and bioenergy production is creating new pathways for negative emissions, further enhancing the potential of CCS as a climate mitigation tool.

What Factors Are Driving the Growth in the Carbon Capture and Storage Market?

The growth in the carbon capture and storage market is driven by several factors. The increasing urgency to address climate change and reduce greenhouse gas emissions is a major driver, as CCS provides a viable solution for decarbonizing hard-to-abate sectors. Government policies and regulatory frameworks that support CCS deployment, including tax incentives and funding for research and development, are boosting market growth. Technological advancements that improve the efficiency and reduce the costs of CCS are making the technology more attractive and feasible. The growing commitment of industries to sustainability and net-zero emissions targets is also driving demand for CCS solutions. These factors collectively ensure the sustained growth and innovation in the carbon capture and storage market.

SCOPE OF STUDY:

The report analyzes the Carbon Capture and Storage market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Technology (Pre-Combustion, Post Combustion, Industrial Separation, Oxy-Fuel Combustion); Application (Enhanced Oil Recovery (EOR) Application, Industrial Application, Other Applications)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

Select Competitors (Total 106 Featured) -

• Archer-Daniels-Midland Company
• BP p.l.c
• Chevron Corporation
• Emissions Reduction Alberta
• Equinor ASA
• GE Vernova
• Japan CCS Co., Ltd.
• Schlumberger Limited
• AtkinsRéalis Group Inc.
• Svante Technologies Inc.

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