Carbon Capture and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Carbon Capture and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global carbon capture and storage market size reached US$ 2.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.

Carbon capture and storage (CCS) refer to a technique deployed for capturing, transporting, and storing industry-generated carbon emissions underground in geological formations. They aid in producing geothermal energy, strengthening concrete for promoting infrastructure durability, and transforming carbon dioxide (CO2) into fuel. On account of these properties, carbon capture and storage are extensively utilized in manufacturing operations for producing chemicals and plastics. At present, they are categorized based on varying technologies deployed, such as pre-combustion, oxy-fuel, and post-combustion capture.

Carbon Capture and Storage Market Trends:

Rapid industrialization, particularly in emerging economies, along with significant expansion of manufacturing facilities is primarily facilitating the deployment of carbon capture and storage across the globe. This is further supported by favorable initiatives being undertaken by the government bodies of various countries to limit the greenhouse gas (GHG) emissions across key industries, which, in turn, is catalyzing the market growth. In line with this, the rising demand for carbon dioxide enhanced oil recovery (CO2-EOR) in the offshore oil and gas exploration activities for the crude oil extraction purposes is acting as another growth-inducing factor. This technique uses injections of carbon dioxide to raise the pressure of the reservoir and sweep the oil toward the production well, which is usually insoluble in water. Additionally, the increasing energy consumptions, along with significant investments toward upstream and downstream sectors is considerably contributing to the market growth. Other factors, including the extensive research and development (R&D) activities to engineer bioenergy carbon capture and storage (BECCS), along with the strategic collaborations between top players for introducing sustainable CSS technology for enhanced oil recovery, are creating a positive outlook for the market.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global carbon capture and storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service, technology and end use industry.

Breakup by Service:

Capture

Transportation

Storage

Breakup by Technology:

Post-combustion Capture

Pre-combustion Capture

Oxy-fuel Combustion Capture

Breakup by End Use Industry:

Oil and Gas

Coal and Biomass Power Plant

Iron and Steel

Chemical

Others

Breakup by Region:

North America

United States

Canada

Asia-Pacific

China

Japan

India

South Korea

Australia

Indonesia

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Russia

Others

Latin America

Brazil

Mexico

Others

Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Air Liquide S.A., Aker Solutions ASA, Baker Hughes Company, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Company, Honeywell International Inc., Linde plc, Mitsubishi Heavy Industries Ltd., NRG Energy Inc., Occidental Petroleum Corporation, Schlumberger Limited, Shell plc and Siemens AG.

Key Questions Answered in This Report

1. What was the size of the global carbon capture and storage market in 2022?

2. What is the expected growth rate of the global carbon capture and storage market during 2023-2028?

3. What are the key factors driving the global carbon capture and storage market?

4. What has been the impact of COVID-19 on the global carbon capture and storage market?

5. What is the breakup of the global carbon capture and storage market based on the service?

6. What is the breakup of the global carbon capture and storage market based on the technology?

7. What is the breakup of the global carbon capture and storage market based on the end use industry?

8. What are the key regions in the global carbon capture and storage market?

9. Who are the key players/companies in the global carbon capture and storage market?