Global Carbon Capture and Storage (CCS) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Global Carbon Capture and Storage (CCS) Market Research Report 2024-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2030

Carbon capture and storage (CCS) is a way of reducing carbon emissions, which could be key to helping to tackle global warming. CCS involves the capture of carbon dioxide (CO2) emissions from industrial processes, such as steel and cement production, or from the burning of fossil fuels in power generation. This carbon is then transported from where it was produced, via ship or in a pipeline, and stored deep underground in geological formations.

Market Overview:

The latest research study on the global Carbon Capture and Storage (CCS) market finds that the global Carbon Capture and Storage (CCS) market reached a value of USD 6221.99 million in 2023. It’s expected that the market will achieve USD 48046.89 million by 2029, exhibiting a CAGR of 40.59% during the forecast period.

Opportunities

Strong support for carbon emission reduction policies
At present, with the concept of sustainable development and the formulation of carbon emission reduction goals, the government has introduced a series of policies to support the development of the CCS market.

Among them, the United States and the European Union have strong policy support for CCS technology, such as the 45Q Act of the US federal government, the California Low Carbon Fuel Standard (California Low Carbon Fuel Standard) policy, and the European Innovation Fund of the European Union, etc., which can effectively reduce the cost of the project stimulates the rapid deployment of CCS projects. Among them, the 45Q Act promulgated by the United States in 2018 stipulates that any new fossil fuel power plant or plant that produces CO2 that will start construction before 2024 will receive a tax credit of up to 12 years after its carbon capture equipment is put into use. Producers who put CO2 to use, such as converting it into products such as fuels, chemicals or cement, or storing it in geology through oil displacement (EOR), can receive tax credits of up to $35 per ton. Store CO2 permanently underground for tax credits of up to $50 per ton. The European Union announced that all fossil fuel power plants will be retrofitted with CCUS by 2025, and a 10-billion-euro fund will be established in 2020. The UK will also provide 800 million pounds to support CCUS.

Restraints and Challenges

Technical problem
CCS technology is a highly integrated technology of capture, transportation, and storage, which needs to be developed in an orderly and balanced manner. First of all, the introduction of the CCS capture link will increase additional energy consumption. Under the current technical level, the primary energy consumption will increase by 10%~20% or more, and the efficiency loss will be great. Secondly, due to the chemical inertness and thermal stability of CO2, a large amount of energy must be reinvested in order to effectively convert and utilize CO2, which limits the resource utilization of CO2 to a certain extent, and it is necessary to find a suitable catalyst system. Secondly, there is a risk of uncertainty in the geological exploration of the second geological utilization and storage link. The information support for CO2 geological storage is not enough, and the company cannot make a comprehensive assessment of the stratum structure, storage potential, storage risk and detection plan, which increases the business risk of the company. The technical problems faced in the whole process are one of the important challenges for the development of the industry.

Region Overview:

In 2022, the share of the Carbon Capture and Storage (CCS) market in North America stood at 56.61%.

Company Overview:

Exxon Mobil is a multinational oil and gas company headquartered in Spring, Texas, USA. The company was formed on November 30, 1999, through the merger of Exxon and Mobil. In addition to the oil and gas business, the company is also involved in the chemical industry, producing plastics and synthetic rubber. With the company's leadership in carbon capture and emissions reduction technologies, ExxonMobil is meeting people's demand for affordable energy while reducing emissions and managing climate change risks.

Honeywell International Inc invents and manufactures technologies to address critical challenges related to global macro trends such as safety, security and energy. As the stakes and impacts of climate change intensify, Honeywell International Inc helps industries limit current greenhouse gas emissions and achieve carbon neutral technologies in the near future. As the world transitions from fossil fuels to renewable energy, carbon capture, utilization and storage (CCUS) can provide a stopgap solution that can significantly reduce the amount of carbon dioxide (CO2) released into the atmosphere.

Exxon Mobil is one of the major players operating in the Carbon Capture and Storage (CCS) market, holding a share of 1.64% in 2023.

Segmentation Overview:

By type, Pre-combustion Capture segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Natural gas processing segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Carbon Capture and Storage (CCS) market covered in Chapter 3:

Aker Solutions
Shell
Honeywell International Inc.
Dakota Gasification Company
The Linde Group
General Electric
Schlumberger
Fluor Corporation
Halliburton
Exxon Mobil
Mitsubishi Heavy Industries LTD

In Chapter 4 and Chapter 14.2, on the basis of types, the Carbon Capture and Storage (CCS) market from 2019 to 2030 is primarily split into:

Pre-combustion Capture
Oxy-fuel Combustion Capture
Post-combustion Capture
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Carbon Capture and Storage (CCS) market from 2019 to 2030 covers:

Natural gas processing
Chemical industry
Hydrogen 
Coal power
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2019-2030) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)