Europe Carbon Capture and Storage Market - Size By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), Application (Oil and Gas, Chemical Processing, Power Generation) & Forecast, 2023- 2032

Europe Carbon Capture and Storage Market - Size By Technology (Pre Combustion, Post Combustion, Oxy-Fuel Combustion), Application (Oil and Gas, Chemical Processing, Power Generation) & Forecast, 2023- 2032

Europe carbon captures and storage (CSS) market size is expected to record over 44.8% CAGR from 2023 to 2032. The urgent need to combat climate change has spurred governments, industries, and individuals to reduce carbon emissions. As a result, stringent environmental regulations and policies have been implemented to promote CCS as a key solution for carbon reduction.

In 2022, global energy-related CO2 emissions increased by 0.9% reaching over 36.8 Gt, according to the data by IEA. The growing commitment to sustainable energy sources, like renewable and hydrogen, has created an increased demand for CCS technology to mitigate emissions from industrial processes and power generation.

Europe carbon capture and storage market is divided based on technology, application, and region.

The pre-combustion technology segment is predicted to generate high revenues by 2032 as this approach allows carbon capture before the combustion process. It is particularly effective in reducing emissions from various sources, such as power plants and industrial facilities. Innovations in pre-combustion capture techniques, like chemical looping and gasification, have significantly improved capture efficiency and lowered costs. This technology segment is gaining prominence as industries look for more efficient and cost-effective ways to reduce their carbon footprint.

The oil & gas application segment is anticipated to witness strong CAGR from 2023 to 2032 as the sector is historically a significant emitter of greenhouse gases. Carbon capture and storage provide a sustainable means to reduce emissions from upstream, midstream, and downstream operations. Enhanced oil recovery (EOR) projects, which utilize captured CO2 to extract more oil from depleted reservoirs, have become a major promoter for CCS adoption in the oil & gas sector. This application segment offers a dual benefit by both reducing emissions and enhancing oil production.

The United Kingdom CCS market size will grow significantly through 2032 as the UK government has demonstrated a strong commitment to CCS by investing in infrastructure and supporting R&D initiatives. The nation has set ambitious targets for carbon capture and storage deployment. Additionally, collaboration between the UK and European countries on CCS projects further solidifies the nation's role as a pivotal player in the European CCS landscape.