North America Power Generation Carbon Capture and Storage Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

North America Power Generation Carbon Capture and Storage Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032

North America Power Generation Carbon Capture And Storage (CCS) Market was valued at USD 800 million in 2023 and is projected to expand at an impressive CAGR of 29% from 2024 to 2032. This rapid growth reflects a strong commitment to clean energy technologies and sustainable industry practices across the region. In recent years, regulatory bodies have implemented numerous policies aimed at meeting zero-emission targets and lowering carbon footprints, which have led to a significant increase in CCS technology deployment across various sectors.

By 2032, the North America power generation CCS market is expected to exceed USD 6.5 billion. Government initiatives aimed at reducing emissions will support the widespread implementation of CCS projects. This market is further strengthened by substantial policy backing, including the Inflation Reduction Act, the Bipartisan Infrastructure Law, and the CHIPS & Science Act, which collectively allocate over USD 12 billion for carbon management initiatives by 2030. The Inflation Reduction Act has enhanced financial incentives by increasing tax credit values, lowering carbon capture thresholds, and introducing direct payment options and tax credit transferability.

The market is segmented based on technology into pre-combustion, post-combustion, and oxy-fuel combustion methods. Among these, the post-combustion CCS segment is projected to experience significant growth, with an expected CAGR exceeding 27.5% through 2032. The rising demand for clean energy, alongside corporate sustainability efforts and a global trend toward decarbonization, is driving the adoption of post-combustion technology in power generation.

The U.S. power generation CCS market is anticipated to surpass USD 5 billion by 2032, fueled by increasing efforts to monitor and manage emissions from fossil fuel usage in the power sector. The active promotion of emission control technologies, combined with ongoing investments in research and development, will play a crucial role in shaping the industry landscape. As companies and regulators prioritize environmental responsibility, the market for carbon capture and storage solutions will likely continue its upward trajectory, making significant contributions to achieving sustainability goals in power generation.