Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report, By Capture Type (Pre-combustion, Industrial separation, Oxyfuel-combustion, Post-combustion); By Application; By Region, And Segment Forecasts, 2023-2032

Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report, By Capture Type (Pre-combustion, Industrial separation, Oxyfuel-combustion, Post-combustion); By Application; By Region, And Segment Forecasts, 2023-2032

The global carbon capture and storage market size is expected to reach USD 23,299.8 million by 2032, according to a new study by Polaris Market Research. The report “Carbon Capture and Storage Market Share, Size, Trends, Industry Analysis Report, By Capture Type (Pre-combustion, Industrial separation, Oxyfuel-combustion, Post-combustion); By Application; By Region, And Segment Forecasts, 2023-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The market is expected to experience growth over the forecast period, driven by increasing government regulations on greenhouse gas (GHG) emissions and a growing awareness of climate change issues among industries emitting CO2. This regulatory environment encourages companies to adopt measures that mitigate their carbon footprint and reduce emissions. Furthermore, there is a rising emphasis on using sustainable resources such as wind and water to generate energy. This shift towards renewable energy sources helps reduce reliance on fossil fuels and contributes to a more sustainable and environmentally friendly energy sector.

North America is anticipated to dominate the market share in the forecast period, driven by growing energy demand and government efforts to reduce CO2 emissions. The region's focus on technology storage development and the presence of major industry players will further contribute to this trend. Additionally, developed economies in North America are expected to drive the demand for storage products in the coming years.

These companies are actively investing in research and development and implementing strategies to strengthen their presence in the industry. For example, in November 2020, Baker Hughes announced its acquisition of Compact Carbon Capture, a prominent technology design company specializing in CO2 capture technologies. Baker Hughes aims to contribute to global decarbonization efforts by providing innovative solutions for reducing CO2 emissions in CO2-intensive sectors like oil and gas.

Carbon capture and storage (CCS) technology is crucial in mitigating global climate change by reducing carbon emissions. This technology captures CO2 emissions from electricity generation or industrial processes such as iron or concrete production. The captured CO2 is then transported and stored, preventing its release into the atmosphere.

The COVID-19 pandemic had a limited impact on the market's growth. It caused global lockdowns and trade restrictions due to temporary halts and delays in industrial activities and carbon capture and storage projects. However, as regulations and trade restrictions are gradually eased, the carbon capture and storage market is expected to experience significant growth over the forecast period.

Carbon Capture and Storage Market Report Highlights

The pre-combustion segment held the largest market share over the forecast period, which involves capturing CO2 before the combustion process occurs, utilizing methods such as the water gas shift reaction and Acid Gas Removal (AGR) process. Its efficiency, coupled with the growing demand for CO2 reduction, has contributed to its significant market share and continued growth prospects.

The enhanced oil recovery (EOR) segment held the fastest-growing market share in the carbon capture and storage (CCS) market in 2022. This process not only helps extract additional oil but also serves to store CO2 underground. As a result, the EOR segment aligns with oil production goals and carbon capture and storage objectives, making it an attractive option for industry players.

North America dominated the carbon capture and storage (CCS) market 2022. North America has witnessed the establishment of several large-scale carbon capture and storage projects, both in the industrial and power sectors. These projects demonstrate the technology's viability and contribute to market growth.

Asia Pacific is expected to experience significant growth in the carbon capture and storage (CCS) market due to rising energy consumption and industrial activities, government initiatives and policies, and growing investment in research and development.

Polaris Market Research has segmented carbon capture and storage market report based on capture type, application, and region:

Carbon Capture and Storage, Capture Type Outlook (Revenue - USD Million, 2019-2032)

Pre-combustion

Industrial separation

Oxyfuel-combustion

Post-combustion

Carbon Capture and Storage, Application Outlook (Revenue - USD Million, 2019-2032)

Enhanced Oil Recovery

Industrial

Agriculture

Others

Carbon Capture and Storage, Regional Outlook (Revenue - USD Million, 2019-2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa