Carbon Capture Storage Market Analysis

Global Carbon Capture and Storage Market Overview:

Carbon Capture and Storage Market size was valued at USD 6.24 Billion in 2023. The Carbon Capture and Storage market is projected to grow from USD 7.01 Billion in 2024 to USD 17.74 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.93% during the forecast period (2024 - 2032). The increase in the demand for the growth of the Carbon Capture and Storage Market is because of the factors that increase R&D spending across the world. 

The process which is referred to as the Carbon Capture and Storage Market is the capturing of the carbon dioxide emissions from the products like coal-fired power plants and either reusing or storing the emitted carbon dioxide gas to safeguard the atmosphere to avoid pollution. 

Electric power generation is the largest and dominating source of the emission of carbon dioxide. The main beneficiary activities that cause the demand for the growth of the Carbon Capture and Storage Market is the increase in awareness of greenhouse gas emission and also that saves the environment from pollution.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

However, Carbon capture utilization (CCU) is a process that captures carbon dioxide (CO2) emissions from industrial processes and utilizes them to create new products or energy sources. The goal of CCU is to reduce the amount of CO2 that is released into the atmosphere and to find productive ways to use this greenhouse gas. CCU technologies are still in the early stages of development and face several challenges, including high costs, technical limitations, and the need for supportive policies and regulations. Despite these challenges, CCU has the potential to play a significant role in mitigating climate change and transitioning to a low-carbon economy.

Carbon Capture Utilization and Storage Market Trends

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  Demand for natural gas will rise as environmental awareness develops to boost the market growth

  
  

The need for carbon capture, and storage is also increasing as a result of strict environmental standards and laws. Gasoline, diesel, petroleum products, and natural gas are the most significant energy fuel sources now in use. These fuels are dangerous to the environment and their exploration and production are detrimental. However, because it lowers carbon emissions, slows global warming, and minimizes GH emissions, natural gas is regarded as the alternative fuel for sustainable development. 

The US government has implemented many laws and regulations to reduce the dangers related to the use of gasoline and diesel as fuel and to encourage the use of natural gas. The benefits of adopting carbon capture, and storage, which would result in decreased carbon emissions, are being considered by nations with significant natural gas deposits.

Carbon Capture and Storage Market Segment Insights:

Carbon Capture and Storage Capture Technology Insights

The  Carbon Capture and Storage market segmentation, based on Capture Technology, includes Pre combustion capture, Oxy-fuel combustion capture, and Post-combustion capture. The Post-combustion capture segment held the majority share in 2021, contributing to the  Carbon Capture and Storage revenue. Post-combustion capture is the process of removing CO2 from flue gas produced by burning coal, natural gas, or oil in the presence of air. to see a rise in the number of coal-fired power plants, which will ultimately accelerate the deployment of post-combustion carbon capture technologies.

Carbon Capture and Storage Service Insights

Based on Service, the  Carbon Capture and Storage market segmentation includes Capture, Transportation, Storage, and Utilization. The Capture segment dominated the market in 2021. The first step in the CCS process, carbon capture, involves taking CO2 away from the source of its emissions. 

Any large-scale emission process, including coal-fired power stations, the production of gas and oil, and manufacturing sectors like cement, iron, and steel, can use it. The design and operation of the manufacturing process, as well as the design and application of the CO2 capture technology, have a significant impact on the technical, economic, and financial costs of CO2 capture.

Carbon Capture and Storage Utilization Technology Insights

Based on Utilization Technology, the  Carbon Capture and Storage market segmentation includes Uptake, Catalytic conversion, and Mineralization. The Catalytic conversion segment dominated the market in 2021. Factors such as the release of stringent emission norms and the increasing demand for natural gas in the power generation sector are a few major factors driving the market for the Catalytic segment.

Carbon Capture and Storage End-User Insights

Based on Service, the  Carbon Capture and Storage market segmentation includes Natural gas, Power generation, Hydrogen, Fertilizers, Oil refining, and Others. The Oil refining segment is projected to be the faster-growing segment during the forecast period, 2022-2030. 

The oil does not dissolve the carbon dioxide. Here, the carbon dioxide injection increases reservoir pressure, assisting in the movement of the oil toward the production well. For more than three decades, enhanced oil recovery (EOR) projects in Texas (U.S.) have employed carbon dioxide.

Figure 2: Carbon Capture and Storage Market, by End-User, 2024 & 2032 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Carbon Capture and Storage (CCS) Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The main region focuses on the growth of the Carbon Capture and Storage Market in North America. This region holds the dominating share which leads to the growth of the revenue because of its importance for the growth of the CCS market. The highest growing region in North America in the recent day. 

The market for carbon capture and storage (CCS) is predicted to expand at a modest rate in the nation as shale gas methods advance and the new government shows less interest in carbon capturing. This will increase North America's market share in the market.

Figure 3: Carbon Capture and Storage Market Share By Region 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

The Asia Pacific region will increase throughout the projection period, owing to projects in the early stages of development. Other areas' growth, such as Europe, the Middle East, Africa, and Latin America, are predicted to improve throughout the projection period. These regions are projected to expand in the future.

Carbon Capture and Storage (CCS) Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Carbon Capture and Storage market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Carbon Capture and Storage industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the  Carbon Capture and Storage industry to benefit customers and expand the market sector. The Carbon Capture and Storage market has recently given medicine some of the most important advantages. Major carbon capture and storage market players, including Linde, Royal Dutch, Shell, Mitsubishi heavy industries limited, JGC holdings corporation, and others, are attempting to increase market demand by funding R&D initiatives.

The 1879-founded company Linde offers technical services as well as industrial gases. It provides gas processing services for industries including healthcare, electronics, manufacturing, and clean fuels. The firm provides services to a wide range of end markets, including mining, food and beverage, electronics, healthcare, chemicals and energy, and manufacturing.

Royal Dutch Shell is an oil and petrochemical conglomerate. Upstream, Integrated Gas and Renewables and Energy Solutions, and Downstream are the divisions of its activities. The Upstream section is in charge of crude oil, natural gas, and natural gas liquids exploration and exploitation. It also markets, transports, and operates the necessary delivery infrastructure for oil and gas. 

The Integrated Gas and Renewables and Energy Solutions branch liquefies natural gas and converts it to liquids for safe storage and transportation. The downstream segment is concerned with the transformation of crude oil into a variety of refined products for residential, industrial, and transportation use. Furthermore, its Projects and Technology group is in charge of providing new development projects as well as research and development.

List of the Key Companies in the Carbon Capture and Storage market include

• Fluror corporation


• Exxon Mobil Corporation


• Linde Plc


• Royal Dutch


• shell Plc


• Mitsubishi heavy industries limited


• JGC holdings corporation


• Schlumberger limited


• Aker solutions


• Honeywell International Inc


• Equinor ASA


• Total energies

Carbon Capture and Storage Industry Developments

August 2022: Shell PLC acquired Sprang Energy Group, a renewable energy firm striving to reduce carbon emissions. This transaction is intended to increase Shell PLC's carbon capture and storage potential while also increasing its market share.

June 2021: ExxonMobil Corporation, Shell, and the Guangdong Provincial Development and Reform Commission will collaborate to assess the feasibility of a carbon capture and storage project at the Dayawan petrochemical industrial park in Huizhou, China.

November 2021: ExxonMobil Corporation and Petronas signed a memorandum of understanding to jointly research possible carbon capture and storage projects in Malaysia.

Carbon Capture and Storage Market Segmentation

Carbon Sequestration Technology Outlook

• Pre combustion capture


• Oxy-fuel combustion capture


• Post-combustion capture

Carbon capture technology Service Outlook

• Capture


• Transportation


• Storage


• Utilization

Carbon Capture and Storage Utilization Technology Outlook

• Uptake


• Catalytic conversion


• Mineralization

Carbon Capture and Storage (CCS) End-User Outlook

• Natural gas


• Power generation


• Hydrogen


• Fertilizers


• Oil refining


• Others

Carbon Capture and Storage (CCS) Regional Outlook

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  North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America