According to the research report, the global carbon capture and storage market was valued at USD 7388.85 million in 2023 and is expected to reach USD 23,299.8 million by 2032, to grow at a CAGR of 11.5% during the forecast period.
Market Overview:
The carbon capture and storage (CCS) market has emerged as a pivotal solution in the fight against climate change. CCS technologies are designed to capture carbon dioxide (CO₂) emissions from industrial processes and power generation, preventing them from entering the atmosphere. The captured CO₂ is then transported and stored securely in geological formations, such as depleted oil and gas reservoirs or deep saline aquifers.
CCS is gaining prominence as a critical component of global decarbonization strategies, enabling industries to meet stringent emissions reduction targets while continuing operations. Its applications span various sectors, including energy, manufacturing, and chemicals, making it a versatile solution for reducing greenhouse gas emissions.
Market’s Growth Drivers:
- Stringent Climate Regulations and Net-Zero Goals
Governments and international organizations are introducing stricter climate policies and promoting net-zero targets to combat global warming. CCS technology is recognized as an essential tool for achieving these goals by addressing emissions from hard-to-abate sectors such as cement, steel, and chemicals. - Increasing Investments in Carbon Reduction Technologies
The growing focus on sustainability has led to significant investments in CCS projects from both public and private sectors. Financial incentives, tax credits, and government funding are driving the development of large-scale CCS facilities globally. - Rising Adoption in the Energy Sector
The energy sector is a major contributor to CO₂ emissions, and CCS technologies are increasingly being deployed to mitigate emissions from fossil fuel-based power plants. Additionally, CCS plays a crucial role in enabling low-carbon hydrogen production, further supporting energy transition efforts.
𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:
Competitive Insight:
- Cansolv Technologies Inc
- AkerSolutions
- Chevron Corporation
- Exxon Mobil
- Dakota Gasification Company
- General Electric
- HTC CO2 Systems Corp
- Halliburton
- Japan CCS Co. Ltd.
- Sulzer
- Maersk Oil
- Linde
- Mitsubishi Heavy Industries
- Schlumberger Limited
- NRG Energy
- Shell CANSOLV
- Statoil
- and Siemens AG
Recent Developments in the Carbon Capture and Storage (CCS) Market:
- December 2022: Petros and Posco Group Partner for CCS Development in Malaysia
Petroleum Sarawak Bhd (Petros), a state-owned Malaysian oil and gas company, partnered with South Korea’s Posco Group to jointly develop carbon capture and storage (CCS) solutions at a plant in Sarawak, Malaysia. This collaboration aims to strengthen CCS infrastructure and support decarbonization efforts in the region. - August 2022: Shell Acquires Sprang Energy Group
Shell PLC completed the acquisition of Sprang Energy Group, a renewable energy company focused on reducing carbon emissions. This strategic move enhances Shell’s CCS capabilities and expands its footprint in the renewable energy sector, aligning with its broader sustainability goals. - June 2021: ExxonMobil, Shell, and Guangdong Commission Collaborate on CCS Feasibility Study in China
ExxonMobil Corporation, Shell, and the Guangdong Provincial Development and Reform Commission joined forces to evaluate the feasibility of a CCS project in the Dayawan petrochemical industrial park in Huizhou, China. The project aims to explore the potential for capturing and storing carbon emissions in the region, contributing to environmental sustainability initiatives.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The Carbon Capture And Storage Market segmentation divides the market into several segments. The industry segmentation is primarily based on product type, application, end-use, and geographic factors. Besides, the research study covers several sub-segments of the market. An in-depth examination of each market segment and sub-segment has been provided, covering the industry size, growth prospects, industry drivers, and challenges. The detailed market segmentation helps stakeholders identify the diverse needs of different consumer groups in the market. Also, it pinpoints opportunities for targeted marketing and product development strategies.
Carbon Capture and Storage Market, Capture Type Outlook (Revenue – USD Million, 2019-2032)
- Pre-combustion
- Industrial separation
- Oxyfuel-combustion
- Post-combustion
Carbon Capture and Storage Market, Application Outlook (Revenue – USD Million, 2019-2032)
- Enhanced Oil Recovery
- Industrial
- Agriculture
- Others
The carbon capture and storage market is a cornerstone of global decarbonization strategies, providing an effective solution for reducing emissions from industrial and energy sectors. With drivers such as stringent climate policies, increasing investments, and expanded industrial applications, the CCS market is poised for significant growth. Emerging trends like carbon capture hubs, advancements in capture technologies, and integration with renewable energy underscore the market’s potential to shape a sustainable, low-carbon future.