Carbon Capture and Storage Market Projected to Grow at a CAGR of 12.30%, To Reach USD 14.08 Billion by 2030 – Report by Market Research Future (MRFR)

Carbon Capture and Storage Market Growth Boost by Rising Technology, Demands, Applicayions Scope and Industry Trends

New York, US, May 26, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Carbon Capture and Storage Market Information by Capture Technology, Service, Utilization Technology, End-User, and Region - Forecast till 2030”, Carbon Capture and Storage Market could thrive at a rate of 12.30% between 2022 and 2030. The market size will be reaching around USD 14.08 Billion by the end of the year 2030

Carbon Capture and Storage Market Overview

Carbon capture and storage (CCS) is a process that captures carbon dioxide (CO2) emissions from industrial processes, such as power generation and manufacturing, and stores them underground or uses them for other purposes. The goal of CCS is to reduce greenhouse gas emissions and combat climate change. CCS is a complex technology that involves capturing CO2 emissions from industrial processes, transporting them via pipelines or ships, and storing them underground in geological formations. The technology has been in development for several decades, but its adoption has been slow due to high costs and technological challenges.

CCS Market Competitive Landscape:

The affluent 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
  • Among others.

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August 2022

Shell PLC acquired Sprang Energy Group, a renewable energy firm aiming to reduce carbon emissions, increase its carbon capture and storage capabilities and expand its market share.

June 2021

ExxonMobil Corporation and Shell partnered with the Guangdong Provincial Development and Reform Commission to assess the feasibility of a carbon capture and storage project in Huizhou, China's Dayawan petrochemical industrial park. The project aims to reduce carbon emissions and promote sustainable development.

Carbon Capture and Storage Market USP Covered:

Market Drivers:

One driver for the growth of the CCS market is the increasing global focus on reducing greenhouse gas emissions and combating climate change. Governments and corporations around the world are setting ambitious targets for reducing carbon emissions, and CCS is seen as a key technology to achieve these goals. In addition, the growing demand for energy and the increasing use of fossil fuels in developing countries has led to an increased interest in CCS as a way to reduce carbon emissions from these sources.

Report Scope:

Report Metrics Details
Market Size 2030 2030: USD 14.08 Billion
CAGR during 2022-2030 12.30% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Capture Technology, Service, Utilization Technology, End-User, and Region
Key Market Opportunities Reduction of consumption of coal in emerging countries Technological advancements
Key Market Dynamics Renewable energy production Extensive implementation of ccs technology

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Market Restraints:

One significant restraint for the CCS market is the high cost of implementing the technology. The process of capturing and storing CO2 emissions is expensive and requires significant investment in infrastructure. The cost of CCS can vary depending on the specific technology used, the location of the project, and other factors. This high cost has limited the adoption of CCS, particularly in developing countries where there may be less funding available for such projects. Additionally, the long-term liability and risks associated with underground storage of CO2 are not yet fully understood, which has created uncertainty and limited the willingness of some investors to finance CCS projects.

Carbon Capture and Storage Market Segmentation

By Capture Technology

The capture technology in the market includes Pre Combustion Capture, Oxy-Fuel Combustion Capture, and Post-Combustion Capture.

By Service

By service, the segment includes Capture, Transportation, Storage, Utilization

By Utilization Technology

By utilization technology, the segment includes Uptake, Catalytic conversion, Mineralization

By End-User

By end-user, the segment includes Natural Gas, Power Generation, Hydrogen, Fertilizers, Oil Refining, Others

Carbon Capture and Storage Market COVID 19 Analysis

The COVID-19 pandemic has affected the Carbon Capture and Storage (CCS) market in several ways. On one hand, the pandemic has hurt the market, as it has led to a decline in demand for fossil fuels and a decrease in industrial activities, which are key drivers for the CCS market. On the other hand, the pandemic has also highlighted the importance of reducing greenhouse gas emissions and accelerating the transition to a low-carbon economy, which has increased the focus on technologies such as CCS.

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The decline in demand for fossil fuels due to the COVID-19 pandemic has led to a decrease in carbon dioxide (CO2) emissions, which could reduce the urgency for implementing CCS. Additionally, the economic slowdown caused by the pandemic has led to delays and cancellations of CCS projects, as companies face financial difficulties and uncertainties about future demand. Moreover, the disruption to supply chains and limitations on travel have impacted the construction and operation of CCS facilities.

Carbon Capture and Storage Market Regional Insights

The North American Carbon Capture and Storage (CCS) market is driven by a combination of government incentives, private investments, and public-private partnerships. The US government has implemented various regulations, incentives, and funding programs to promote CCS technology adoption. Additionally, Canada has also been implementing regulatory frameworks to support the growth of the CCS industry. Further, the European CCS market is driven by the EU's commitment to reduce greenhouse gas emissions and achieve carbon neutrality by 2050. The EU has implemented various initiatives and funding programs, including the European Green Deal, to accelerate the deployment of CCS technology. Additionally, the CCS industry in Europe is also supported by government policies and public-private partnerships.

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Additionally, the Asia Pacific CCS market is primarily driven by the growing demand for energy, coupled with the need to reduce carbon emissions. Countries such as China, Japan, South Korea, and Australia have implemented various policies and initiatives to promote the adoption of CCS technology. For instance, China has launched the National Carbon Emission Trading System, which is expected to drive the adoption of CCS technology in the country.

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