Dubai, UAE, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to the recent research report published by Extrapolate, the global Carbon Capture and Storage (CCS) Market size was valued at USD 1.7 billion in 2021 and it is anticipated to surpass at USD 3.27 billion in 2030, recording a CAGR of 10% from 2022 to 2030 due to rising industrialization and investment in manufacturing sectors, as well as supportive government policies and regulations.
The carbon capture and storage market holds the potential for reducing carbon dioxide (CO2) emissions from industrial power plants. Extrapolate researchers estimate that adequate investments could cut emissions by 50% by 2050. The global CCS market is expected to grow significantly
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North America is poised to lead the CCS market due to increasing investment in R&D activities and the presence of high-capacity CO2 capture and sequestration plants in the region. For instance, the US Department of Energy has pledged $12 million to six R&D projects focused on direct air capture (DAC) technologies. Our study indicates that failing to adopt CCS technologies could increase the cost of reducing CO2 emissions by 140% in the years to come.
Competitive Landscape of the Global Carbon Capture and Storage Industry
The global carbon capture and storage market is highly fragmented, with the presence of prominent players such as Shell, Fluor, Exxon Mobil Corporation, Carbon Engineering Ltd, Abu Dhabi National Oil Company, and Equinor ASA. Many businesses have expressed interest in signing cooperative agreements, highlighting the competitive environment. In order to enhance its presence at all stages of operations, Chevron is concentrating more on creating new CCS stations and developing connections with other important market players.
- Fluor (U.S.)
- Exxon Mobil Corporation. (U.S.)
- Carbon Engineering Ltd. (Canada)
- Abu Dhabi National Oil Company (UAE)
- Equinor ASA (Norway)
- China National Petroleum Corporation (China)
- Dakota Gasification Company (U.S.)
- Shell (Netherlands)
- BP p.l.c. (U.K.)
- Chevron Corporation. (U.S.)
- Linde plc (Ireland)
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SEGMENTATION
On the Basis of Capture Source: This report displays the sales volume, revenue (Billion USD), product price, market share and growth rate of each type, primarily split into:
- Chemicals
- Natural Gas Processing
- Power Generation
- Fertilizers Production
- Others
Natural Gas Processing is Dominating the Market with a 2.7% Increase Annually
The natural gas processing segment of the carbon capture and storage market has experienced rapid growth in recent years. This substantial growth is attributable to the increasing number of new processing facilities that will likely be set up as a result of rising oil and gas production, which will help the industry thrive. Additionally, it is anticipated that rising energy demand and high-capacity manufacturing facilities will change the face of the power generation industry.
The demand for various chemicals to produce several raw materials and finished goods for a variety of sectors is expected to grow tremendously, which is likely to boost the chemicals source segment. According to the EIA, between 2012 and 2040, natural gas generation will increase by 2.7% annually, making up over 30% of all energy production by that time. The implementation of carbon capture, use, and storage in this industry will contribute to the development of a workable plan for environmental sustainability.
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On the Basis of End-Use: This report focuses on the status and outlook for major applications/end users, sales volume, market share, and growth rate of carbon capture and storage for each application, including:
- Enhanced Oil Recovery {EOR}
- Dedicated Storage & Treatment
Dedicated Storage and Treatment Segment is Expected to Grow Significantly in Europe
The dedicated storage and treatment segment of the carbon capture and storage market is poised for significant growth due to ample storage potential in onshore and offshore deep geological formations. Additionally, the presence of low-pressure aging oil and gas deposits along with growing demand for fossil fuels in various residential, commercial, and industrial sectors are expected to drive growth in the enhanced oil recovery (EOR) industry.
The popularity of the CCS market is increasing due to a growing number of financially viable CCS projects aimed at reducing CO2 emissions. For instance, Shell has announced plans to build a large CCS project in Alberta and Canada that aims to remove 300 million metric tons of CO2 from the atmosphere during its operation as a chemical plant and refinery. The iron and steel industry, which produces substantial CO2 emissions and is challenging to decarbonize, is another key application sector for the industry.
Europe is expected to become the second-largest market for CCS, driven by its growing use in various commercial applications, such as natural gas processing, ethanol production, and coal-fired power generation, among others. With 11 more commercial projects slated to begin operations before 2030, in addition to the 13 that are already in operation, the global CCS sector in Europe presents significant growth opportunities for companies.
By Region
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa
North America to Continue Dominating Global Carbon Capture and Storage Market
North America is a leading market for carbon capture and storage (CCS) due to various favorable conditions. Its well-established energy infrastructure, including ample power generation capacity from coal, gas, and renewable sources, creates numerous opportunities for CCS implementation. The region's high demand for clean energy, coupled with supportive government policies and incentives, has spurred the growth of CCS technologies.
The oil and gas industry in North America is also rapidly adopting CCS, driven by the need for cost-effective carbon management solutions and encouraged by government tax credits. The presence of major companies invested in developing and deploying CCS systems has further contributed to the market's growth in the region.
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Some of the Key Questions covered in this research report are:
- What is Carbon Capture and Storage (CCS) Market?
- What was the size of the Global Carbon Capture and Storage (CCS) Market in 2021?
- What is the projected growth of the Global Carbon Capture and Storage (CCS) Market by 2030?
- What are the potential benefits of investing in the carbon capture and storage (CCS) market?
- Which region is expected to lead the CCS market and why?
- What is the impact of not adopting CCS technologies on CO2 emission?
Table of Content:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact On Carbon Capture and Storage (CCS) Market
Chapter 5. Global Carbon Capture and Storage (CCS) Market Overview, By Capture Source, 2017 – 2030 (USD Million)
Chapter 6. Global Carbon Capture and Storage (CCS) Market Overview, By End-Use, 2017 - 2030(USD Million)
Chapter 7. Global Carbon Capture and Storage (CCS) Market Overview, By Geography, 2017 - 2030(USD Million)
Chapter 8. North America Carbon Capture and Storage (CCS) Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 9. Europe Carbon Capture and Storage (CCS) Market Overview, By Countries, 2017 - 2030(USD Million)
Chapter 10. Asia Pacific Carbon Capture and Storage (CCS) Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 11. Middle East & Africa Carbon Capture and Storage (CCS) Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 12. South America Carbon Capture and Storage (CCS) Market Overview, By Countries, 2017 - 2030 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
Chapter 17. Market Effect Factors Analysis
Chapter 18. Future Outlook of the Market
Browse Complete TOC: https://www.extrapolate.com/toc/energy-and-power/carbon-capture-and-storage-market/25774
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