Dublin, Sept. 02, 2024 (GLOBE NEWSWIRE) -- The "Carbon Capture & Sequestration Market by Service (Capture, Storage, Transportation), Application (Agricultural, EOR Process, Industrial) - Global Forecast 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The Carbon Capture & Sequestration Market grew from USD 10 billion in 2023 to USD 11.11 billion in 2024. It is expected to continue growing at a CAGR of 12.24%, reaching USD 22.46 billion by 2030.
Governments worldwide are implementing policies and regulations to encourage the adoption of CCS technologies. These include financial incentives, tax credits, carbon pricing mechanisms, and emissions reduction targets. Supportive government policies play a crucial role in driving the growth of the CCS market. However, the high initial investments and issues related to safety concerns can hinder market growth. Furthermore, ongoing research and development efforts are focused on improving CCS technologies, making them more efficient and cost-effective. Innovations in capture methods, storage techniques, and monitoring systems are key focus areas for technology developers, which are anticipated to create growth opportunities for the market.
The CCS market landscape in the Americas is driven by supportive government policies, increasing project investments, growing research and development efforts, and a significant growth of the oil and gas industry. As countries strive to meet emission reduction targets and address climate change, CCS is expected to play a vital role in mitigating CO2 emissions and transitioning to a low-carbon economy in the region. The EMEA region is expected to experience significant carbon capture and sequestration market growth due to the rapidly expanding environmental concerns in Germany, Italy, the United Kingdom, South Arabia, and the Netherlands.
The favorable governmental laws and regulations for pollution management and control in the EMEA region positively influence the carbon capture and sequestration market. Moreover, academic institutions, research organizations, and industry players in EMEA have been actively engaged in CCS research and development. Research efforts have focused on improving capture technologies, storage site characterization, and developing cost-effective and efficient CCS solutions.
The CCS market landscape in APAC is characterized by growing interest and investments in CCS projects, driven by the need to reduce emissions from fossil fuel-based industries and achieve climate goals. Government initiatives, pilot projects, and research collaborations contribute to the region's advancement of CCS technologies and infrastructure. As countries in APAC continue to prioritize emissions reduction and sustainable development, CCS is expected to play an increasingly important role in their decarbonization strategies.
Market Dynamics
- Market Drivers
- Increasing Concern Over the Environment
- Rise in Demand for Carbon Dioxide Enhanced Oil Recovery Techniques
- Growing Number of Government Plans to Reduce Carbon Dioxide Emission
- Market Restraints
- High Initial Investment is Required for Carbon Capture & Sequestration
- Market Opportunities
- Possibilities of Utilization of Carbon Dioxide Collected via Carbon Capture & Sequestration as an Asset
- Increasing Demand for Carbon Capture and Storage Technologies
- Market Challenges
- Growth in the Safety Concerns at Storage Sites
Recent Developments
- Sumitomo Corporation invests in Direct Air Capture technology pioneer Global Thermostat: Sumitomo Corporation has invested in Global Thermostat to develop and deploy a leading technology for directly capturing atmospheric carbon dioxide. Through this investment, the companies are planning to establish a new line of global business for carbon capture and sequestration centered around Global Thermostat's pioneering Direct Air Capture (DAC) technology.
- CGG and Paragon Collaborate on Carbon Sequestration in North America: CGG, a geoscience company, and Paragon Geophysical Services Inc., an integrated service provider, announced a joint venture for carbon capture and sequestration (CCS) in North America. This partnership is anticipated to provide additional value for the region's net-zero emission energy transition.
- Bayou Bend Expands Carbon Capture Project to Onshore Southeast Texas: Chevron Corporation's Bayou Bend carbon capture project has expanded to an onshore site in Southeast Texas. This groundbreaking project aims to develop safe, reliable, and cost-effective decarbonization solutions while promoting the region's economic growth.
Key Company Profiles
The report delves into recent significant developments in the Carbon Capture & Sequestration Market, highlighting leading vendors and their innovative profiles. These include:
- Air Products and Chemicals, Inc.
- Aker Solutions
- Baker Hughes Company
- BP
- Carbon Clean Solutions
- Carbon Engineering
- Carbon8 Systems
- CarbonFree
- Cenovus Inc.
- Climeworks
- Equinor
- Exxon Mobil
- Fluor
- General Electric
- Global Thermostat
- Halliburton Company
- Hitachi
- Honeywell International
- Kinder Morgan
- LanzaTech
- Linde
- Mitsubishi Heavy Industries
- Petroliam Nasional Berhad
- Royal Dutch Shell
- Saipem
- Sasol
- Schlumberger
- Siemens
- TotalEnergies
- Wood
The report offers valuable insights on the following aspects
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as
- What is the market size and forecast of the Carbon Capture & Sequestration Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Carbon Capture & Sequestration Market?
- What are the technology trends and regulatory frameworks in the Carbon Capture & Sequestration Market?
- What is the market share of the leading vendors in the Carbon Capture & Sequestration Market?
- Which modes and strategic moves are suitable for entering the Carbon Capture & Sequestration Market?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 187 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $11.11 Billion |
| Forecasted Market Value (USD) by 2030 | $22.46 Billion |
| Compound Annual Growth Rate | 12.2% |
| Regions Covered | Global |
Key Topics Covered:
Market Overview
- Carbon Capture & Sequestration Market, by Region
Market Dynamics
- Drivers
- Increasing Concern Over the Environment
- Rise in Demand for Carbon Dioxide Enhanced Oil Recovery Techniques
- Growing Number of Government Plans to Reduce Carbon Dioxide Emission
- Restraints
- High Initial Investment is Required for Carbon Capture & Sequestration
- Opportunities
- Possibilities of Utilization of Carbon Dioxide Collected via Carbon Capture & Sequestration as an Asset
- Increasing Demand for Carbon Capture and Storage Technologies
- Challenges
- Growth in the Safety Concerns at Storage Sites
- Market Segmentation Analysis
- Market Trend Analysis
- Cumulative Impact of High Inflation
- Porter's Five Forces Analysis
- Value Chain & Critical Path Analysis
- Regulatory Framework
Carbon Capture & Sequestration Market, by Service
- Capture
- Oxy-Fuel Combustion
- Post-Combustion Capture
- Pre-Combustion Capture
- Storage
- Transportation
Carbon Capture & Sequestration Market, by Application
- Agricultural
- EOR Process
- Industrial
Competitive Landscape
- FPNV Positioning Matrix
- Market Share Analysis, By Key Player
- Competitive Scenario Analysis, By Key Player
- Agreement, Collaboration, & Partnership
- CGG and Paragon Collaborate on Carbon Sequestration in North America
- Investment & Funding
- Sumitomo Corporation invests in Direct Air Capture technology pioneer Global Thermostat
- Trace Midstream II, Backed by Quantum Energy Partners, Formed to Pursue Carbon Capture and Sequestration Opportunities in North America
- Award, Recognition, & Expansion
- Bayou Bend Expands Carbon Capture Project to Onshore Southeast Texas
Competitive Portfolio
For more information about this report visit https://www.researchandmarkets.com/r/mg2irq
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