Burlingame, July 31, 2023 (GLOBE NEWSWIRE) -- Growing need to reduce carbon emmissions from environment is driving growth of the carbon capture and storage market. Rapid industrialization around the globe, rising concern about the global warming, and strict government regulations for emission reduction are some of the key factors driving growth of carbon capture and storage market. These technologies are widely used in oil and gas, coal, and power generation plants to reduce greenhouse gas (GHG) emissions. According to Coherent Market Insights, global Carbon Capture and storage market is estimated to be valued at $1.76 million in 2022 and is expected to exhibit a CAGR of 10.6% during the forecast period (2022-2030).
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Key Trends and Analysis of the Global Carbon Capture and storage Market:
Growing investments in carbon capture and storage projects by governments is a major trend observed in the market. For instance, in March 2020, Australian independent Santos announced that it had entered a non-binding agreement with BP which could see the latter invest in the Moomba CCS project. The project will capture the roughly 1.7 million tonnes of carbon dioxide currently separated from gas at Santos’ Moomba plant and safely and permanently re-inject it into geological formations in the Cooper basin.
Global Carbon Capture and storage Market - Drivers
Growing oil and gas industry driving carbon capture and storage market growth
According to the India Brand Equity Foundation, India’s crude oil production in FY22 stood at 29.7 MMT. As of September 2021, India’s oil refining capacity stood at 248.9 MMTPA, making it the second-largest refiner in Asia. Private companies owned about 35% of the total refining capacity. India is expected to be one of the largest contributors to non-OECD petroleum consumption growth globally. India’s consumption of petrol products stood at 183.32 MMT in April-January, 2023. Increasing oil and gas industry will create more demand for carbon capture and storage, thereby fuelling market growth.
Carbon Capture and Storage Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2022: | US$ 1.76 Bn | |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 10.6% | 2030 Value Projection: | US$ 4.3 Bn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Exxon Mobil, Air Liquide, Aker Solutions, Baker Hughes, Fluor Corporation, General Electric and Halliburton | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Rapid industrialization around the globe to foster market growth
The carbon capture and storage market is expected to exhibit stupendous growth during the forecast period. This is attributed to the robust growth of manufacturing industries and rising air pollution levels in countries such as India and China. The adoption of carbon capture and storage systems in various manufacturing facilities will favor the carbon capture and storage market growth .
Global Carbon Capture and storage Market – Restrain
High cost required for CCS technologies to hamper the market growth
One of the major reason affecting the CCS market growth is high cost of installation. Due to its high cost various manufacturer refrain to use this technology, thereby limiting its adoption.
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Global Carbon Capture and storage Market – Opportunities
Growing demand for lowering carbon emission levels in end-use industries across all regions are expected to provide significant market growth opportunities. Moreover, strict government regulations in place to combat climate change are also boosting the demand for CCS technologies. Additionally, various countries are introducing initiatives to cut the level of carbon emission from their respective energy sectors by 20% or more which will further provide additional market growth opportunities.
Global Carbon Capture and storage Market - Key Developments
In June 2023, Technip Energies introduces Canopy by T.EN™ , an integrated suite of flexible and modular post-combustion carbon capture solutions, powered by Shell CANSOLV ® CO2 Capture System
In March 2023, ABB and Pace CCS join forces to deliver a solution that reduces the cost of integrating carbon capture and storage (CCS) into new and existing industrial operations
Key Market Takeaways:
Global carbon capture and storage market is expected to exhibit a CAGR of 10.6% during the forecast period, owing to growing industrialization and substantial expansion of manufacturing facilities around the globe.
On the basis of Technology, Post-combustion segment is expected to hold a dominant position, owing to the growing demand from power generation and other industrial processes.
On the basis of End User Industries, Oil and Gas segment is expected to hold a dominant position, owing to its high initial adoption rate. It is a cost-effective way to minimize CO2 emissions from coal and gas power plants.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period, due to increasing industrialization, growing air pollution levels, and favorable government support. Moreover, the region is home to various industrial sectors that generate substantial amounts of CO2 emissions.
Competitive Landscape:
Key players operating in the global carbon capture and storage market include Honeywell International Inc., Aker Solutions, Dakota Gasification Company, Exxon Mobil Corporation, Baker Hughes, Air Liquide, Exxon Mobil, Air Liquide, Aker Solutions, Baker Hughes, Fluor Corporation, General Electric and Halliburton
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Detailed Segmentation:
- Global Carbon Capture and storage Market, By Technology:
- Pre-combustion Capture
- Oxy-fuel Combustion Capture
- Post-combustion Capture
- Global Carbon Capture and storage Market, By End User Industry:
- Oil and Gas
- Coal and Biomass Power Plant Iron and Steel
- Chemical
- Other End-user Industries
- Global Carbon Capture and storage Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC Countries
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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