The carbon capture and sequestration market is anticipated to be valued at US$ 4.2 billion in 2024. The carbon capture and sequestration is predicted to rise at a staggering CAGR of 20.1% from 2024 to 2034. The global market is anticipated to reach US$ 26.1 billion by 2034.
| Attributes | Key Insights |
|---|---|
| Estimated Market Size in 2024 | US$ 4.2 billion |
| Projected Market Value in 2034 | US$ 26.1 billion |
| Value-based CAGR from 2024 to 2034 | 20.1% |
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From 2019 to 2023, the carbon capture and sequestration (CSS) market experienced a remarkable CAGR of 24.2%. This substantial growth can be attributed to several factors, including increasing awareness of climate change, stringent environmental regulations, and growing investments in low-carbon technologies.
Governments and industries worldwide have been increasingly focused on reducing greenhouse gas emissions, driving the adoption of CCS solutions as a key mitigation strategy. Advancements in CCS technologies, supportive government policies, and financial incentives have further propelled market growth during this period.
Looking ahead to the forecasted period of 2024 to 2034, the CCS market is anticipated to grow at a robust CAGR of 20.1%. Despite the slightly moderated growth rate compared to the historical period, this forecasted growth indicates sustained momentum in adopting CCS technologies.
Factors such as continued regulatory support, advancements in capture and storage technologies, and increasing investments in carbon mitigation efforts are expected to drive market expansion during the forecast period. Furthermore, as the global focus on combating climate change intensifies, the demand for CCS solutions is likely to remain strong, positioning the market for continued growth in the coming years.
| Historical CAGR from 2019 to 2023 | 24.2% |
|---|---|
| Forecast CAGR from 2024 to 2034 | 20.1% |
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The provided table highlights the top five countries in terms of revenue, with South Korea leading the list.
South Korea has invested substantially in developing advanced CCS technologies, driven by its commitment to combating climate change and reducing greenhouse gas emissions.
The robust technological capabilities, government support, and collaboration with leading industry players have enabled South Korea to develop cutting-edge CCS solutions and establish itself as a global leader in carbon capture initiatives.
| Countries | Forecast CAGRs from 2024 to 2034 |
|---|---|
| The United States | 20.4% |
| China | 21% |
| Japan | 21.4% |
| South Korea | 22.6% |
| The United Kingdom | 21.8% |
The carbon capture and sequestration (CCS) market growth in the United States is primarily utilized across various sectors, including power generation, oil and gas, and industrial manufacturing. CCS technologies are deployed in coal-fired power plants and natural gas facilities to capture carbon dioxide emissions, reducing their environmental impact.
CCS is used in industrial processes such as cement production and steel manufacturing to mitigate greenhouse gas emissions. The United States also invests in CCS projects for enhanced oil recovery (EOR) and carbon utilization initiatives, contributing to the growth of the market.
The CCS market in China is predominantly utilized in the power generation and industrial sectors, where coal-fired power plants and heavy industries account for significant carbon emissions. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants and industrial facilities, helping China reduce its carbon footprint and meet emission reduction targets.
China invests in CCS projects for carbon utilization applications such as enhanced oil recovery (EOR) and chemical manufacturing, contributing to the expansion of the CCS market.
In Japan, the CCS market is primarily used in the power generation and industrial sectors. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants, natural gas facilities, and industrial processes.
Committing to reducing greenhouse gas emissions and transitioning to a low-carbon economy drives investment in CCS projects and research initiatives. Japan explores CCS applications for carbon utilization, including EOR and chemical synthesis, further enhancing the utilization of CCS technologies in the country.
The CCS market is majorly utilized in the power generation, industrial, and transportation sectors. CCS technologies are deployed in coal-fired power plants, steel manufacturing facilities, and petrochemical industries to capture CO2 emissions and reduce environmental impact.
The strong focus on technological innovation and sustainability drives investment in CCS projects and research initiatives. South Korea explores CCS applications for carbon utilization in EOR and chemical synthesis, contributing to the growth of the CCS market in the country.
In the United Kingdom, the CCS market is predominantly utilized in the power generation and industrial sectors. CCS technologies are deployed to capture CO2 emissions from coal-fired power plants, natural gas facilities, and industrial processes.
Committing to decarbonization and achieving net-zero emissions targets drives investment in CCS projects and research initiatives. The United Kingdom explores CCS applications for carbon utilization in EOR, hydrogen production, and chemical synthesis, further enhancing the utilization of CCS technologies in the country.
The below section shows the leading segment. On the basis of end-use, enhanced oil recovery is anticipated to expand at 19.8% CAGR by 2034. Based on the capture source, the chemicals segment is projected to expand at 19.5% CAGR by 2034.
With conventional oil reserves depleting and global energy demand rising, there is a growing emphasis on maximizing the recovery of remaining oil reserves. Chemical manufacturing processes are significant sources of CO2 emissions, making the industry a prime target for CCS implementation.
| Category | CAGR from 2024 to 2034 |
|---|---|
| Enhanced Oil Recovery | 19.8% |
| Chemicals | 19.5% |
Enhanced oil recovery (EOR) is a leading carbon capture and sequestration (CCS) market segment. EOR involves injecting the carbon dioxide captured into oil reservoirs to increase oil production and extend the life of mature oil fields.
The anticipated expansion at a CAGR of 19.8% by 2034 reflects the growing adoption of CCS technologies for EOR applications globally. The growth in this segment is driven by factors such as the increasing demand for oil, the need for cost-effective production methods, and government incentives supporting CCS-EOR projects.
Within the capture source segment of the CCS market, the chemicals industry emerges as a leading segment. Chemical plants and refineries are significant sources of CO2 emissions, making them prime candidates for CCS implementation.
The projected expansion at a CAGR of 19.5% by 2034 underscores the growing demand for CCS solutions in the chemicals sector to reduce carbon emissions and comply with regulatory requirements.
The growth is fueled by stringent environmental regulations, corporate sustainability initiatives, and technological advancements in carbon capture technologies tailored for chemical processes.
The competitive landscape of the carbon capture and sequestration (CCS) market dynamics is characterized by key players such as ExxonMobil, Shell, and Chevron, alongside emerging companies like Carbon Engineering and Climeworks.
The industry leaders leverage extensive Research and Development investments, strategic partnerships, and technological expertise to drive innovation and market expansion.
Regional players and startups contribute to market competitiveness, offering niche solutions and driving price competition. Collaboration between governments, industries, and research institutions further intensifies competition, fostering innovation and market growth.
Key Industry Developments
| Attributes | Details |
|---|---|
| Estimated Market Size in 2024 | US$ 4.2 billion |
| Projected Market Valuation in 2034 | US$ 26.1 billion |
| Value-based CAGR 2024 to 2034 | 20.1% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in US$ billion |
| Key Regions Covered |
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| Key Market Segments Covered |
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| Key Countries Profiled |
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| Key Companies Profiled |
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As of 2024, the market for global carbon capture and sequestration is expected to be valued at US$ 4.2 billion.
By 2034, the market value of global carbon capture and sequestration is expected to reach US$ 26.1 billion.
From 2024 to 2034, the global carbon capture and sequestration market is expected to flourish at a CAGR of 20.1%
The chemical segment is anticipated to register at a CAGR of 19.5% by 2034.
South Korea is likely the top-performing market, with a CAGR of 22.6%.
1. Executive Summary 1.1. Global Market Outlook 1.2. Demand-side Trends 1.3. Supply-side Trends 1.4. Technology Roadmap Analysis 1.5. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Background 3.1. Market Dynamics 3.1.1. Drivers 3.1.2. Restraints 3.1.3. Opportunity 3.1.4. Trends 3.2. Scenario Forecast 3.2.1. Demand in Optimistic Scenario 3.2.2. Demand in Likely Scenario 3.2.3. Demand in Conservative Scenario 3.3. Opportunity Map Analysis 3.4. Investment Feasibility Matrix 3.5. PESTLE and Porter’s Analysis 3.6. Regulatory Landscape 3.6.1. By Key Regions 3.6.2. By Key Countries 3.7. Regional Parent Market Outlook 4. Global Market Analysis 2019 to 2023 and Forecast, 2024 to 2034 4.1. Historical Market Size Value (US$ Million) Analysis, 2019 to 2023 4.2. Current and Future Market Size Value (US$ Million) Projections, 2024 to 2034 4.2.1. Y-o-Y Growth Trend Analysis 4.2.2. Absolute $ Opportunity Analysis 5. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Capture Source 5.1. Introduction / Key Findings 5.2. Historical Market Size Value (US$ Million) Analysis By Capture Source, 2019 to 2023 5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Capture Source, 2024 to 2034 5.3.1. Chemicals 5.3.2. Natural Gas Processing 5.3.3. Power Generation 5.3.4. Fertilizers Production 5.3.5. Others 5.4. Y-o-Y Growth Trend Analysis By Capture Source, 2019 to 2023 5.5. Absolute $ Opportunity Analysis By Capture Source, 2024 to 2034 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-Use 6.1. Introduction / Key Findings 6.2. Historical Market Size Value (US$ Million) Analysis By End-Use, 2019 to 2023 6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End-Use, 2024 to 2034 6.3.1. Enhanced Oil Recovery (EOR) 6.3.2. Dedicated Storage & Treatment 6.4. Y-o-Y Growth Trend Analysis By End-Use, 2019 to 2023 6.5. Absolute $ Opportunity Analysis By End-Use, 2024 to 2034 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 7.1. Introduction 7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2019 to 2023 7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2024 to 2034 7.3.1. North America 7.3.2. Latin America 7.3.3. Western Europe 7.3.4. Eastern Europe 7.3.5. South Asia and Pacific 7.3.6. East Asia 7.3.7. Middle East and Africa 7.4. Market Attractiveness Analysis By Region 8. North America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 8.2.1. By Country 8.2.1.1. USA 8.2.1.2. Canada 8.2.2. By Capture Source 8.2.3. By End-Use 8.3. Market Attractiveness Analysis 8.3.1. By Country 8.3.2. By Capture Source 8.3.3. By End-Use 8.4. Key Takeaways 9. Latin America Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 9.2.1. By Country 9.2.1.1. Brazil 9.2.1.2. Mexico 9.2.1.3. Rest of Latin America 9.2.2. By Capture Source 9.2.3. By End-Use 9.3. Market Attractiveness Analysis 9.3.1. By Country 9.3.2. By Capture Source 9.3.3. By End-Use 9.4. Key Takeaways 10. Western Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 10.2.1. By Country 10.2.1.1. Germany 10.2.1.2. UK 10.2.1.3. France 10.2.1.4. Spain 10.2.1.5. Italy 10.2.1.6. Rest of Western Europe 10.2.2. By Capture Source 10.2.3. By End-Use 10.3. Market Attractiveness Analysis 10.3.1. By Country 10.3.2. By Capture Source 10.3.3. By End-Use 10.4. Key Takeaways 11. Eastern Europe Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 11.2.1. By Country 11.2.1.1. Poland 11.2.1.2. Russia 11.2.1.3. Czech Republic 11.2.1.4. Romania 11.2.1.5. Rest of Eastern Europe 11.2.2. By Capture Source 11.2.3. By End-Use 11.3. Market Attractiveness Analysis 11.3.1. By Country 11.3.2. By Capture Source 11.3.3. By End-Use 11.4. Key Takeaways 12. South Asia and Pacific Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 12.2.1. By Country 12.2.1.1. India 12.2.1.2. Bangladesh 12.2.1.3. Australia 12.2.1.4. New Zealand 12.2.1.5. Rest of South Asia and Pacific 12.2.2. By Capture Source 12.2.3. By End-Use 12.3. Market Attractiveness Analysis 12.3.1. By Country 12.3.2. By Capture Source 12.3.3. By End-Use 12.4. Key Takeaways 13. East Asia Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 13.2.1. By Country 13.2.1.1. China 13.2.1.2. Japan 13.2.1.3. South Korea 13.2.2. By Capture Source 13.2.3. By End-Use 13.3. Market Attractiveness Analysis 13.3.1. By Country 13.3.2. By Capture Source 13.3.3. By End-Use 13.4. Key Takeaways 14. Middle East and Africa Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country 14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2019 to 2023 14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2024 to 2034 14.2.1. By Country 14.2.1.1. GCC Countries 14.2.1.2. South Africa 14.2.1.3. Israel 14.2.1.4. Rest of MEA 14.2.2. By Capture Source 14.2.3. By End-Use 14.3. Market Attractiveness Analysis 14.3.1. By Country 14.3.2. By Capture Source 14.3.3. By End-Use 14.4. Key Takeaways 15. Key Countries Market Analysis 15.1. USA 15.1.1. Pricing Analysis 15.1.2. Market Share Analysis, 2023 15.1.2.1. By Capture Source 15.1.2.2. By End-Use 15.2. Canada 15.2.1. Pricing Analysis 15.2.2. Market Share Analysis, 2023 15.2.2.1. By Capture Source 15.2.2.2. By End-Use 15.3. Brazil 15.3.1. Pricing Analysis 15.3.2. Market Share Analysis, 2023 15.3.2.1. By Capture Source 15.3.2.2. By End-Use 15.4. Mexico 15.4.1. Pricing Analysis 15.4.2. Market Share Analysis, 2023 15.4.2.1. By Capture Source 15.4.2.2. By End-Use 15.5. Germany 15.5.1. Pricing Analysis 15.5.2. Market Share Analysis, 2023 15.5.2.1. By Capture Source 15.5.2.2. By End-Use 15.6. UK 15.6.1. Pricing Analysis 15.6.2. Market Share Analysis, 2023 15.6.2.1. By Capture Source 15.6.2.2. By End-Use 15.7. France 15.7.1. Pricing Analysis 15.7.2. Market Share Analysis, 2023 15.7.2.1. By Capture Source 15.7.2.2. By End-Use 15.8. Spain 15.8.1. Pricing Analysis 15.8.2. Market Share Analysis, 2023 15.8.2.1. By Capture Source 15.8.2.2. By End-Use 15.9. Italy 15.9.1. Pricing Analysis 15.9.2. Market Share Analysis, 2023 15.9.2.1. By Capture Source 15.9.2.2. By End-Use 15.10. Poland 15.10.1. Pricing Analysis 15.10.2. Market Share Analysis, 2023 15.10.2.1. By Capture Source 15.10.2.2. By End-Use 15.11. Russia 15.11.1. Pricing Analysis 15.11.2. Market Share Analysis, 2023 15.11.2.1. By Capture Source 15.11.2.2. By End-Use 15.12. Czech Republic 15.12.1. Pricing Analysis 15.12.2. Market Share Analysis, 2023 15.12.2.1. By Capture Source 15.12.2.2. By End-Use 15.13. Romania 15.13.1. Pricing Analysis 15.13.2. Market Share Analysis, 2023 15.13.2.1. By Capture Source 15.13.2.2. By End-Use 15.14. India 15.14.1. Pricing Analysis 15.14.2. Market Share Analysis, 2023 15.14.2.1. By Capture Source 15.14.2.2. By End-Use 15.15. Bangladesh 15.15.1. Pricing Analysis 15.15.2. Market Share Analysis, 2023 15.15.2.1. By Capture Source 15.15.2.2. By End-Use 15.16. Australia 15.16.1. Pricing Analysis 15.16.2. Market Share Analysis, 2023 15.16.2.1. By Capture Source 15.16.2.2. By End-Use 15.17. New Zealand 15.17.1. Pricing Analysis 15.17.2. Market Share Analysis, 2023 15.17.2.1. By Capture Source 15.17.2.2. By End-Use 15.18. China 15.18.1. Pricing Analysis 15.18.2. Market Share Analysis, 2023 15.18.2.1. By Capture Source 15.18.2.2. By End-Use 15.19. Japan 15.19.1. Pricing Analysis 15.19.2. Market Share Analysis, 2023 15.19.2.1. By Capture Source 15.19.2.2. By End-Use 15.20. South Korea 15.20.1. Pricing Analysis 15.20.2. Market Share Analysis, 2023 15.20.2.1. By Capture Source 15.20.2.2. By End-Use 15.21. GCC Countries 15.21.1. Pricing Analysis 15.21.2. Market Share Analysis, 2023 15.21.2.1. By Capture Source 15.21.2.2. By End-Use 15.22. South Africa 15.22.1. Pricing Analysis 15.22.2. Market Share Analysis, 2023 15.22.2.1. By Capture Source 15.22.2.2. By End-Use 15.23. Israel 15.23.1. Pricing Analysis 15.23.2. Market Share Analysis, 2023 15.23.2.1. By Capture Source 15.23.2.2. By End-Use 16. Market Structure Analysis 16.1. Competition Dashboard 16.2. Competition Benchmarking 16.3. Market Share Analysis of Top Players 16.3.1. By Regional 16.3.2. By Capture Source 16.3.3. By End-Use 17. Competition Analysis 17.1. Competition Deep Dive 17.1.1. Fluor Corporation (USA) 17.1.1.1. Overview 17.1.1.2. Product Portfolio 17.1.1.3. Profitability by Market Segments 17.1.1.4. Sales Footprint 17.1.1.5. Strategy Overview 17.1.1.5.1. Marketing Strategy 17.1.2. ExxonMobil (USA) 17.1.2.1. Overview 17.1.2.2. Product Portfolio 17.1.2.3. Profitability by Market Segments 17.1.2.4. Sales Footprint 17.1.2.5. Strategy Overview 17.1.2.5.1. Marketing Strategy 17.1.3. Carbon Engineering Ltd. (Canada) 17.1.3.1. Overview 17.1.3.2. Product Portfolio 17.1.3.3. Profitability by Market Segments 17.1.3.4. Sales Footprint 17.1.3.5. Strategy Overview 17.1.3.5.1. Marketing Strategy 17.1.4. ADNOC Group (UAE) 17.1.4.1. Overview 17.1.4.2. Product Portfolio 17.1.4.3. Profitability by Market Segments 17.1.4.4. Sales Footprint 17.1.4.5. Strategy Overview 17.1.4.5.1. Marketing Strategy 17.1.5. Equinor (Norway) 17.1.5.1. Overview 17.1.5.2. Product Portfolio 17.1.5.3. Profitability by Market Segments 17.1.5.4. Sales Footprint 17.1.5.5. Strategy Overview 17.1.5.5.1. Marketing Strategy 17.1.6. China National Petroleum Corporation (China) 17.1.6.1. Overview 17.1.6.2. Product Portfolio 17.1.6.3. Profitability by Market Segments 17.1.6.4. Sales Footprint 17.1.6.5. Strategy Overview 17.1.6.5.1. Marketing Strategy 17.1.7. Dakota Gasification Company (USA) 17.1.7.1. Overview 17.1.7.2. Product Portfolio 17.1.7.3. Profitability by Market Segments 17.1.7.4. Sales Footprint 17.1.7.5. Strategy Overview 17.1.7.5.1. Marketing Strategy 17.1.8. Shell (Netherlands) 17.1.8.1. Overview 17.1.8.2. Product Portfolio 17.1.8.3. Profitability by Market Segments 17.1.8.4. Sales Footprint 17.1.8.5. Strategy Overview 17.1.8.5.1. Marketing Strategy 17.1.9. BP (UK) 17.1.9.1. Overview 17.1.9.2. Product Portfolio 17.1.9.3. Profitability by Market Segments 17.1.9.4. Sales Footprint 17.1.9.5. Strategy Overview 17.1.9.5.1. Marketing Strategy 17.1.10. Chevron (USA) 17.1.10.1. Overview 17.1.10.2. Product Portfolio 17.1.10.3. Profitability by Market Segments 17.1.10.4. Sales Footprint 17.1.10.5. Strategy Overview 17.1.10.5.1. Marketing Strategy 17.1.11. Linde (Ireland) 17.1.11.1. Overview 17.1.11.2. Product Portfolio 17.1.11.3. Profitability by Market Segments 17.1.11.4. Sales Footprint 17.1.11.5. Strategy Overview 17.1.11.5.1. Marketing Strategy 17.1.12. Total (France) 17.1.12.1. Overview 17.1.12.2. Product Portfolio 17.1.12.3. Profitability by Market Segments 17.1.12.4. Sales Footprint 17.1.12.5. Strategy Overview 17.1.12.5.1. Marketing Strategy 17.1.13. Aker Solutions (Norway) 17.1.13.1. Overview 17.1.13.2. Product Portfolio 17.1.13.3. Profitability by Market Segments 17.1.13.4. Sales Footprint 17.1.13.5. Strategy Overview 17.1.13.5.1. Marketing Strategy 17.1.14. NRG Energy (USA) 17.1.14.1. Overview 17.1.14.2. Product Portfolio 17.1.14.3. Profitability by Market Segments 17.1.14.4. Sales Footprint 17.1.14.5. Strategy Overview 17.1.14.5.1. Marketing Strategy 18. Assumptions & Acronyms Used 19. Research Methodology
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Carbon Capture and Sequestration Market
