The carbon capture and sequestration market is anticipated to be valued at USD 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 USD 26.1 billion by 2034.
Attributes | Key Insights |
---|---|
Estimated Market Size in 2024 | USD 4.2 billion |
Projected Market Value in 2034 | USD 26.1 billion |
Value-based CAGR from 2024 to 2034 | 20.1% |
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% |
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Forecast CAGR from 2024 to 2034 | 20.1% |
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 | USD 4.2 billion |
Projected Market Valuation in 2034 | USD 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 USD billion |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; Middle East and Africa |
Key Market Segments Covered | Capture Source, End Use, Region |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Russia, Poland, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC countries, South Africa, Israel |
Key Companies Profiled | Fluor Corporation; ExxonMobil; Carbon Engineering Ltd.; ADNOC Group; Equinor; China National Petroleum Corporation; Dakota Gasification Company; Shell; BP; Chevron; Linde; Total; Aker Solutions; NRG Energy |
Table 1: Global Market Value (US$ Million) Forecast by Region, 2019 to 2034
Table 2: Global Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 3: Global Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 4: North America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 5: North America Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 6: North America Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 7: Latin America Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 8: Latin America Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 9: Latin America Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 10: Western Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 11: Western Europe Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 12: Western Europe Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 13: Eastern Europe Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 14: Eastern Europe Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 15: Eastern Europe Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 16: South Asia and Pacific Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 17: South Asia and Pacific Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 18: South Asia and Pacific Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 19: East Asia Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 20: East Asia Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 21: East Asia Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Table 22: Middle East and Africa Market Value (US$ Million) Forecast by Country, 2019 to 2034
Table 23: Middle East and Africa Market Value (US$ Million) Forecast by Capture Source, 2019 to 2034
Table 24: Middle East and Africa Market Value (US$ Million) Forecast by End-Use, 2019 to 2034
Figure 1: Global Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 2: Global Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 3: Global Market Value (US$ Million) by Region, 2024 to 2034
Figure 4: Global Market Value (US$ Million) Analysis by Region, 2019 to 2034
Figure 5: Global Market Value Share (%) and BPS Analysis by Region, 2024 to 2034
Figure 6: Global Market Y-o-Y Growth (%) Projections by Region, 2024 to 2034
Figure 7: Global Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 8: Global Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 9: Global Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 10: Global Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 11: Global Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 12: Global Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 13: Global Market Attractiveness by Capture Source, 2024 to 2034
Figure 14: Global Market Attractiveness by End-Use, 2024 to 2034
Figure 15: Global Market Attractiveness by Region, 2024 to 2034
Figure 16: North America Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 17: North America Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 18: North America Market Value (US$ Million) by Country, 2024 to 2034
Figure 19: North America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 20: North America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 21: North America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 22: North America Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 23: North America Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 24: North America Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 25: North America Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 26: North America Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 27: North America Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 28: North America Market Attractiveness by Capture Source, 2024 to 2034
Figure 29: North America Market Attractiveness by End-Use, 2024 to 2034
Figure 30: North America Market Attractiveness by Country, 2024 to 2034
Figure 31: Latin America Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 32: Latin America Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 33: Latin America Market Value (US$ Million) by Country, 2024 to 2034
Figure 34: Latin America Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 35: Latin America Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 36: Latin America Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 37: Latin America Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 38: Latin America Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 39: Latin America Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 40: Latin America Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 41: Latin America Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 42: Latin America Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 43: Latin America Market Attractiveness by Capture Source, 2024 to 2034
Figure 44: Latin America Market Attractiveness by End-Use, 2024 to 2034
Figure 45: Latin America Market Attractiveness by Country, 2024 to 2034
Figure 46: Western Europe Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 47: Western Europe Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 48: Western Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 50: Western Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 51: Western Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 52: Western Europe Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 53: Western Europe Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 54: Western Europe Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 55: Western Europe Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 56: Western Europe Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 57: Western Europe Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 58: Western Europe Market Attractiveness by Capture Source, 2024 to 2034
Figure 59: Western Europe Market Attractiveness by End-Use, 2024 to 2034
Figure 60: Western Europe Market Attractiveness by Country, 2024 to 2034
Figure 61: Eastern Europe Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 62: Eastern Europe Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 63: Eastern Europe Market Value (US$ Million) by Country, 2024 to 2034
Figure 64: Eastern Europe Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 65: Eastern Europe Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 66: Eastern Europe Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 67: Eastern Europe Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 68: Eastern Europe Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 69: Eastern Europe Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 70: Eastern Europe Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 71: Eastern Europe Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 72: Eastern Europe Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 73: Eastern Europe Market Attractiveness by Capture Source, 2024 to 2034
Figure 74: Eastern Europe Market Attractiveness by End-Use, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness by Country, 2024 to 2034
Figure 76: South Asia and Pacific Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 77: South Asia and Pacific Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 78: South Asia and Pacific Market Value (US$ Million) by Country, 2024 to 2034
Figure 79: South Asia and Pacific Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 80: South Asia and Pacific Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 81: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 82: South Asia and Pacific Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 83: South Asia and Pacific Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 84: South Asia and Pacific Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 85: South Asia and Pacific Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 86: South Asia and Pacific Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 87: South Asia and Pacific Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 88: South Asia and Pacific Market Attractiveness by Capture Source, 2024 to 2034
Figure 89: South Asia and Pacific Market Attractiveness by End-Use, 2024 to 2034
Figure 90: South Asia and Pacific Market Attractiveness by Country, 2024 to 2034
Figure 91: East Asia Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 92: East Asia Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 93: East Asia Market Value (US$ Million) by Country, 2024 to 2034
Figure 94: East Asia Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 95: East Asia Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 96: East Asia Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 97: East Asia Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 98: East Asia Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 99: East Asia Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 100: East Asia Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 101: East Asia Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 102: East Asia Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 103: East Asia Market Attractiveness by Capture Source, 2024 to 2034
Figure 104: East Asia Market Attractiveness by End-Use, 2024 to 2034
Figure 105: East Asia Market Attractiveness by Country, 2024 to 2034
Figure 106: Middle East and Africa Market Value (US$ Million) by Capture Source, 2024 to 2034
Figure 107: Middle East and Africa Market Value (US$ Million) by End-Use, 2024 to 2034
Figure 108: Middle East and Africa Market Value (US$ Million) by Country, 2024 to 2034
Figure 109: Middle East and Africa Market Value (US$ Million) Analysis by Country, 2019 to 2034
Figure 110: Middle East and Africa Market Value Share (%) and BPS Analysis by Country, 2024 to 2034
Figure 111: Middle East and Africa Market Y-o-Y Growth (%) Projections by Country, 2024 to 2034
Figure 112: Middle East and Africa Market Value (US$ Million) Analysis by Capture Source, 2019 to 2034
Figure 113: Middle East and Africa Market Value Share (%) and BPS Analysis by Capture Source, 2024 to 2034
Figure 114: Middle East and Africa Market Y-o-Y Growth (%) Projections by Capture Source, 2024 to 2034
Figure 115: Middle East and Africa Market Value (US$ Million) Analysis by End-Use, 2019 to 2034
Figure 116: Middle East and Africa Market Value Share (%) and BPS Analysis by End-Use, 2024 to 2034
Figure 117: Middle East and Africa Market Y-o-Y Growth (%) Projections by End-Use, 2024 to 2034
Figure 118: Middle East and Africa Market Attractiveness by Capture Source, 2024 to 2034
Figure 119: Middle East and Africa Market Attractiveness by End-Use, 2024 to 2034
Figure 120: Middle East and Africa Market Attractiveness by Country, 2024 to 2034
As of 2024, the market for global carbon capture and sequestration is expected to be valued at USD 4.2 billion.
By 2034, the market value of global carbon capture and sequestration is expected to reach USD 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%.
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