This site uses cookies, including third-party cookies, that help us to provide and improve our services.

Privacy Policy
- Global Locations -
Headquarters
Future Market Insights, Inc.
Christiana Corporate, 200 Continental Drive, Suite 401, Newark, Delaware - 19713, United States
T: +1-845-579-5705
MEA
Market Access DMCC
1602-6 Jumeirah Bay X2 Tower, Plot No: JLT-PH2-X2A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
Americas
Future Market Insights
616 Corporate Way, Suite 2-9018,
Valley Cottage, NY 10989,
United States
T: +1-347-918-3531
Europe
Future Market Insights
3rd Floor, 207 Regent Street,
London W1B 3HH
United Kingdom
T: + 44 (0) 20 8123 9659
D: +44 (0) 20 3287 4268
APAC
Future Market Insights
Office No. 401-A, 4th Floor,
VANTAGE 9, S.No. 36/1/1,
Baner, Pune 411045 India

Carbon Capture and Storage (CCS) Market

Market Insights on Carbon Capture and Storage (CCS) covering sales outlook, demand forecast & up-to-date key trends

Carbon Capture and Storage Market By Technology (Pre-Combustion, Post-Combustion, Oxy-Fuel Combustion), End-Use Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemicals) & Region - Forecast 2022-2032

Carbon Capture and Storage (CCS) Market Overview

The global carbon capture and storage market is forecast to reach around US$ 4.2 Billion in 2022. With rising adoption of carbon capture and storage technologies across the world, the overall demand is slated to increase at over 14% CAGR from 2022 to 2032, totaling a valuation of around US$ 9 Billion by 2032.

Report Attribute

Details

Estimated Base Year Value (2021)

US$ 4.0 Billion

Expected Market Value (2022)

US$ 4.2 Billion

Anticipated Forecast Value (2032)

US$ 9.0 Billion

Projected Growth Rate (2022-2032)

14.0% CAGR

Carbon capture and storage is an innovative technology used for capturing and storing carbon dioxide (CO2) produced during burning of fossil fuels in electricity generation and industrial processes. The technology can capture around 90% of the CO2 emissions and thus prevents it (CO2) from entering the atmosphere.

The captured CO2 is either then utilized to create valuable products or permanently stored deep underground in geological formations. It is mostly transported through pipelines or ships from carbon capture and storage plants to its destination.

Increasing adoption of carbon capture and storage technologies including pre-combustion, post combustion and oxy-fuel combustion, across major industries such as oil and gas and power generation plants is the major force driving the global capture and storage market.

As global warming and sustainability concerns rise, major fossil fuel consuming industries are transitioning towards using carbon capture and storage technologies in their facilities.

The large-scale combustion of fossil fuels for a variety of industrial processes results in the emission of greenhouse gases like carbon dioxide. Accumulation of these gases in the atmosphere triggers irreversible phenomena such as ozone depletion, climate change etc. In order to counter this, industries are employing carbon capture and storage technologies. Adoption of these technologies prevents CO2 from entering the atmosphere and thus helps the industries to comply with the environmental regulations.

Currently, Carbon capture, utilization and storage (CCUS) facilities around the world have the capacity to capture over 40 MtCO2 each year as per the International Energy Association (IEA).

Countries like the United States and China are emerging as world leaders in carbon capture and storage technologies. These countries have the greatest number of carbon capture storage plants in the world.

Which are Some Prominent Factors Determining the Growth of Carbon Capture and Storage Market?

Rapid industrialization, rising need for reducing carbon emissions, implementation of stringent environmental regulations and growing popularity of sustainable technologies are some of the major factors triggering the growth of carbon capture and storage market.

Climate change has become a major concern for the world leaders during the last few years. It has severely affected the lives of people, animals and the environment all over the world, and compelled countries to take various measures.

The rising need for addressing global warming due to higher emission levels has put carbon capture and storage technologies into the spotlight. The world’s major industries, which are main contributors of carbon emission, are increasingly adopting CCS technologies to reduce their carbon footprint. This is providing the impetus to the growth of carbon capture and storage market and the trend is likely to continue in the foreseeable future.

Governments across the world are launching various initiatives to encourage the adoption of carbon capture and storage technologies. They are constantly implementing new regulations to curb the emission of carbon dioxide from industries and power generation plants. This will continue to ignite the demand for CCS technologies during the forecast period.

The oil and gas industry is emerging as the most ideal destination for carbon capture and storage technologies due to an increasing number of enhanced oil recovery (EOR) projects. According to the International Energy Association’s (IEA’s) database, around 500 thousand barrels of oil are produced daily using CO2-EOR.

During EOR techniques CO2 is injected into the existing oil field, which increases the overall pressure of the oil reservoir and forces the oil towards production wells. Increasing consumption of CO2 in oil enhanced oil recovery process is projected to spur the adoption of carbon capture and storage technologies in the oil and gas industry.

Subsequently growing awareness among people of developing and underdeveloped regions regarding the importance of carbon capture and storage technologies for tackling global warming and greenhouse gas emission will further expand the global carbon capture and storage market in the future.

Customize this Report

Let us know your requirement to get
100% FREE customization

What are the Challenges Faced by Carbon Capture and Storage Industry?

There is no denying the fact that carbon capture and storage technologies have become ideal solutions for reducing carbon emissions. However, the market is still facing some issues that challenge its growth across various regions.

Some of the major factors restraining the growth of carbon capture and storage market are the high cost associated with CCS technologies (including initial expenses and operational expenditures) and lack of awareness among people of various developing and underdeveloped regions.

Will the U.S. Continue its Dominance in the Global Capture and Storage Market?

According to Future Market Insights, North America spearheaded by the U.S., will continue to remain the most lucrative market for carbon capture and storage technologies during the forecast period. The North American carbon capture and storage market is driven by the heavy presence of leading end-use industries, increasing demand for clean technologies, rising usage of CO2 in enhanced oil recovery techniques and surge in the number of regional market players.

North America has the largest number of carbon capture and storage projects in the world. Countries such as the United States and Canada are generating high demand for carbon capture and storage technologies, as they witness an uptick in enhanced oil recovery operations. According to the International Energy Association (IEA), around 50 new carbon capture projects were announced in the industry and fuel transformation sectors between January 2020 and August 2021 in United States

Moreover, various initiatives are being taken by governments of these respective countries to cut the carbon emission levels to zero levels. For instance, in 2021, the U.S. president Joe Biden signed an executive order for achieving 100% carbon free electricity goal by 2032. This will create lucrative growth avenues within the carbon capture and storage market in the future.

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst

Why is Asia-Pacific Emerging as an Opportunistic Carbon capture and storage Market?

The carbon capture and storage market in Asia Pacific is poised to exhibit stupendous growth over the forecast period, owing to rapid industrialization, rising air pollution levels, and favorable government support.

Most of the Asia Pacific regions still rely on fossil fuels for electricity generation. As a result, the air pollution level in these regions is rising at an alarming rate, compelling power generation plants and other industries to adopt carbon capture and storage technologies.

Leading countries like China and India are constantly launching new carbon capture and storage projects to prevent the emission of greenhouse gases. For instance, in 2021 China’s National Offshore Oil Corp (CNOOC) launched the country’s first offshore carbon capture and storage project in South China sea.

Market Competition

Some of the key participants present in the global carbon capture and storage market include Exxonmobil Corporation, Schlumberger, Huaneng, Linde AG, Sulzer, Equinor, NRG, AkerSolutions, Shell, Skyonic Corp., Mitsubishi Hitachi, Fluor, Sinopec

Leading players operating in the carbon capture and storage market are constantly focusing on developing sustainable carbon capture and storage technologies. Besides this, they are joining forces to complete large scale carbon capture and storage facilities and commercialize CCS technology across attractive regions of Asia, Africa and the Middle East.

Become a MarketNgage Insider

An unified Market Research Subscription Platform, built for today’s disparate research needs.

Report Scope

Report Attribute

Details

Growth Rate

CAGR of 14% from 2022 to 2032

Base Year for Estimation

2021

Historical Data

2015-2020

Forecast Period

2022-2032

Quantitative Units

Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032

Report Coverage

Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis

Segments Covered

  • Technology
  • End-Use Industry
  • Region

Regions Covered

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East and Africa

Key Countries Profiled

  • U.S
  • Canada
  • Brazil
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Nordics
  • BENELUX
  • Australia & New Zealand
  • China
  • India
  • ASEAN
  • GCC
  • South Africa

Key Companies Profiled

  • Exxonmobil Corporation
  • Schlumberger
  • Huaneng
  • Linde AG
  • Sulzer
  • Equinor
  • NRG
  • AkerSolutions
  • Shell
  • Skyonic Corp.
  • Mitsubishi Hitachi
  • Fluor
  • Sinopec

Customization

Available Upon Request

Key Segments Profiled in the Carbon Capture and Storage Industry Survey

Technology:

  • Pre-combustion
  • Post-combustion
  • Oxy-fuel Combustion

End-Use Industry:

  • Oil and Gas
  • Coal and Biomass Power Plant
  • Iron and Steel
  • Chemicals
  • Others

Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa

Frequently Asked Questions

FMI projects the global carbon capture and storage market to expand at a prolific CAGR of around 14.0% through 2032.

North America will continue to remain the most lucrative market for carbon capture and storage technologies during the forecast period.

Schlumberger, Linde AG, Alstom, Sulzer, Shell, Mitsubishi Hitachi and Sinopec are some prominent carbon capture and storage manufacturers

Table of Content

NA

Customize this Report

Let us know your requirement to get
100% FREE customization

List of Tables

NA

Nikhil Kaitwade
Principal Consultant
LinkedIn
Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

Talk to Analyst
List of Charts

NA

Need specific information?

Request Customization

Explore Oil and Gas Insights

View Reports
Google translate

Carbon Capture and Storage (CCS) Market