Global Carbon Capture And Storage Market Size 2024, Forecast To 2033
6 Mar, 2024
The carbon capture and storage market has experienced rapid growth in recent years, with the market size projected to increase from $5.43 billion in 2023 to $6.23 billion in 2024, representing a compound annual growth rate (CAGR) of 14.8%. This growth in the historical period can be attributed to the implementation of stringent environmental regulations and policy support aimed at curbing greenhouse gas emissions, escalating concerns surrounding climate change, substantial investments in clean energy technologies, the ongoing transition of industries towards decarbonization initiatives, and the proliferation of corporate sustainability programs prioritizing emissions reduction and environmental stewardship. Looking ahead, the carbon capture and storage market is poised for continued rapid expansion, anticipated to reach $10.79 billion by 2028, with a compound annual growth rate (CAGR) of 14.7%. The projected growth drivers include increased government funding and incentives to promote carbon capture technologies, the emergence of carbon pricing mechanisms incentivizing emissions reduction efforts, the rapid industrialization observed in developing regions driving up emissions mitigation needs, global commitments towards achieving net-zero emissions targets, and collaborative industry initiatives aimed at scaling up carbon capture infrastructure and deployment. Major trends expected in the forecast period encompass ongoing technological innovation efforts focused on enhancing the efficiency and cost-effectiveness of carbon capture and storage solutions, advancements in carbon capture and storage (CCS) technologies enabling broader applicability and deployment scalability, shifts in the investment and funding landscape towards supporting carbon capture projects, evolving government policies and regulations shaping the carbon capture market dynamics, and the evolving perceptions of both the public and corporate entities regarding the role of carbon capture technologies in addressing climate change and sustainability challenges.
Global Carbon Capture And Storage Market Key Driver
The carbon capture and storage market is anticipated to thrive amidst growing global carbon dioxide emissions. Carbon dioxide emissions, stemming from fossil fuel combustion, cement production, and other industrial processes, contribute significantly to environmental concerns. The carbon capture and storage method aims to mitigate carbon emissions by capturing, treating, and transporting CO2 from industrial sources for long-term storage. According to the International Energy Agency in March 2022, carbon dioxide emissions surged by 6% in 2021, reaching a record high of 36.3 billion tons. Coal contributed over 40% to the overall CO2 emissions increase, peaking at 15.3 billion metric tons. Consequently, the escalating global carbon dioxide emissions drive the growth of the carbon capture and storage market.
Get A Free Sample Of The Global Carbon Capture And Storage Market ReportGlobal Carbon Capture And Storage Market Segments
The carbon capture and storage market covered in this report is segmented –
1) By Product: Pre-Combustion, Industrial Process, Post Combustion, Oxy-Combustion
2) By Service: Capture, Transportation, Utilization, Storage
3) By End-Use Industry: Oil And Gas, Coal And Biomass Power Plant, Iron And Steel, Chemicals, Other End-Use Industries
By Geography:The regions covered in the carbon capture and storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
North America was the largest region in the carbon capture and storage market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global carbon capture and storage market report during the forecast period. The regions covered in the carbon capture and storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Carbon Capture And Storage Industry Players
Aker Solutions ASA, Dakota Gasification Company, Equinor ASA, Fluor Corporation, Linde PLC, Mitsubishi Heavy Industries Ltd., Shell PLC, Siemens AG, Sulzer Ltd., NRG Energy Inc., General Electric Company, Maersk, Japan CCS Co. Ltd., Halliburton Company, ExxonMobil Corporation, Schlumberger Limited, Honeywell International Inc., Occidental Petroleum Corporation, Air Liquide S.A., Baker Hughes Company, LanzaTech, Royal Dutch Shell, Calix Limited, Carbon America, Carbon Clean, CarbonFree, Carbon8 Systems, Chart Industries, Capsol Technologies AS, Global Thermostat
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Carbon Capture And Storage Market Overview
Carbon capture and storage (CCS) refers to the process of capturing, transferring, and preserving emissions of greenhouse gases from power plants using fossil fuels, energy-intensive businesses, and gas reserves by injecting the collected greenhouse gases back into the earth. It is a method of lowering carbon emissions that might be crucial in combating global warming.
Carbon Capture And Storage Global Market Report 2023 provides data on the global carbon capture and storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The carbon capture and storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.