Carbon Capture and Storage Market Report by Service (Capture, Transportation, Storage), Technology (Post-combustion Capture, Pre-combustion Capture, Oxy-fuel Combustion Capture), End Use Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, and Others), and Region 2024-2032

Carbon Capture and Storage Market Report by Service (Capture, Transportation, Storage), Technology (Post-combustion Capture, Pre-combustion Capture, Oxy-fuel Combustion Capture), End Use Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A5331
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Market Overview:

The global carbon capture and storage market size reached US$ 2.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2032, exhibiting a growth rate (CAGR) of 8.5% during 2024-2032. The growing popularity of corporate social responsibility among business organizations, rising focus on climate change mitigation, and favorable government initiatives to combat climate change and reduce emissions are some of the major factors propelling the market.

Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 2.7 Billion
Market Forecast in 2032
US$ 5.8 Billion
Market Growth Rate 2024-2032
8.5%


Carbon capture and storage (CCS) is a technique that focuses on mitigating greenhouse gas (GHG) emissions and combating climate change. It comprises the capture of carbon dioxide (CO2) emissions that are generated from industrial processes or power plants before it is released into the atmosphere. Besides this, it assists in reducing the environmental impact of large-scale industrial operations while transitioning to more sustainable energy sources. As it aids in producing geothermal energy, the demand for CCS is rising across the globe.

Global Carbon Capture and Storage Market

At present, the increasing popularity of international agreements to achieve emission reduction targets around the world is contributing to the growth of the market. Apart from this, the rising development of transportation and storage infrastructure for captured carbon dioxide is propelling the growth of the market. In line with this, the increasing adoption of this technique for producing chemicals and plastics is bolstering the growth of the market. Besides this, the growing focus on reducing carbon emissions due to rising temperature around the world is positively influencing the market. In addition, technological advancements in CCS that reduce costs and improve efficiency are strengthening the growth of the market. Furthermore, the rising awareness about environmental issues among the masses is bolstering the growth of the market.

Carbon Capture and Storage Market Trends/Drivers:

Rising focus on climate change mitigation

There is a rise in the adoption of CCS due to the increasing focus on climate change mitigation. Climate change is recognized as one of the most concerning global challenges, with rising temperatures, extreme weather events, and increasing sea-level, threatening ecosystems and human societies. As a result, countries worldwide are seeking effective strategies to reduce greenhouse gas (GHG) emissions. CCS plays a crucial role in climate change mitigation by capturing CO2 emissions from various sources, such as power plants and industrial facilities. Apart from this, they prevent CO2 emissions from being released into the atmosphere. Countries can significantly reduce their carbon footprint and achieve emission reduction targets by implementing these effective techniques.

Favorable government initiatives to combat climate change

There is a rise in the need to combat climate change and reduce emissions across the globe. Governing agencies of various countries are promoting the adoption of CCS by implementing stringent environmental regulations and carbon pricing mechanisms. In line with this, these regulations impose limits on greenhouse gas (GHG) emissions and often require industries to adopt cleaner technologies or offset their emissions through this method. Apart from this, the introduction of carbon taxes, cap-and-trade systems, and emission reduction targets encourage several industries to invest in this technique as part of their compliance strategies. Companies are incorporating this technique into their operations to meet regulatory requirements, avoid financial penalties, and reputational risks for businesses.

Growing popularity of corporate social responsibility

Corporate social responsibility (CSR) is becoming a core component of modern business practices. Consumers, investors, and stakeholders are increasingly preferring companies that commit to environmental sustainability. In addition, integrating CCS into their operations allows companies to proactively address their carbon emissions and demonstrate their dedication to mitigating climate change. Businesses can improve their environmental reputation and appeal to environmentally conscious consumers by reducing their carbon footprint through these techniques. Moreover, integrating sustainable practices into their operations enhances long-term viability and resilience that attracts socially responsible investors. This technique is becoming a powerful tool for companies to showcase their commitment to environmental sustainability.

Carbon Capture and Storage Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global carbon capture and storage market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on service, technology and end use industry.

Breakup by Service:

Carbon Capture and Storage Market

  • Capture
  • Transportation
  • Storage
     

Capture represents the largest market segment

The report has provided a detailed breakup and analysis of the market based on the service. This includes capture, transportation, and storage. According to the report, capture represented the largest segment.

Capture is the initial and crucial stage of the CCS process and is responsible for capturing CO2 emissions from various industrial sources before they are released into the atmosphere. This stage involves the implementation of various capture technologies tailored to specific industries, such as power plants, cement factories, and refineries. There are mainly three types of capture technologies, such as post-combustion, pre-combustion, and oxy-fuel combustion. The capture process is essential for reducing emissions at the source and provides a foundation for further transport and storage stages in the value chain.

Breakup by Technology:

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

Pre-combustion capture accounts for the majority of the market share

The report has provided a detailed breakup and analysis of the market based on the technology. This includes post-combustion capture, pre-combustion capture, and oxy-fuel combustion capture. According to the report, pre-combustion capture represented the largest segment.

Pre-combustion capture is a carbon capture technology that targets CO2 emissions before the combustion of fossil fuels. This process is primarily employed in power plants and certain industrial facilities, particularly those using natural gas or coal. In addition, pre-combustion capture offers various advantages, such as it can generate a cleaner fuel while capturing CO2 before it is emitted. Apart from this, continuous research and development (R&D) efforts are focused on enhancing the efficiency and cost-effectiveness of pre-combustion capture, which is offering a positive market outlook.

Breakup by End Use Industry:

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

Oil and gas hold the biggest market share

The report has provided a detailed breakup and analysis of the market based on the end use industry. This includes oil and gas, coal and biomass power plant, iron and steel, chemical, and others. According to the report, oil and gas represented the largest segment.

In the oil and gas sector, CCS assist in addressing greenhouse gas (GHG) emissions resulting from the extraction, processing, and consumption of fossil fuels. This industry is a significant source of carbon dioxide (CO2) emissions, making it a key candidate for CCS implementation. In the oil and gas industry, it aids in minimizing the environmental impact of fossil fuel operations while contributing to both emission reduction and responsible resources.

Breakup by Region:

Carbon Capture and Storage Market

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

North America exhibits a clear dominance, accounting for the largest carbon capture and storage market share

The report has also provided a comprehensive analysis of all the major regional markets, which includes North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others); Latin America (Brazil, Mexico, and Others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.

North America held the biggest market share due to the increasing focus on addressing climate change. In line with this, the rising advancement in these techniques is bolstering the growth of the market in the region. Apart from this, the increasing adoption of CCS due to favorable regulatory frameworks is contributing to the growth of the market. In addition, the wide availability of suitable geological formations for CO2 storage, such as depleted oil and gas reservoirs and saline aquifers, is supporting the growth of the market in the North America region.

Competitive Landscape:

Key players in the industry are actively engaging in various activities and initiatives to advance the deployment and commercialization of CCStechnologies. In addition, many companies are investing in research and development (R&D) activities to enhance the efficiency and cost-effectiveness of these technologies. They are focusing on developing innovative capture, transport, and storage solutions to optimize the entire CCS value chain. Apart from this, several companies are implementing pilot and demonstration projects to showcase the feasibility and viability of these technologies on a large scale. These projects serve as testing grounds to validate the performance of these systems in real-world settings.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • Air Liquide S.A.
  • Aker Solutions ASA
  • Baker Hughes Company
  • Exxon Mobil Corporation
  • Fluor Corporation
  • General Electric Company
  • Halliburton Company
  • Honeywell International Inc.
  • Linde plc
  • Mitsubishi Heavy Industries Ltd.
  • NRG Energy Inc.
  • Occidental Petroleum Corporation
  • Schlumberger Limited
  • Shell plc
  • Siemens AG

Recent Developments:

  • In July 2021, Shell Plc announced a proposal to build a large-scale carbon capture and storage (CCS) project at its Scotford Complex near Edmonton. This will assist in transforming Scotford into one of five energy and chemicals parks for Shell around the world and provide customers with lower-carbon fuels.
  • In June 2022, ExxonMobil, Shell, CNOOC, and Guangdong Provincial Development & Reform Commission signed a Memorandum of Understanding (MoU) to evaluate the potential for a world-scale carbon capture and storage (CCS) project to reduce greenhouse gas emissions at the Dayawan Petrochemical Industrial Park in Huizhou, Guangdong Province, China.
  • In March 2022, Aker Carbon Capture and SINTEF entered into a strategic collaboration agreement, with the goal of further developing carbon capture utilization and storage (CCUS) technology to reduce CO2 emissions from industry and energy solutions.

Carbon Capture and Storage Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
  • Service
  • Technology
  • End Use Industry
  • Region
Services Covered Capture, Transportation, Storage
Technologies Covered Post-combustion Capture, Pre-combustion Capture, Oxy-fuel Combustion Capture
End Use Industries Covered Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, Others
Regions Covered Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Air Liquide S.A., Aker Solutions ASA, Baker Hughes Company, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Company, Honeywell International Inc., Linde plc, Mitsubishi Heavy Industries Ltd., NRG Energy Inc., Occidental Petroleum Corporation, Schlumberger Limited, Shell plc, Siemens AG etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the carbon capture and storage market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the global carbon capture and storage market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the carbon capture and storage industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The global carbon capture and storage market was valued at US$ 2.7 Billion in 2023.

We expect the global carbon capture and storage market to exhibit a CAGR of 8.5% during 2024-2032.

The implementation of stringent regulations by several government bodies to limit greenhouse gas (GHG) emissions across various industries, including steel, oil and gas, chemical, etc., is primarily driving the global carbon capture and storage market.

The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous end-use industries for carbon capture and storage.

Based on the service, the global carbon capture and storage market can be categorized into capture, transportation, and storage. Among these, capture exhibits clear dominance in the market.

Based on the technology, the global carbon capture and storage market has been segmented into post-combustion capture, pre-combustion capture, and oxy-fuel combustion capture. Currently, pre- combustion capture technology represents the largest market share.

Based on the end use industry, the global carbon capture and storage market can be bifurcated into oil and gas, coal and biomass power plant, iron and steel, chemical, and others. Among these, the oil and gas industry accounts for the majority of the global market share.

On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where North America currently dominates the global market.

Some of the major players in the global carbon capture and storage market include Air Liquide S.A., Aker Solutions ASA, Baker Hughes Company, Exxon Mobil Corporation, Fluor Corporation, General Electric Company, Halliburton Company, Honeywell International Inc., Linde plc, Mitsubishi Heavy Industries Ltd., NRG Energy Inc., Occidental Petroleum Corporation, Schlumberger Limited, Shell plc, and Siemens AG.

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Carbon Capture and Storage Market Report by Service (Capture, Transportation, Storage), Technology (Post-combustion Capture, Pre-combustion Capture, Oxy-fuel Combustion Capture), End Use Industry (Oil and Gas, Coal and Biomass Power Plant, Iron and Steel, Chemical, and Others), and Region 2024-2032
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