According to the latest report by IMARC Group, titled “Carbon Capture and Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global carbon capture and storage market size reached US$ 2.5 Billion in 2022. Carbon capture and storage (CCS), also known as carbon capture, utilization, and storage (CCUS), is a technology designed to mitigate greenhouse gas (GHG) emissions, particularly carbon dioxide (CO2), by capturing and storing it. Various methods, such as post-combustion capture, pre-combustion capture, and oxy-fuel combustion, can be employed to capture CO2 from industrial processes or power generation sources. It is then transported via pipelines and stored in underground geological sites, such as depleted oil and gas reservoirs, deep saline aquifers, or unminable coal seams. CCS provides numerous advantages, including reducing CO2 emissions, mitigating climate change, and sustaining existing fossil fuel-based infrastructure while minimizing their environmental impact.
Global Carbon Capture and Storage Market Trends:
The escalating consumer concerns about climate change and the need to reduce GHG emissions are primarily driving the market growth. Besides this, rising levels of CO2 emissions from the expanding industrial processes, such as cement production, steel manufacturing, and chemical plants, are aiding in market expansion. Moreover, the implementation of numerous government regulations and policies aimed at limiting GHG emissions and achieving climate targets are facilitating the adoption of CCS technologies. Concurrent with this, extensive research and development (R&D) efforts focused on bioenergy carbon capture and storage (BECCS) and continued reliance on fossil fuels, particularly in energy-intensive industries, are propelling the demand for CCS in these sectors. In addition to this, the increasing demand for carbon dioxide-enhanced oil recovery (CO2-EOR) that involves injecting carbon dioxide into reservoirs to increase pressure and push oil towards production wells in offshore oil and gas exploration activities is contributing to the market growth. Furthermore, ongoing technological advancements making CCS more efficient, cost-effective, and scalable, and strategic collaborations among key players to introduce sustainable CCS technology for enhanced oil recovery are positively impacting the market growth. Looking forward, the market value is projected to reach US$ 4.5 Billion by 2028, expanding at a CAGR of 9.4% during 2023-2028.
- On the basis of the service, the market has been divided into capture, transportation, and storage.
- Based on technology, the market is categorized into post-combustion capture, pre-combustion capture, and oxy-fuel combustion capture.
- On the basis of the end use industry, the market has been segregated into oil and gas, coal and biomass power plant, iron and steel, chemical, and others.
- On a regional basis, the market has been segmented into 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 Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being 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.
|Base Year of the Analysis
||Service, Technology, End Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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