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Carbon Capture And Storage Market Size (2024 - 2029)

The carbon capture and storage market is projected to experience significant growth over the forecast period, driven by increasing demand for CO2 injection techniques for enhanced oil recovery and stringent government regulations on greenhouse gas emissions. Despite challenges such as high implementation costs and rising shale investments, the market presents opportunities, particularly with the growing focus on bioenergy carbon capture and storage. North America is anticipated to maintain a leading position in the market due to the widespread adoption of technology in the region.

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Market Size of Carbon Capture And Storage Industry

Carbon Capture and Storage Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 2.42 Billion
Market Size (2029) USD 4.69 Billion
CAGR (2024 - 2029) 14.21 %
Fastest Growing Market Europe
Largest Market North America
Market Concentration High

Major Players

Carbon Capture and Storage Market Major Players

*Disclaimer: Major Players sorted in no particular order

Carbon Capture And Storage Market Analysis

The Carbon Capture And Storage Market size is estimated at USD 2.42 billion in 2024, and is expected to reach USD 4.69 billion by 2029, growing at a CAGR of 14.21% during the forecast period (2024-2029).

  • The major factors driving the carbon capture and storage market are the emerging demand for CO2 injection techniques for enhanced oil recovery (EOR) and strict government norms toward GHG emissions.
  • On the flip side, huge CCS technology implementation costs and increases in shale investments are expected to hinder the market's growth.
  • Augmenting prominence for bioenergy carbon capture and storage (BECCS) is likely to be an opportunity in the future.
  • North America is likely to dominate the market, and it is expected to remain in a dominant position over the forecast period, owing to the increasing implementation of technology, mainly in the United States and Canada.

Carbon Capture And Storage Industry Segmentation

Carbon capture and storage (CCS) is a technology that can capture up to 90% of the carbon dioxide emissions produced from various sources that use fossil fuels in electricity generation and industrial processes, preventing carbon dioxide from entering the atmosphere. The first stage in the CCS process is capturing carbon dioxide released while burning fossil fuels or as a result of industrial processes, such as making cement and steel or in the chemical industry.

The carbon capture and storage market is segmented by technology, end-user industry, and geography. By technology, the market is segmented into pre-combustion capture, oxy-fuel combustion capture, and post-combustion capture. The market is segmented by end-user industries into oil and gas, coal and biomass power plants, iron and steel, chemical, and cement. The report also covers the market size and forecasts for 12 countries across major regions. For each segment, the market sizing and forecasts are provided based on revenue (USD).

By Technology
Pre-combustion Capture
Oxy-fuel Combustion Capture
Post-combustion Capture
By End-user Industry
Oil and Gas
Coal and Biomass Power Plant
Iron and Steel
Chemical
Cement
By Geography
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Norway
Netherlands
Rest of Europe
Rest of the World
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Carbon Capture And Storage Market Size Summary

The carbon capture and storage (CCS) market is poised for significant growth, driven by the increasing demand for CO2 injection techniques in enhanced oil recovery (EOR) and stringent government regulations on greenhouse gas emissions. Despite challenges such as high implementation costs and rising shale investments, the market is expected to expand, with North America leading the charge due to its advanced technological adoption, particularly in the United States and Canada. The oil and gas industry is increasingly integrating CCS technologies as part of sustainable development efforts, utilizing CO2 to enhance oil recovery from mature fields, thereby improving production efficiency and reducing emissions.

The market landscape is characterized by a consolidated group of major players, including Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, Shell PLC, and Air Liquide. These companies are actively involved in various initiatives to expand their market presence and enhance CCS capabilities. Notable developments include collaborations and agreements aimed at assessing and implementing CCS projects globally, such as the partnership between JX Nippon Oil & Gas Exploration Corporation and Chevron New Energies for potential CO2 export from Japan to Australia and other Asia-Pacific nations. Additionally, efforts in Canada focus on minimizing the environmental impact of fossil fuels, aligning with international emission reduction commitments.

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Carbon Capture And Storage Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

      1. 1.1.1 Emerging Demand for CO2 Injection Technique for Enhanced Oil Recovery (EOR)

      2. 1.1.2 Strict Government Norms Toward GHG Emissions

    2. 1.2 Market Restraints

      1. 1.2.1 Huge CCS Technology Implementation Costs

      2. 1.2.2 Growth in Shale Investments

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 By Technology

      1. 2.1.1 Pre-combustion Capture

      2. 2.1.2 Oxy-fuel Combustion Capture

      3. 2.1.3 Post-combustion Capture

    2. 2.2 By End-user Industry

      1. 2.2.1 Oil and Gas

      2. 2.2.2 Coal and Biomass Power Plant

      3. 2.2.3 Iron and Steel

      4. 2.2.4 Chemical

      5. 2.2.5 Cement

    3. 2.3 By Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 Australia

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 France

        4. 2.3.3.4 Norway

        5. 2.3.3.5 Netherlands

        6. 2.3.3.6 Rest of Europe

      4. 2.3.4 Rest of the World

Carbon Capture And Storage Market Size FAQs

The Carbon Capture And Storage Market size is expected to reach USD 2.42 billion in 2024 and grow at a CAGR of 14.21% to reach USD 4.69 billion by 2029.

In 2024, the Carbon Capture And Storage Market size is expected to reach USD 2.42 billion.

Carbon Capture and Storage Market Report Snapshots

Carbon Capture and Storage Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)