How big is the Carbon Capture And Storage Market?

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. Read More

What is the current Carbon Capture And Storage Market size?

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

Who are the key players in Carbon Capture And Storage Market?

Occidental Petroleum Corporation, Exxon Mobil Corporation, Dakota Gasification Company, Air Liquide and Shell PLC are the major companies operating in the Carbon Capture And Storage Market. Read More

Which is the fastest growing region in Carbon Capture And Storage Market?

Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Carbon Capture And Storage Market?

In 2024, the North America accounts for the largest market share in Carbon Capture And Storage Market. Read More

What years does this Carbon Capture And Storage Market cover, and what was the market size in 2023?

In 2023, the Carbon Capture And Storage Market size was estimated at USD 2.08 billion. The report covers the Carbon Capture And Storage Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Carbon Capture And Storage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Carbon Capture And Storage Market Trends

Market Trends of Carbon Capture And Storage Industry

Oil and Gas Segment to Dominate the Market

Carbon dioxide stored in deep, onshore, or offshore geological formations uses CCS technologies for enhanced oil recovery that have been developed in the oil and gas industry.
Carbon dioxide is extensively used in the oil industry for enhanced oil recovery (EOR) from mature oilfields. When carbon dioxide is inserted into an oilfield, it can mix with the crude oil, triggering it to swell and drop its viscosity, helping to maintain or raise the pressure in the reservoir. The combination of these processes permits more crude oil to flow to the production wells.
In other circumstances, the carbon dioxide is not soluble in the oil. Here, the injection of carbon dioxide raises the pressure in the reservoir, helping to sweep the oil toward the production well.
For more than three decades in Texas (United States), carbon dioxide has been used in enhanced oil recovery projects. EOR constitutes over 20% of total oil production, and some fields achieve recoveries of nearly 70%.
Moreover, as part of sustainable development, the oil and gas industry is moving toward carbon capturing and storage technologies.
According to the International Energy Agency (IEA), global energy-related CO₂ emissions from oil and gas grew by 2.5% or 268 million tons (Mt) in 2022, reaching over 11.2 gigatons (Gt).
Methane from energy combustion, leaks, and venting represented another 10%, mostly from onshore oil and gas operations and steam coal production. Methane emissions rose to nearly 135 Mt CH4 or around 4 Gt CO₂-eq in 2022 despite high natural gas prices that increased the cost-effectiveness of methane abatement technologies.
Therefore, public sector oil and gas companies in India are actively embracing emission-reduction strategies such as Carbon Capture, Utilization, and Storage (CCUS) as India targets net zero by 2070.

Carbon Capture and Storage Market, Revenue in USD Million, Oil and Gas, Global, 2019 - 2024

Understand The Key Trends Shaping This Market

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North America is Likely to Dominate the Market

North America dominates the global carbon capture and storage market. The growing demand for clean technology, accompanied by the growing use of CO₂ in EOR practices, is likely to drive the CCS market in countries like the United States and Canada.
Chemical production, hydrogen production, fertilizer production, natural gas processing, and power generation are among the industries in the United States where CO₂ is captured and injected. These facilities capture and inject CO₂ to store it underground in geologic formations or to use it to boost oil production from aging oil fields, a process known as enhanced oil recovery (EOR).
According to the Congressional Budget Office of the federal government of the United States, as of 2023, the country has about 15 operating CCS facilities, with the majority of these located at plants that process natural gas or produce ethanol for fuel or ammonia for fertilizer.
These 15 facilities can capture about 22 million metric tons of CO₂ per year, which is about 0.4% of the total annual CO₂ emissions in the United States. Furthermore, the country has about 121 under-construction or being-developed CCS facilities with a combined capacity of 134 million tons of CO₂ per year.
According to IEA, in 2023, out of the operational 22 million metric tons of CO₂ per year capacity of CCS, natural gas processing/LNG accounted for the largest share of about 60% of the total capacity and was valued at 13.1 million metric tons of CO₂ per year, followed by fuel transformation with a share of about 18% and capacity of 3.9 million metric tons of CO₂ per year.
Under the Infrastructure Investments and Jobs Act (IIJA), the US government allocated USD 12.1 billion for carbon management technologies, of which USD 2.54 billion is appropriated for carbon capture and storage (CCS) demonstration projects from 2022 to 2025.
As Canada has a rich supply of coal, oil reserves, and natural gas, CanmetENERGY, Canada's leading research and technology organization in the field of clean energy, is finding ways to minimize the environmental impact of fossil fuel combustion technologies, which currently comprise a substantial portion of the Canadian energy supply. One of the options is carbon capture and storage (CCS).
Canada has agreed to reduce emissions by 30% below 2005 levels by 2030, or approximately 200 million tonnes of carbon dioxide per year, under the UN Framework Convention on Climate Change. The combined capacity of the four major CCS projects in Canada (two operational and two in development) will be up to 6.4 Mtpa, representing 3% of the reduction needed to meet the 2030 target.