Carbon Capture and Storage (CCS) Market Research Report 2023 by Key Players: Fluor Cor, Cansolv Technologies, Dakota Gasification Company, Aker Solutions, Japan CCS, NRG Energy and Chevron Corporation

The (CCS) market is projected to rise at a CAGR of more than ~8.0% during the forecast period. The main reason behind the growth is the serious concern about the rising CO2 emission and the growing energy demands, among the government and societies, which ultimately drives the carbon capture and storage market.

The main drivers of this carbon capture and storage market are clean technologies, reduction of consumption of coal in emerging countries, technological advancements in manufacturing unit to reduced emission rates, renewable energy production and extensive implementation of CCS technology.

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Competitive Analysis

Leading players in the global carbon capture and storage market include Fluor Corporation, Dakota Gasification Company, Japan CCS, The Linde Group, Climeworks AG, Shell, Chevron Corporation, NRG Energy, Aker Solutions, and Cansolv Technologies Inc.

Industry Updates

In December 2019, Pale Blue Dot Energy received a license for its Acorn CCS project. The project entails using the St Fergus gas terminal in Scotland for long-term carbon storage. The government in the UK has historically been skeptical about carbon capture and storage technology, so this may prove to be a turning point for the market in the UK.

Industry Segmentation

The global carbon capture and storage market is segmented on the basis of type, application, and region.

By type, the global carbon capture and storage market is segmented into pre-combustion, post-combustion, and oxy fuel combustion. The pre-combustion segment is likely to hold a dominant share in the global carbon capture and storage market over the forecast period due to the widespread applicability of the technology in gasification combined cycle power plants.

By application, the global carbon capture and storage market is segmented into enhanced oil recovery (EOR), agriculture, and industrial. EOR is likely to hold a dominant share in the global carbon capture and storage market over the forecast period due to its suitability as a carbon reservoir.

By end use, the carbon capture and storage market is segmented into the iron and steel industry, oil and gas industry, chemical industry, and others.

Regional Analysis:

On the basis of region, the global carbon capture and storage market is segmented into North America, Europe, Asia Pacific, and the Middle East and Africa.

North America is likely to hold a dominant share in the global carbon capture and storage market over the forecast period due to the widespread presence of a large number of CCS plants in the region. The U.S. alone holds 16 of the 22 operational or under-construction carbon capture and storage plants in the world and consequently has the highest storage capacity. The growing industrial sector in the U.S. and increasing carbon emissions during energy generation procedures are likely to drive the demand from the carbon capture and storage market in North America over the forecast period.

The Middle East and Africa could also emerge as a major player in the global carbon capture and storage market over the forecast period due to the presence of large carbon capture projects in Saudi Arabia and Algeria. Europe also holds a significant share in the global carbon capture and storage market due to the extensive oil and gas operations in the North Sea, which have opened up the possibility of carbon storage in oil wells in the region.

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LIST OF TABLES

Table 1 Global Carbon Capture and Storage Market: By Region, 2018-2023

Table 2 North America Carbon Capture and Storage Market: By Country, 2018-2023

Table 3 Europe Carbon Capture and Storage Market: By Country, 2018-2023

Table 4 Asia Pacific Carbon Capture and Storage Market: By Country, 2018-2023

Table 5 RoW Carbon Capture and Storage Market: By Country, 2018-2023

Table 6 Global Carbon Capture and Storage Market By Technology: By Regions, 2018-2023

Table 7 North America Carbon Capture and Storage Market By Technology: By Country, 2018-2023

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