Carbon Capture and Storage Market To Reach US$ 4.5 Billion By 2028

What is the Market Size for Carbon Capture and Storage ? :

IMARC Group's latest report, 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. Looking forward, IMARC Group expects the market to reach US$ 4.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.4% during 2023-2028.

Carbon Capture and Storage Market Technology :

Carbon capture and storage (CCS) is a technology used to capture carbon dioxide (CO2) from large sources, such as power plants, and store it securely in underground geological formations. The captured CO2 can then be stored permanently, preventing it from entering the atmosphere and contributing to global warming. The storage site is carefully selected to ensure that the CO2 is stored safely and securely, as well as to ensure that it will not leak out into the atmosphere. Additionally, it is considered to be a key technology for reducing greenhouse gas emissions and mitigating climate change, as it allows for the continued use of fossil fuels without releasing their associated emissions into the atmosphere. Moreover, it is used to capture CO2 from other sources, such as production processes, and store it safely underground.

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Who are the Players in the Carbon Capture and Storage market ? :

The competitive landscape of the industry has also been examined along with the profiles 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
• Siemens AG

Carbon Capture and Storage Market Growth and Development:

The ongoing industrialization, particularly in emerging markets, majorly drives the global market. Along with this, governments of various countries are also taking initiatives to reduce greenhouse gas (GHG) emissions in key industries, which is further driving the market. Along with this, the rising demand for carbon dioxide-enhanced oil recovery (CO2-EOR) in offshore oil and gas exploration activities for crude oil extraction is another growth-inducing factor. This method uses injections of carbon dioxide to raise the pressure of the reservoir and encourage the oil to flow towards the production well, as it is usually not soluble in water, propelling the market.

Moreover, extensive research and development (R&D) activities to engineer bioenergy carbon capture and storage (BECCS), as well as strategic collaborations between major players for introducing sustainable CSS technology, are creating a positive market outlook. Some of the other factors driving the market include extensive energy consumption and investments in upstream and downstream sectors.

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Key Market Segmentation:

Breakup by Service:

• Capture
• Transportation
• Storage

Breakup by Technology:

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

Breakup by End Use Industry:

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

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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